ArcWest Exploration Inc. (OTCMKTS:SJRNF) (CVE:AWX) Stock gains Momentum: Here is Why
ArcWest Exploration Inc. (OTCMKTS:SJRNF) (CVE:AWX) was up 10% after the company offered an update from its partner-funded Todd Creek gold-copper project exploration located in the Golden Triangle in British Columbia.
Market Stats
On Thursday, SJRNF stock jumped 10% to $0.0660 with more than 20K shares, compared to its average volume of 2.3K shares. The stock has moved within a range of $0.0660 – 0.0660 after opening trading at $0.0660.
ArcWest Provides an Exploration Update
In 2021, the company’s partner P2 Gold Inc. undertook a big magnetotellurics geophysical study as well as geological sampling and mapping on the Todd Creek project.P2 has renounced its right to receive an interest in a property following the disclosure of the final report on the project. Notably, ArcWest is looking for new financing partners to move the project forward. On the program, ArcWest’s suggested prospects for deposits Cu-Au, an epithermal-like Cu-Au, and volcanogenic vast sulfide mineralization have yet to be drill examined.
The 100% ArcWest owned Todd Creek property is adjacent to Pretium Brucejack mineral resource. Recently Newcrest Mining acquired Pretium for CD$3.5 million. Notably, the Todd Creek mineral resource is almost 40 kilometers southeast of the Seabridge Gold-owned KSM-Iron Carp Cu-Au deposit and Treaty Creek Ag-Au project. So SJRNF is worth watching in the coming weeks.
Key Quote
Tyler Ruks, President and CEO of ArcWest commented, “ArcWest thanks our partner P2 Gold for advancing our Todd Creek project. Our wholly owned Todd Creek property contains some of the most exciting porphyry Cu-Au and VMS exploration targets in BC’s Golden Triangle, all in close proximity to Newcrest Mining’s recently acquired Brucejack mine. We are resuming negotiations with potential partners who have previously evaluated Todd Creek, in addition to introducing the project to new potential partners. Our goal is to secure a partner for Todd Creek as soon as possible in order to aggressively explore the project in 2022 and beyond. ArcWest has a cash position of just over $2.5 million, in addition to significant share positions in partner companies worth nearly $600,000. The company has a low warrant overhang of 9.6 million shares and currently has a market capitalization of $7 million. This values our eight BC copper-gold projects, including our highly prospective Golden Triangle projects, at only $3.9 million. We are looking forward to an exciting 2022 exploration season, with partner funded drill programs planned for multiple ArcWest copper-gold projects.”
Traders Corner
SJRNF stock is trading above the 20-Day and 50-Day Moving averages of $0.0615 and $0.0615 respectively. However, the stock is trading below the 200-Day moving average of $0.0700.
