Silver Valley Metals Corp (OTCMKTS:SVMFF) Stock Surges 38%: Here is Why

Silver Valley Metals Corp (OTCMKTS:SVMFF) was in the news yesterday after it provided an update about its MexiCan Lithium-Potassium project. It is a brownfield exploration company with two projectw with potential high impact.

Trading Data     

On Wednesday, SVMFF stock moved up 38.13% to $0.1036 with more than 3.50K shares, compared to volume of 11.43K shares. The stock moved within a range of $0.1036 – 0.1036 after opening trade at $0.1036.

The company announced that over the course of the past months it had been in talks with the national lithium company of Mexico, LitioMX and not too long ago, it also had an in person meeting in Mexico City. The discussions are related to the possibility of creating a partnership with LitioMX for the purpose of exploring and eventually product lithium at the MexiCan Lithium-Potassium Project situated in San Luis Potosi and Zacatecas.

At this stage, the negotiations are only focussed on the lithium component at the multi-commodity properties. The deposits represent an inferred resources of as much as 243000 tons of lithium carbonate at surface to an average depth of around 5 metres. The Chief Executive Officer of LitioMX, Pablo Taddei, spoke about the situation too.

He acknowledged that LitioMX was already in discussions with several companies which already held certain concessions in Mexico and the aim was to create a common front for exploration. LitioMX would continue to hold a controlling interest, he added.