Why Is Brookmount Gold (OTCMKTS:BMXI) Stock Up 28% In a Week?

Brookmount Gold (OTCMKTS:BMXI) has been working on acquisitions for quite a while and yesterday the American listed gold exploration company made an announcement with regards to a significant new acquisition. The company mainly operates it gold mining interests in Asia and North America.

Trading Data

On Thursday, BMXI stock gained 6.35% to $0.1297 with more than 247.48K shares traded, compared to volume of 501.23K shares. The stock moved within a range of $0.1201 – 0.1400 after opening trading at $0.1248.

Yesterday the company announced that it had completed the acquisition of 70% of a gold mining operation, situated at the Atlin Gold Belt in the North Western part of British Columbia in Canada. The company also announced yesterday that it was aiming to start exploration activities at the property at some point in the third quarter of 2023.

The company had actually gone into a binding agreement with regards to the acquisition back on August 30 last year and had announced it to the markets as well. Over the past months, Brookmount had been involved in conducted the due diligence process in a thorough manner. The project in question encompasses an area of as much as 100 hectares and is regarded as a historic hard rock mine with the track record of producing valuable minerals. As per the geologists at Brookmount, the property still has ‘substantial’ room for further expansion.