Timberline Resources Corporation (OTCMKTS:TLRS) Stock Rallies After New Drilling Results

A stock that is almost certainly going to come into focus among investors this morning is the Timberline Resources Corporation (OTCMKTS:TLRS) stock. It was in considerable focus among investors on Thursday and ended up with gains of as much as 15% for the day.

Market Stats

On Thursday, TLRS stock surged 14% to $0.1596 with more than 61K shares, compared to its average volume of 54K shares. The stock moved within a range of $0.1464 – 0.1650 after opening trading at $0.1464.

Timberline’s New Drilling Returns Higher Grade Gold at the Eureka Project, Nevada

In this regard, it is also necessary to point out that the company actually made a key announcement yesterday with regards to the second phase results from its 2021 drilling initiative. The drilling initiative in question had been conducted at the Eureka Project located in the state of Nevada.

Yesterday, Timberline announced that the work at the site had been started back in July last year and since then the company managed to conduct 6536 metres of drilling. The results were positive in nature and hence, it was perhaps not a surprise to witness the bullish action in the Timberline stock on Thursday.

However, it is now going to be interesting to see if the stock can actually manage to hold on to its momentum today and continue to add to its gains. It may be the right time for investors to perhaps add the stock to their watch lists for the day.

Key Quote

Patrick Highsmith, Timberline’s President and CEO commented, “This new drilling in the Water Well Zone has returned the best hole to date in this area, and one of the best holes on the Eureka Project. As we have progressed northward, we have not only encountered richer and thicker gold mineralization, but the target horizon is also much shallower than we have previously seen. It appears as though core drilling is providing much better information than reverse circulation on the geology and gold content. We are currently making plans to twin more RC holes at the Water Well Zone with core holes.”

Traders Corner

TLRS stock is trading below the 20-Day and 50-Day Moving averages of $0.16 and $0.17 respectively. The stock is trading in the neutral zone with RSI stands at 54.