If you are looking into mineral stocks this morning then it may be a good time to start taking a look at the Search Minerals Inc (OTCMKTS:SHCMF) stock. The company came into focus on Thursday after it announced the channel assay results from its major mineralised zone, FOX MEADOW.
Market Reaction
On Thursday, SHCMF stock ended flat at $0.1378 with 39 shares, compared to its average volume of 23.1K shares. The stock moved within a range of $0.1378 – 0.1378 after opening trade at $0.1465.
Search Minerals Announces Additional Channel Assay Results Expanding FOX MEADOW Rare Earth Element Project in SE Labrador
The zone in question is located in the Port Hope Simpson – St. Lewis Critical Rare Earth Element District. The wide range of surveys that have been completed at the zone have displayed that there are a total of two mineralised zones at FOX MEADOW. The zone in the north western region is 175 metres wide, while the zone in the south eastern region is 154 metres wide.
It goes without saying that the latest announcement was a crucial one for Search Minerals and one that could eventually lead to a significant long term boost for the company. The President and Chief Executive Officer of the company Greg Andrews spoke about the development as well. He said that everyone at the company was highly excited about the potential of the FOX MEADOW project. It could be a good idea for investors to add the stock to their watch lists at this point.
Key Quote
Greg Andrews, President/CEO states; “We are very excited about the potential of the Fox Meadow project. By comparison, Fox Meadow’s surficial extent is much wider and longer than that of either Deep Fox or Foxtrot. The Fox Meadow project could prove to be very significant for our development of a safe and secure generational source of rare earth elements for the North American rare earth element supply chain.”
Traders Review
SHCMF stock is trading below the 20-Day and 50-Day Moving averages of $0.14 and $0.13 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.14.
