Shares of Star Alliance International Corp (OTCMKTS:STAL) ended lower in the previous trading session. The stock has surged 170% over the past month.
On Thursday, STAL stock fell 14.30% to $0.50 with 5.90k shares, compared to its average volume of 14.36k shares. The stock has moved within a range of $1.5000 – 1.7500 after opening trade at $1.50.
Star Alliance International Corp announced on 2nd December 2021, about signing a binding letter of intent that lets them acquire a 51% stake in the Rio Jalan Project (gold mining) in Olancho state in the highlands of Central Honduras.
The project sprawls over a 12.5 mile stretch along the Rio Jalan River. It is a peaceful agrarian area with only farmers and ranchers in the neighboring five villages. Star Alliance International is going to invest up to US$7.5 million for working capital and further growth of the project.
The company has obtained environmental licenses, while exploration is well underway. The mines are already generating gold, with operations set to be expanded in early 2022. Local small mining operations produce at least of 250 to 300 oz of gold per site per month while losing approximately 50% of the recoverable gold particles. These expanded operations, using their latest equipment and new Genesis program, is expected to result in up to a 98% rate of recoverable gold, which means considerably higher quantities of gold per site. Transaction should close by 31st January, 2022.
Richard Carey, CEO and Chairman of Star Alliance International, states that they are also distributing aid to the five local villages, with 2% of mining profits per village, which is to be used for school facilities, a medical center, college scholarships and a community center for both kids and adults.
STAL stock is trading below the 20-Day and 200-Day Moving averages of $1.75 and $2.40 respectively. However, the stock is trading above the 50-Day moving average of $1.21. The stock is up 172% over the past month.