Quaterra Resources Inc (OTCMKTS:QTRRF) Stock Continues to Trend Lower After The Recent News
Quaterra Resources Inc (OTCMKTS:QTRRF) stock continues to trend lower extending its monthly fall. The stock has lost 20% over the past month.
Market Action
In the previous trading session, QTRRF stock fell 2.83% at $0.0635. A total of 145k shares traded for the session hands, below its average volume of 186K shares. The stock opened at $0.5276 and moved in a range of $0.0625 – 0.0677.
Key Trigger
Quaterra Resources Announces Positive Assay Results at MacArthur Copper Project, Nevada and Potential for Resource Expansion
Quaterra Resources announced positive results from a ten-hole core drilling program totaling 5,147 feet (1,569 meters) that was recently completed. The ten-hole program was designed to assess the likelihood that further drilling would upgrade portions of the resource from Inferred to Indicated and expand the overall size of the current resource. Mr. Travis Naugle, CEO states, “We believe that additional drilling could accomplish these exciting objectives.” These results are further discussed below and outlined in Table 1 below.
Three holes (QM-319, QM-320, and QM-328) were drilled on the north to northwestern edge of the current resource. Each hole intersected oxide and chalcocite mineralization. Significant intercepts include drill hole QM-320 (31.1 m @ 0.58% Cu, including 22.6 m @ 0.70% Cu); QM-328 (23.5 m @ 0.44% Cu); and QM-319 (10.8 m @ 0.14% Cu). Each drill hole contains additional acid soluble copper intercept.
Holes QM-326 and QM-327, drilled on the southern edge of the current oxide resource (Figure 1), each intersected near surface oxide mineralization. Significant intercepts include 6.7 m @ 0.27% Cu and 7.3 m @ 0.70% copper from QM-326 and QM-327, respectively. Both holes also indicate the potential for additional oxide resource expansion to the south and southeast.
Trader Notes:
QTRRF stock is trading below all the key moving averages with 200-day and 50-Day SMA stand at $0.1128 and $0.0803 respectively. The stock has jumped 16% so far this year.
