Some heavy trading going on with Probe Mines Ltd (CVE:PRB) (PINK:PROBF) stock a results of recent news and a technically simple situation.
PRB stock attracted a lot of attention lately and began moving up eventually. The trading volume reached half a million on Tuesday but the price remains in a tight trading range and it appears that bears and bulls are fighting to find a direction for it.
PRB has established a decent support at $2.07 per share. The upper limit is not as clear and resides roughly around $2.25. The stock price still recovering after the recent news created a selloff.
This Monday, November 25, the company announced preliminary metallurgical results for the Borden Lake Gold Project in Ontario. PRB stock got sold off after the announcement, showing it wasn’t what the market expected.
Probe announced to have carried out testwork on two samples and indicated 90.4% and 92.6% gold recoveries from these composites when using three different recovery methods together. Gold mineralization grades reached 1.6 g/t and 4.2 g/t in these samples.
The company currently has around $35 million capital available so the exploration costs are of no trouble.
