According to a SEC filing of Almaden Minerals from yesterday, the company has located another 207 mineral claims in Nevada during a helicopter borne prospecting program. It seems that this added to the excitement of the already overall exorbitant market and the share price of AAU gained another 17.59% from its Friday’s close. The new 52-week highest value is now at $2.34, which was also the closing price yesterday for the long-term overbought AAU shares.
Along with the latest financial results announced last week, Almaden also had to report a lot of recent updates on its projects. The stock started surging straight up around two weeks ago, as the company reported new gold and silver prospects. The results from the drilling in the Ixtaca zone within the company’s 100% owned Tuligtic project located in Puebla State, Mexico seem to have been so promising that a follow-up drilling program is planned to commence next month.
A week after that, Almaden filed to have acquired a 100% interest in the Tierra property, also located in that perspective area and nearly the Tuligtic project.
Thus, the latest drilling discoveries seems to have made AAU stock to a gold mine for investors, who seem also tempted by the strong cash and assets position and the lack of debt on Almaden balance sheet. In addition, the company raised more cash in a private placement in July as around one million common shares with a hold period until the end of October were sold at a price of $1.20 each.
Of course, the recent gains of the stock sent it directly into the watch list of the usual stock market observers, which are likely to add more to the 1.57 million share volume from yesterday.
