Quartz Mineral Resources Ltd (OTCMKTS:QZMRF) Stock Continues to Trade in a Narrow Range

Earlier on this week on Wednesday, Quartz Mineral Resources Ltd (OTCMKTS:QZMRF) had been in the news after it made an announcement with regards to an acquisition.

Market Stats

On Thursday, QZMRF stock ended flat at $0.1989 with more than 24, compared to its average volume of 687 shares. The stock has moved within a range of $0.1989 – 0.1989 after opening trading at $0.1989.

Quartz Mountain Resources Purchases Second BC Mineral Property

While it was an important announcement from the company, it did not lead to any major move in its stock and yesterday, the Quartz Mineral Resources stock continued to trade in a range. However, in this situation, it may be a good idea for investors to take a closer look at the latest development. The company announced on Wednesday that it had signed a mineral claims purchase agreement by way of which it will complete the acquisition of the Jake Property.

The property in question is situated around 160 kilometres away from Smithers in British Columbia. However, it should also be noted that the company has decided to go for this particular property due to its potential in the copper-gold porphyry space.

Quartz Mineral Resources is going to acquire the property from United Mineral Services Ltd when the time comes. In this regard, it should also be noted that Quartz Mineral Resources has also agreed to pay a sum of $200,000 to United Minerals in the form of out of pocket costs.

Traders Corner

QZMRF stock is trading above the 20-Day and 200-Day Moving averages of $0.1727 and $0.1648 respectively. Key pivot supports are 0.1974, 0.1982, 0.1985 and resistances are 0.1996, 0.2004, 0.2007.