Stellar Pacific Ventures Inc (CVE:SPX) (PINK:STLXF) stock is going on a supernova – the price continues to skyrocket after adding more than 34% over the last couple trading sessions.
The gains come from a technical breakout. Friday’s intraday action showed the gains are strong after SPX closed at 17.5 cents, above the previous resistance at $0.16. Trading volume went over the top as well, nearly reaching 2 million for the day, which roughly calculates to 350 thousand in dollar volume.
The breakout correlates with the continuation of a preceding uptrend. The price already recorded one heavy retraction on the way up, and the fact that uptrend didn’t reverse makes it even more attractive to traders.
The price has hit a new 52-week high shortly into trading on Monday. The company also published update on operations shortly afterwards, creating a ground for additional buying pressure and possibly attempting to show there is a fundamental reason for a price run-up.
Stellar disclosed first assay results on their drilling campaign on the Solomoto gold discovery on Balandougou project. The first drill holes indicated an average of 3.1g/t gold mineralization in the two most prominent holes.
To date, 120 holes have been drilled in the Solotomo area, showing mineralization levels reaching up to 13.8 g/t.
