Shares of Mexus Gold US (OTCMKTS:MXSG) were among the top gainers as the stock soared 150% on unusual volume.
Market Reaction
On Monday , MXSG stock soared 150% to $0.0150 with 75.67 million shares, compared to its average volume of 1.15 million shares. The stock has moved within a range of $0.0098 – 0.0236 after opening trade at $0.0098.
Mexus Signs LOI for its Mabel Property; Gold Production Continues at its Santa Elena Mine
America-based mining company with holdings in Mexico, Mexus Gold US (OTCMKTS:MXSG) on January 3, 2022, announced signing letter of intent with Mexican Corporation, Irmex Mining, for its Mabel project located in Northern Mexico.
The agreement will include cash as well as 10% Net Profit Interest. Comprising of 8 concessions and 1459 hectares, Irmex is has been discussing with Mexus and it is thrilling to have them as part of the project, said Mexus CEO, Paul Thompson.
The firm also confirmed on scheduling shipping of activated carbon from production in Santa Elena to the US refiner during January first week. Leaching at the property continues with grades ongoing from .39 oz to .72 oz Au with an average of .66 oz Au. Recent improvements by Mexus on the leaching circuit can result in a better production schedule as well as higher recoveries.
Thompson added that the signing of an agreement for Mabel allows the firm to turn focus on finding the perfect Joint Venture partner for the Santa Elena project as well as confirm on a potential 1,000,000 plus ounce gold resource.
Thompson wished every on the New year and expressed excitement on what it holds for Mexus and its shareholders. Santa Elena is a mine, located 54km NW of Caborca, Mexico.
Key Quote
“We’ve been in discussions with Irmex for quite some time and are thrilled that they are now involved to move the Mabel property forward.” added Mexus CEO, Paul Thompson.
Traders Review
MXSG stock is trading above the 20-Day and 50-Day Moving averages of $0.0068 and $0.0082 respectively. However, the stock is trading below the 200-Day moving average of $0.0185.
