Gold Standard Ventures Corp (CVE:GV) (PINK:GDVXF) stock price recorded a new high after the company announced extremely promising drilling results.
GV hit a new multi-year high of $1.86 per share after advancing 55% during Wednesday’s trading session. The accompanying trading volume was the heaviest recorded over the past three years. Nearly 6 million shares changed hands, which is huge compared to the daily average of 278 thousand. The closest support is now at $1.5 per share.
The stock price jumped higher after Gold Standard announced the results of their recent drilling efforts. The company also held a special meeting of shareholders to discuss the results.
Traders can expect to see even more of a share price advance since the results were pretty impressive. The company reported findings of 4.3 g/t over 56 meters at a comparatively shallow depth of 169 meters. The encountered mineralized zones could be mined via an open pit, which would allow a very favorable profit margin due to lesser mining costs.
Furthermore, these are only partial results from an ongoing drilling program. Gold Standard continues to drill deeper and has recently reached 549 meters. The company assumed there might be much more gold at deeper levels because of the typical layouts of such mineralization types.
This should be enough to form a stable short-term uptrend in the share price.
