After providing a key update with regards to a drilling activity, ValOre Metals Corp (OTCMKTS:KVLQF) saw its stock decline by as much as 4% for the day on Monday. The update in question was with regards to the Reverse Circular drilling that had taken place at the Angilak Property Uranium Project, which is owned by the company in its entirety.
On Monday, KVLQF stock fell 4.32% to $0.31 with more than 171K shares, compared to its average volume of 62K shares. The stock moved within a range of $0.2800 – 0.3268 after opening trade at $0.32.
ValOre Drills Multiple Zones of Near-Surface Radioactivity at Dipole Target, Angilak Property Uranium Project
The property spans across an area of as much as 59843 hectares and is situated in Nunavut Territory in Canada. The headline update from the ValOre Metals Corp was that all the seven holes at Dipole target that had gone through reverse circular drilling managed to intersect a number of shallow radioactivity zones.
It was a significant announcement from the company but it did not lead to a lot of enthusiasm from among investors and the stock actually declined amidst a selloff. It should be noted that it was in 2015 that Dipole had first been drilled and at the time all the 9 holes that had been drilled had displayed uranium mineralisation on the near surface. At this point in time, it may be a good move from investors to keep an eye on developments and wait for more news.
“Dipole was first drilled in 2015, where 9 of 9 ValOre diamond drill holes intersected multiple zones of near surface uranium mineralization in rocks analogous to those found in the Lac 50 Trend deposits,” stated ValOre’s VP of Exploration, Colin Smith. “2022 RC drilling at Dipole confirms that U3O8 mineralization remains open at depth and along strike in both directions coincident to a 3.4-km-long, coincident, VLF-EM conductor and uranium-in-soils anomaly.”
KVLQF stock is trading below the 20-Day and 50-Day Moving averages of $0.37 and $0.40 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.35.