The market cap of K2 Gold Corporation (OTCQB: KTGDF) risen to $16.84M after its share price surged by 11.44% on Wednesday to close at $0.3235. Recent activity of K2 Gold stock decreased to the trading of 19.89K shares compared with last week’s daily average of 56.36K shares. Further, the KTGDF stock has traded in the range of $0.2995 to $0.3235. A federal agency granted approval for a California-based project caused the KTGDF stock to surge.
What does KTGDF achieved?
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With over C$6 million cash in hand and projects in Southwest USA and the Canadian territory of Yukon, K2 Exploration is a well-funded gold and silver exploration company. KTGDF‘s operations in the United States are handled by its wholly-owned subsidiary Mojave Precious Metals. Based in California, the Mojave project is an oxide gold project of 5,830-hectares with potential for base metals. The location of Mojave affords the opportunity for continuous news flow on previously identified surface gold targets drilled by major players like BHP and Newmont in the past.
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In a press release issued earlier this week, K2 Gold announced that its subsidiary Mojave Precious Metals, Inc. (MPM) received an approval letter from a federal department.
KTGDF’s fully owned Mojave Project (“Mojave”), located in Inyo County, California, was discussed in that letter from the Bureau of Land Management (BLM) of the United States Department of the Interior.
Phase II exploration drilling at key zones over which Phase I drilling has yielded significant gold intercepts is a process that has already achieved an important milestone with the BLM’s update of “Plan of Operations.”
How will MPM proceed?
This BLM decision does not authorize MPM to begin Phase II exploration drilling; however, it does allow MPM to proceed with the formal environmental review process under National Environmental Policy Act (“NEPA”). In the event that the BLM decides to allow exploration at the site within the planned timeframe, MPM will provide an estimated cost for reclamation and assurance regarding its costs to carry out the additional exploration.