Globex Mining Enterprises Inc (OTCMKTS:GLBXF) Stock Sees Selling at Higher Level
On Wednesday, the Globex Mining Enterprises Inc (OTCMKTS:GLBXF) stock had been in the middle of a significant downturn and had ended the day with a decline of as much as 8%. While the decline in the stock was significant it ought to be noted that the selloff commenced following a major announcement from the company.
Market Stats
On Wednesday, GLBXF stock fell 7.72% to $0.9676 with more than 14.3K shares, compared to its average volume of 13.1K shares. The stock moved within a range of $0.9472 – 1.0470 after opening trading at $1.04.
Infill Drilling Completed on Globex/Chibougamau Independent Iron Vanadium Royalty Property
It may be a good idea for investors to consider taking a look at the announcement before making up their minds about the stock. Yesterday the company announced that along with Chibougamau Independent Mines Inc, drilling activities had commenced at the Mont Sorcier iron vanadium deposit.
The deposit in question is situated around 20 kilometres from Chibougamau in Quebec. In this context, it is perhaps also important to point out that the drilling activities are going to be conducted by the company Voyager Metals Inc. While the news of the commencement of drilling activities can often come as a positive for any company, the news did not seem to enthuse investors in Globex Mining at all. The stock suffered from a selloff and ended up with a significant decline. It will be interesting to see if the stock can make a recovery today.
Key Quote
In a press release dated February 23, 2022, Cliff Sale-Sanders, Voyager’s President and CEO commented “The assay results released to date continue to confirm our expectations in terms of grade and thickness of the mineralized zone and we are confident in upgrading a significant portion of the inferred North Zone resources to support the pending feasibility study on the Mont Sorcier deposit. Voyager expects to be in a position to release a new resource update by Q2 2022 with sufficient resources upgraded to the Measured and Indicated categories to support the Feasibility Study targeted for completion in Q1/2023.
Traders Corner
GLBXF stock is trading above the 20-Day and 50-Day Moving averages of $0.97 and $0.90 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.80.
