Critical Elements Corp (CVE:CRE) (PINK:CRECF) Resource Estimate Improvement Raises Share Price
Critical Elements Corp (CVE:CRE) (PINK:CRECF) slipped lower upon market opening today, but retained the increased trading activity which is influenced by recent news.
CRE share price added 24% yesterday on a trading volume of nearly 5 million, which was far above the average of 419 thousand.
Traders jumped in on the stock after the company published an update to the resource estimate for their Rose deposit in James Bay, Quebec.
The new estimates suggest the company's property might contain indicated 26.5 million tons of up to 1.30% lithium oxide (Li2O) and 163 ppm tantalum oxide (Ta2O5). The press release also reminded that tantalum resources on Rose deposit are conflict free.
The new estimates for indicated resources represent 131% increase in tonnage, adequately 129% in tantalum and 69% in lithium ore. Inferred resources estimates have been increased 393% in total - 418% for tantalum and 234% for lithium.
The news helped share price propel up and strengthen the established short term uptrend that was in the game since the beginning of July. Share price still bounced the resistance at 27.5 cents. Although that doesn't indicate an upcoming reversal the psychology of such a price movement suggests it will most likely continue to incline on slow pace.
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