Metals Creek Resources Corp (OTCMKTS:MCREF) (TSXV:MEK) Stock Falls 11% In a Week: Here is Why

Metals Creek Resources Corp (OTCMKTS:MCREF) (TSXV:MEK) fell 11% in a week. The company has announced findings from the six holes it recently drilled at the Ogden gold Project located in Timmins, Ontario.

Market Stats

On Thursday, MCREF stock ended flat at $0.1509 with 69.5k shares, compared to its average volume of 38.94K shares. The stock has moved within a range of $0.1509 – 0.1509 after opening trading at $0.1509.

Metals Creek Drills 9.2 g/t Gold over 4.47 meters at the Ogden Gold Project

Newmont Corporation is a 50/50 joint venture partner in the Ogden Gold Project, with Metals Creek being the operator. The drill project’s major focus was the Thomas Ogden Zone (TOG), which totaled 2,076 meters. The program’s goal with an aligned core was to characterize better the alignment of high-grade cross-cutting lines and mineral deposits and determine real orientation of contact, fold features, and cracks within a very complicated stratigraphic sequence. The gold was evident in 3 of the holes probed.

The company has halted as it waits for the deep part Induced Polarization (IP) operation to be completed and interpreted. After this information is received, it will be paired with data from the Spatiotemporal Geochemical Hydrocarbon (SGH) soil sample, orientated core, and deep section IP to create new drill sites. Drilling is expected to restart in around three weeks. So, investors should watch MCREF.

Traders Corner

MCREF stock is trading below the 10-Day and 20-Day Moving averages of $0.1567 and $0.1509 respectively. However, the stock is trading above the 200-Day moving average of $0.1280.