Sabina Gold & Silver Corp (OTCMKTS:SGSVF) Stock Rallies On Expansion News
The precious metals sector has been under considerable focus in recent times due to the rising price of those metals and there are plenty of stock that one could consider looking into.
Market Stats
On Wednesday, SGSVF stock fell 1.20% to $1.26 with more than 398K shares, compared to its average volume of 242K shares. The stock moved within a range of $1.2000 – 1.2900 after opening trading at $1.22.
Sabina Gold & Silver Accelerates Expansion of Goose Mill From 3K TPD to 4K TPD
One of those is the Sabina Gold & Silver Corp (OTCMKTS:SGSVF), which has been in the middle of a strong rally in the past week and has clocked gains of as much as 14%. As a matter of fact, the company was actually in the news yesterday after it announced that it was going to optimise its plans that it had made for the Goose Mine located at the Back River District that is located in Nunavut in Canada.
It is necessary to noted that the mine in question is owned in its entirety by the company. As per the Updated Feasibility Study that had been announced by the company in February last year, the mine could produce as much as 3000 tonnes a day for as long as two years. However, it could then rise to as much as 4000 a day in the second year if the company decided to supply the capital costs to the tune of around C$17 million.
Key Quote
“We are pleased that additional test work has resulted in this conclusion,” said Bruce McLeod, President & CEO “it is the option that makes sense from an operational and cost perspective and has the potential to improve payback by delivering increased gold production in the earlier stages of the mine life. We look forward to providing additional project updates through the year.”
Traders Corner
SGSVF stock is trading above the 20-Day and 50-Day Moving averages of $1.14 and $1.09 respectively. Moreover, the stock is trading above the 200-Day moving average of $1.23.
