Augusta Gold Corp (OTCMKTS:AUGG) Stock Gains After Announcing Reward Mineral Resource Estimate
After the company announced the mineral resource estimates for one of its key projects, the Augusta Gold Corp (OTCMKTS:AUGG) stock rallied strongly yesterday and ended the day with gains of as much as 4%. The mineral resources estimate in question that was announced by the company yesterday was for the Reward Project that is located in the state of Nevada in the United States.
Market Stats
On Tuesday, AUGG stock gained 3.68% to $1.69 with more than 71K shares, compared to its average volume of 72K shares. The stock moved within a range of $1.6100 – 1.7200 after opening trading at $1.63.
Key Details
The company is expected to complete the acquisition of the Reward Project soon and that is another factor that may have been at play behind the rally that was seen in the stock on Tuesday.
The President and Chief Executive Officer of the company Don Taylor noted that the project is located in a highly prolific area and remains a low risk heap leach project. In addition to that, the Reward Project already has all the necessary permissions in place and hence, regulatory issues are not going to crop up for Augusta Gold at all.
He went on to note that the estimates have provided Augusta Gold with what it can expect from the project. It seems the management liked what it found in the estimates and will now move forward with the acquisition.
Key Quote
Don Taylor, President and CEO commented: “Reward is a fully permitted, low-risk heap leach project located in a top mining jurisdiction. The recently completed pit constrained resource is indicative of what we can expect in terms of production from the property. In tandem with our work at Reward we will be completing the required studies for a Mine Plan of Operations for the Bullfrog project scheduled for submission to the regulatory agencies by H1 2023 requesting permits to begin mining operations. It is anticipated that Reward will be the first production in the district followed by the larger planned production from Bullfrog.”
Traders Corner
AUGG stock is trading above the 20-Day and 50-Day Moving averages of $1.63 and $1.44 respectively. Moreover, the stock is trading above the 200-Day moving average of $1.13.
