Search Minerals Inc. (OTCMKTS:SHCMF) Stock Falls 5% In a Week: Company Updates Production Plan
Search Minerals Inc. (OTCMKTS:SHCMF) is down 5% in a week. The company issued a corporate update about its anticipated 2022 exploration initiative.
Market Stats
On Friday, SHCMF stock moved up 1.75% to $0.14 with more than 11.6K shares, compared to its average volume of 37k shares. The stock moved within a range of $0.1387 – 0.1400 after opening trading at $0.1387.
Search Minerals Exploration Update for 2022 Sprint to Production
Currently, the company has more than 7 million, including its recent financing of $6.3 million, and the company will use the cash in various projects. Search Minerals is better placed to commence its “Sprint to Production” with current works ongoing for Fox Valley, Fox Meadow, Deep Fox, and other programs in the company’s Critical Rare Earth Element District in South Eastern Labrador.
The company also expects to conduct exploration work at central Labrador’s Red Wine Rare Earth Element district. Interestingly, Search Minerals has been expanding its workforce and pans for early mobilization to its field office in St. Lewis. In addition, recent developments in the sector, including price rise for permanent magnet REE and the predicted supply deficit, have allowed the company to win funding opportunities seeking advanced projects. So in the coming weeks, investors should watch SHCMF.
Key Quote
Greg Andrews commented: “We are very excited about completing our current financing. We have over $ 7M in treasury, which is allowing us to initiate our ambitious plans in 2022. The recent macro developments in the rare earth market, including significant price increases for the permanent magnet REE’s, along with a forecasted supply deficit, has allowed Search to capture funding opportunities looking for advanced projects in North America. Our Deep Fox project is one of those projects, but the other attraction, is our District Scale opportunity that also includes the Foxtrot resource, and the drill ready Fox Meadow mineralized zone. Search is completing a Preliminary Economic Assessment (“PEA”) on the Deep Fox project to be completed late March 2022, which will be followed immediately by commencement of a Definitive Feasibility Study for completion in 2023.”
Traders Corner
SHCMF stock is trading below the 20-Day and 50-Day Moving averages of $0.1494 and $0.1537 respectively. The stock is trading in neutral zone with the RSI at 41.
