Galaxy Resources Limited (ASX: GXY) – Mineral Resource Update Created some Panic among Short Sellers

Mining (GXY) - Kalkine Media

Mineral resource update by lithium miner, GXY, has drawn an alarming stage for short sellers as Galaxy Resources Limited today, i.e., on 20 August 2018, confirmed a significant increase of 14% in its measured and indicated resource at the Mount Cattlin Project in Western Australia. Bearish investors selling borrowed shares of GXY in the hope of profitably buying them back at a lower price in the future may have had a slightly touch day. The increase has been the result of in-fill drilling undertaken during the first half of 2018. The company reported 11,800,000 tonnes of classified Mineral Resources as at 1 June 2018, which includes 88% of “Measured” or “Indicated” resources.

Galaxy holds five tenements west of Mt Cattlin which also includes two tenements recently acquired from Kingston Resources. As per the announcement, approximately 23,000m of targeted drilling has commenced, expected for completion in February 2019, while extensive regional greenfield and brownfield exploration campaign is reported to be continued over the next 12 months.

The stock initially moved up but was later trading at $2.750 and has seen a daily price change of -$0.030 or percentage change of -1.079% as at August 20, 2018. The stock has undergone a performance change of 44% over the past 12 months.

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