Rambler Metals and Mining PLC (LON: RMM) share price surged 11% after releasing the results of its 2021 diamond drilling campaign at the Ming Copper-Gold Mine in Canada.
The impressive results generated during the drilling campaign include 1.17 metres at 5.32% copper and 4 metres at 3.85% copper.
Investors cheered the report, as evidenced by today’s rally. Still, you should remember that RMM shares have been rising for the past seven consecutive trading sessions after bottoming at the 17p support level.
Rambler Metals revealed that it had completed 14,258 meters (94%) of the planned 15,200 meters of diamond drilling covering four key targets, which should support its near-term production planning.
Toby Bradbury, President and CEO, commented: “With drilling on three of the four infill targets completed, the Company has improved its confidence in near-term production plans. While we are still awaiting assays on some holes, our confidence has been bolstered by the assay results we have seen to date and by the recent development results obtained on 790L of the Upper Footwall Zone (“UFZ”).”
“We have also begun expanding the resource base further with 1,300 metres of step-out exploration drilling completed in 5 holes to date. Another 6,000 metres is planned in 15 holes to be completed in Q4.”
Drilling at the Lower Footwall Zone also confirmed and further supported the higher-grade production blocks planned on other levels of the LFZ.
RMM shares have risen 24.4% over the past week and could be headed much higher. However, the stock faces significant resistance at the 26p level, and it will be interesting to see how it reacts at this level.
A pullback to the 20p support level would provide an excellent risk-reward setup for short-term traders.
*This is not investment advice. Always do your due diligence before making investment decisions.
Rambler Metals (RMM) share price.
Rambler Metals share price surged 11.06% to trade at 23.60p, rising from Monday’s closing price of 21.25p.
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