Nevada Canyon Gold Corp (OTCMKTS:NGLD) Stock Continues to Trade in a Narrow Range
Nevada Canyon Gold Corp (OTCMKTS:NGLD) in a range after announcing the signing of a binding purchase agreement through its wholly-owned Nevada Canyon, LLC subsidiary with a Smooth Rock Ventures Corp subsidiary, Smooth Rock Ventures LLC, to purchase 2% net smelter returns royalties on Esmeralda county-based Palmetto Project.
Market Stats
On Tuesday, NGLD stock was down 1.87% to $1.05 with 110 shares, compared to its average volume of 1.3K shares. The stock has moved within a range of $1.0500 – 1.0500 after opening trading at $1.05.
Nevada Canyon Signs Palmetto Royalty Agreement
Smooth Rock holds a 100 percent ownership stake in the Palmetto Project, which consists of 116 untested mining claims totaling 2,217 acres in Esmeralda County, Nevada, and is located inside the Walker Lane gold drift southern section.
Newmont Gold, Cambior Inc., Escape Gold Group Inc., Phelps Dodge Corp, Romarco Minerals, Amselco Minerals, Curran Corp., and recently ML Gold Corp. have all completed significant exploration on the Project. Around 173 holes have been drilled on the projects, with almost 43,940 meters hitting several targets. Phelps Dodge drilled the first “Discovery Hole” in 1988, while Romarco Minerals found bonanza gold-silver channels between 1997 and 2002. So, in the coming weeks, NGLD is worth watching.
Key Quote
“This agreement adds another outstanding Nevada royalty with tremendous upside to our portfolio,” said Nevada Canyon President and CEO, Jeffrey Cocks. “Palmetto gives us a second royalty interest and, as with all Nevada Canyon royalty purchases going forward, offers excellent leverage to gold prices.”
Traders Corner
NGLD stock is trading above the 20-Day and 50-Day Moving averages of $1.05 and $1.01 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.723.
