Tonogold Resources Inc (OTCMKTS:TNGL) Stock On Radar After Recent News
It was not a particularly great day in the markets for investors in Tonogold Resources Inc (OTCMKTS:TNGL) on Thursday as the company’s stock suffered from a steep selloff and ended up with a decline of as much as 10% as a consequence.
On Thursday, TNGL stock slumped 10.34% to $0.0399 with more than 913.97K shares, compared to its average volume of 125.58K shares. The stock moved within a range of $0.0360 – 0.0449 after opening trade at $0.0449.
Tonogold Resources, Inc. Declines To Exercise Option To Acquire the Lucerne Properties, Receives Termination Notice for Processing Facility Option and Mineral Exploration Lease
The selloff in the stock came about after Tonogold announced yesterday that it had decided against taking up the option to acquire Lucerne Properties from Comstock Inc. The news was greeted with negativity by investors going by the price action in the company’s stock. The Lucerne Properties in question are made up of the Lucerne mine which had actually been developed by Comstock Mining back in 2012.
In this regard, it should also be noted that the processing facility American Flats as well as the lease for mineral exploration encompassing the Northern Targets had been cancelled by Comstock. On Thursday’s press release, Tonogold noted that it was in the middle of negotiations for the purpose of revising the lease terms related to Northern Targets. If the revised terms are in fact consummated then it would allow the company to continue explore those areas. It may be a good time for investors to keep an eye on the Tonogold stock and watch for signs of recovery.