Trelawney Mining and Exploration, Inc. (CVE:TRR) (PINK:TWNNF) stock price bounced hard even though there was no recent news to support such a bullish move.
TRR stock price shot up 10% on Thursday while the trading volume reached 1.3 million amid the session and was already above the daily average of 909 thousand.
The move was induced by a technical bounce from $2.20 per share and should prove to be susceptible to the recently established resistance zones. The price struggled to pass above $2.55 per share amid the day and has another strong resistance at $2.70 even if the previous one would break.
On April 9 the company announced to have filed the NI 43-101 compliant technical report, for its Cote Lake Deposit in Ontario, without any changes to the original one which was disclosed on February 24, 2012. Trelawney has been since audited by Roscoe Postle Associates Inc.
The company’s calculations show the property could contain around 0.93 million ounces of indicated gold and 5.94 million ounces of inferred. This is what keeps Trelawney’s market value intact despite continuing losses from exploration. Compared to other exploration stages business their stock would be considered overpriced at current levels.
