Mining Penny Stocks: Aben Resources and GoldStrike Resources Tumble

penny stocks

Mining penny stocks are trending on the TSXV today. Some mineral resources stocks are seeing positive gains, but there are two mining penny stocks that are plummeting. Let’s take a closer look at these two companies that have dropped and their latest announcements and stock movements.

Aben Resources Ltd (TSXV:ABN)

Aben Resources is an exploration stage mineral company headquartered in Vancouver, BC. The exploration company explores and operates mineral properties in British Columbia, the Yukon, and Saskatchewan, Canada. Aben Resources specifically focuses on gold properties.

Today, the mining penny stock plunged on the TSXV. This morning, Aben announced further results on its Forrest Kerr drill project. The company states that it extended its mineralized envelope surrounding its 2017 to 2018 high-grade hold discoveries at North Boundary. 

President and CEO, Jim Pettit, said:

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“The 2018 season has been a geologic and technical success in terms of what we have accomplished this year. We started out with a 5000 meter drill program and expanded it to 10,000 meters after success with the drill […] We have identified the Boundary Zone as a very large, robust environment for gold mineralization and discovery. We have 9 more holes to report on from this season and we look forward to compiling all the data available to us generated from this 2018 drilling program as well as new geochemical and geophysical analysis. It is also important to note we have the funds in the treasury for the 2019 exploration and drill program.”   

Despite the positive news on its discoveries and operations this year, investors sold the stock today. According to Yahoo Finance, the mining penny stock is currently trading at $0.14 a share, down -$0.05 (-28.95%).

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Goldstrike Resources Ltd. (TSXV:GSR)

Goldstrike Resources is a mineral exploration company that is also headquartered in Vancouver, BC. Percentage-wise, this mining penny stock is among the top stocks that have fallen the most on the TSXV today.

Earlier this morning, Goldstrike Resources announced the completion of its exploration goals that is set for its 2018 Goldstrike Plateau Property in the Yukon. The announcement said:

“The work completed in 2018 included 26 drill holes totaling 7,753 meters of diamond drilling, 310 rock grabs, 1377 geochemical soil samples, 5 km of ground geophysical surveying (IP) and extensive property wide mapping and prospecting.”

Despite the positive announcement, the mining penny stock closed the day down almost -50%. According to Yahoo Finance, GSR closed today at $0.075 a share, down -$0.065 (-46.43%).

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