NioCorp Developments (OTCMKTS:NIOBF) Stock Moves Up 6% In a Week: But Why?
There have been a number of stocks which have recorded significant gains over the course of the past week and one of those is the NioCorp Developments (OTCMKTS:NIOBF) stock.
Trading Data
On Tuesday, NIOBF stock ended flat at $1.13 with more than 285k shares traded, compared to its average volume of 222k shares. The stock has moved within a range of $1.1000 – 1.1700 after opening trading at $1.17.
NioCorp Reports Rare Earth Assay Results
During the period, the stock has moved strongly and managed to come up with gains of as much as 6%. Yesterday, the company was in the news once again after it made an announcement with regards to the results of the assays that had been concluded on the drill core samples that had originated at its Elk Creek Project. The samples had been procured by NioCorp by way of an agreement in place with the University of Nebraska’s Conservation and Survey Division.
In this quest, the company managed to procure as many as 1094 samples that had originated from as many as 18 diamond drill holes that had been finished by a range of operators in the past. The samples in question had been assayed by the company for the presence of rare earth elements.
It should be noted that rare earth elements are now in massive demand across industries and hence, it was an important initiative from NioCorp. It might be a good idea for investors to keep an eye on the stock at this point.
Key Quote
Mark Smith, CEO and Executive Chairman of NioCorp, said: “I am extremely pleased with the completion of this important step towards the development of a rare earth component to the mineral resource and reserve for the Elk Creek Project. If our rare earth content is found to be rich enough to economically justify extraction of individual rare earths as a byproduct of our planned niobium, scandium, and titanium production, the Elk Creek Project could ultimately emerge as a U.S. producer of the magnetic rare earths, assuming adequate project funding is secured.”
Technical Data
NIOBF stock is trading above the 10-Day and 20-Day Moving averages of $1.05 and $0.93 respectively. Moreover, the stock is trading above the 20-Day moving average of $1. The stock is up 10% in the past month.