Enduro Metals Corporation (OTCMKTS:ENDMF) (TSXV:ENDR) Stock Continues to Trade in a Narrow Range
On Wednesday, the Enduro Metals Corporation (OTCMKTS:ENDMF) (TSXV:ENDR) stock may have been trading in a range but at the same time investors ought to note that the company was actually in the news following an announcement. The company announced yesterday that it had managed to report a large sized geophysical anomaly through the deployment of induced polarisation geophysics.
Market Stats
On Wednesday, ENDMF stock fell 2.54% to $0.1727 with more than 319K shares, compared to its average volume of 62K shares. The stock moved within a range of $0.1681 – 0.1899 after opening trading at $0.1861.
Geophysics Supports Drilling Results Pointing to Large Copper-Gold Porphyry at Enduro Metals’ Burgundy Ridge
The anomaly had been identified at the Burgundy Ridge Zone which is situated at the Newmont Lake Project. The Newmont Lake Project is owned in its entirety by Enduro Metals. At the point of intersection, the chargeable anomaly seems to have correlated with gold as well as copper mineralisation to have been found at the site.
The announcement was a particularly significant one because it provides evidence that there may be a significantly large gold-copper porphyry system below the current drilling zone at the site. While it is true that the announcement was a significant one from the company, it did not lead to any major move for the stock. It seems that investors are possibly waiting for more information before making a move one way or another. Hence, it could be a good idea to add the stock to your watch lists.
Traders Corner
ENDMF stock is trading below the 20-Day and 50-Day Moving averages of $0.18 and $0.18 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.18.
