Newlox Gold Ventures Corp (OTCMKST:NWLXF) Stock Falls 10% In a Week: Here is Why
Newlox Gold Ventures Corp (OTCMKST:NWLXF) is down 10% in a week. The company y has revealed that the plans to expand operations in Brazil to gold recovery similar to its current activities in Coast Rica are ongoing, and the first due diligence phase and legal organization are already complete.
Market Stats
On Wednesday, NWLXF stock was up 1.50% to $0.18 with 681k shares, compared to its average volume of 49K shares. The stock has moved within a range of $0.1742 – 0.1900 after opening trading at $0.1742.
Newlox Gold Moves Towards Definitive Agreement in Brazil
In addition, the confirmation that the World Bank has expanded its investment for the ASGM-Coexistent project in Brazil, which is being conducted in collaboration with the Brazilian Cooperative Organization, the University of British Columbia, other artisanal mining cooperatives, and Newlox Gold, enhanced the initiative.
On June 16, 2021, the company announced that it was collaborating with NAP.Mineracao/USP, a responsible small-scale mining center at the University of Sao Paulo. The center supports responsible mining guidelines to small-scale and artisanal mining operations via training, education, and applied research. NAP.Mineracao/USO actions enhance integrated management and responsible mineral exploration, mine rehabilitation, mine development, sustainable development, and governance in artisanal mining. So in the coming week, investors should watch NWLXF.
Key Quote
“Over the fall, we completed our initial due diligence work and identified a project in Brazil as an obvious starting point in the country. Recently, several legal and regulatory prerequisites have been successfully completed, allowing the Company to move into the final stages toward signing a definitive agreement.”
“The Brazilian mining industry is several orders of magnitude larger than our operations in Costa Rica, representing a massive opportunity for the growth of Newlox Gold,” commented CEO Ryan Jackson.
