Fortitude Gold Corp (OTCMKTS:FTCO) up 140% in six months. The company released the 2021 phase two Scarlet drill program exploration results showing that the project returned promising intercepts that include 4.57m of 3.19g/t gold inside 19.81m grading 1.57 grams per tonne gold.
As per the company, the mineralization in question has a connection to the structural extensions in the northwestern region of the Isabella Pearl Mine situated within Mineral County in Nevada. The exploration included a 15-drillhole backflow program focusing in the Southern Scarlet area around 650m north-western area of the Isabella Pearl Mine.
The 2Q initiative was meant to improve on 1Q Scarlet drilling results reported on April 2021. Fortitude has considerable gold grades and width discovered oxide mineralization, whose potential will be handled at the company’s Isabella Pearl gold process facility. The company’s Exploration VP Barry Devlin said that the latest drill efforts at Scarlet were meant to enhance the definition of the lower oxide-sulfide boundary and test margins of established mineralization. So, in the coming weeks, FTCO is a stock to watch.
Market Reaction:
On Tuesday, FTCO stock surged 2.30% at $7.59 with more than 33k shares, compared to its average volume of 75k shares. The stock has moved within a range of $7.34 – 7.59 after opening the trade at $7.34.
