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Mount Ridleyâs stock price doubled itself in the morning trade today after the company announced a possible potential to identify further magmatic nickel-copper-cobalt sulphides within its 100% owned Mt Ridley Project.
In an announcement dated 22 January 2019, Mount Ridley Mines Limited (ASX: MRD) provided an exploration update on its Mt Ridley Project located 70km northeast of Esperance in the Albany Fraser Range Province of Western Australia. The company confirmed the mobilization of rigs to the site and the subsequent commencement of Aircore Drilling at Mt. Ridley.Â
 The technical team of Mount Ridley at SGC/GeoPotential and CSA Global consulting have selected several discrete geophysical samples to understand their magnetic features. With this phase of Aircore drilling, the company aimed to identify the potential magmatic nickel-copper-cobalt sulphides. Its priority was to apply current understanding of the characteristics and target similar magnetic features to those found in mineralized mafic-ultramafic intrusive lithologies in the vicinity of the Nova-Bollinger mine in the Albany Fraser Range.
As per the companyâs information, To date magmatic nickel-copper-cobalt sulphides identified on the Mount Ridley project hosted in coarse-grained varitextured mafic to ultramafic gabbronorite while peridotite rocks are typical of magmatic nickel sulphide systems. The company believes that there remains an excellent potential to identify further magmatic nickel-copper-cobalt-sulphides, given the number of geophysical features within the project area that are yet untested beneath the cover.
The company further intends to complete high powered moving loop electromagnetic (HP MLTEM) surveys following the success of AC drilling campaign. It has planned to undertake the surveys as soon as practical so that it can target potential magmatic sulphide accumulations.
Mount Ridley Mines Limited is a Perth-based mining company that holds exploration licenses in the Albany Fraser Range region of Western Australia. It primarily focuses on projects that have the potential to host base and precious metals like gold, nickel, copper, silver, and cobalt.
On the financial front, the company posted a total comprehensive loss of $ 791,225 for the year ended 30 June 2018 as compared to the loss of $2,782,789 reported in FY17. Its cash and cash equivalents stood at 1,483,434 at the end of Fiscal 2018. Currently, the company holds a portfolio of approximately 614 sq./kms or 61,396 Ha in the worldâs most emerging nickel and copper provinces.
In morning trade today, 22 January 2019, MRD has bounced up as much as 100% or $0.001 to trade at $0.002. However, the penny stock remains close to its 52-week low of $0.001. Over the past 12 months, the stock price has witnessed a negative price change of 82.66% with a plunge of 42.86% seen over the last three months.
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