Shares of Brookmount Explorations (OTCMKTS:BMXI) have been moving in a narrow range after the recent jump.
Market Reaction
On Monday, BMXI stock ended flat at $0.35 with 200 shares, compared to its average volume of 2.6k shares. The stock has moved within a range of $0.3500 – 0.3500 after opening trade at $0.35.
Confirms Development Plan and Budget for Expanding Canadian Drill Program
Brookmount Explorations (OTCMKTS:BMXI) has finalized their development and budget, for expanding the drill program for Moosehorn, which is a recently acquired gold property in the Canadian area of the Tintina gold belt. They are preparing the property for initial production.
As of now, the Moosehorn property consists of 4,300 HA of high-quality gold area, and a confirmed NI 43-101 resource of 39,000 oz. Au. The company plans to expand drill intensity and depth to upgrade those resources to 100,000 oz. Au. Plans are being developed for upgrading the current on-site infrastructure and hiring extra workforce to prepare Moosehorn for initial production commencing in 2022. In the beginning, production will be 4,000 oz. Au p/a, which is to be scaled up to 15,000 oz. Au p/a by 2024. Total expenses for both drilling and production roll out are around $5.5 million.
Errin Kimball, a highly experienced Canadian based geologist and mining engineer has been appointed as Executive Director, North America. He will also spearhead the company’s gold mining operations worldwide. CEO, Nils Ollquist, states that the timing of the Moosehorn project launch couldn’t be better. The Tintina gold belt has high latitude, so it is necessary to take advantage of favorable weather patterns. This way they can install heavy equipment before March 2022, and start production in summer.
Traders Review
BMXI stock is trading above the 20-Day and 50-Day Moving averages of $0.3576 and $0.4035 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.6279. The stock is up 10% over the past month.
