Majescor Resources Inc. (CVE:MJX) (PINK:MJXFF) stock price shot up after the company found silver present on their gold-copper project.
MJX stock price added 16.7% on Wednesday in reaction to the news. The trading volume was 3.9 million, sticking out as the heaviest trading day for the past 3 years.
Technically, the stock price was swinging between 17.5 and 28.5 cents per share for the past 2 years. Since the price ended up at 28 cents per share at the end of the sessions, this rally stayed within its trading channel and that could prove to be a limiting factor for bulls. If the price couldn’t break higher under such a
heavy trading volume, it is very doubtful it could challenge the old and stubborn resistance.
The stock was actively traded after the company announced encouraging results from the drilling done on their Douvray Porphyry copper-gold prospect in Haiti. The most notable results showed 255 g/t silver over 13.5 meters in one of the holes.
The results were surprising but very positive since the addition of one more type of precious metal significantly increases the value of the property. The company will be adjusting their drilling plans according to the findings.
