Strategic Metals Ltd. (CVE:SMD) (PINK:SMDZF) had an outstanding price performance yesterday as the share price broke out to new highs.
SMD hit a new 52-week and all time high at $3.90 after adding 11% during Wednesday‘s trading session. The stock advanced steadily throughout the day, but had not very significant trading volume of 213 thousand, only 1.48 times the average turnover.
The breakout was a continuation of an established short-term uptrend and possibly an extended reaction to the recent news. On Tuesday, July 12, 2011 the company published update for Midas Touch and Silver Range projects.
Strategic Metals said in the report their diamond drilling is progressing as planed on Midas Crag property and the first phase of the program is nearly complete. 11 holes were drilled to test the 400 meter strike length at the Trent Zone at depths of 230 meters intersecting mineralization in all holes.
Rod property of Midas project is scheduled to have 10-15 holes drilled, 3000 meters in total.
2011 exploration program executed at full capacity at Silver Range project as well. 14 diamond drill holes completed in total covering three different zones. The company still runs geochemical sampling on the project.
Silver Range is also a subject to plan of arrangement that strategic shareholders will vote for on July 15, 2011. It is to decide whether the project should be transferred to a spin-out company Silver Range Resources Ltd.
