Boab Metals shares up 5% backed by massive trading volume on Friday

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Boab Metals shares up 5% backed by massive trading volume on Friday

BML Sorby Hills project
Image source: BML Presentation, dated 26 November 2021

Highlights

  • Boab Metals witnessed strong trading activity on the ASX, with volume traded on 14 January 2022, representing around 20 times that of the average daily volume.
  • The Company is committed to developing its 75% owned Sorby Hills Joint Venture Project which hosts lead and silver
  • Boab is on track to become a significant West Australian Lead-Silver producer in late 2023

Australian Lead-Silver explorer Boab Metals Limited (ASX: BML) clocked volume of 3.97 million shares on 14 January 2022, around 20 times increase over its average daily volume of 0.199 million shares on the ASX.

Complementing the strong trading volume, BML share price surged around 5% on Friday to AU$0.33. The Company’s stock is up 17.85% from the lows registered last month. Friday’s gains and strong trading volume were not driven by any Company-specific news.

BML Share Price Chart, Image Source: REFINITIV

ALSO READ: Boab Metals (ASX:BML) poised to grow amid silver supply concerns

Notably, trading volume is a technical indicator often used to validate the price action of a security. Investors often consider the combination of high trading volume and rising share price as an indicator of buying pressure.

More on Boab Metals

The Western Australian based explorer and developer, Boab Metals has interest in projects present in Australia and South America. The Company is committed to developing its 75% owned  Sorby Hills Joint Venture Project which hosts lead and silver. The remaining stake is held by Chinese Henan Yuguang Gold & Lead Co. Ltd.

ALSO READ: Boab Metals makes significant DFS headway with encouraging metallurgical testwork results

The proposed development of Sorby Hills encompasses exporting the concentrates from the project via the Port of Wyndham. It is expected to generate around A$2 billion in sales over an initial 10 year mine-life.

Boab recently announced an expanded and increased- confidence total resource of 47.3Mt at 4.1% Pb Eq (3.1% Pb, 35g/t Ag) and 0.4% Zn, following the successful Phase V drilling program. Moreover, the Company recently highlighted strong demand for Sorby Hills Lead-Silver Concentrate from leading domestic and international offtakers, with attractive terms of the offtake proposals confirming the high quality of the Sorby Hills Lead-Silver concentrate.

ALSO READ: Boab Metals’ Mineral Resource upgrade to bolster DFS outcomes, shares jump 12% on ASX

Road Ahead for Boab metals

Boab undertook a flurry of developments last year, ensuring growth across both operational and strategic fronts. Meanwhile, 2022 could see extensive range of initiatives as Boab is on track to become a significant West Australian Lead-Silver producer in late 2023.

RELATED ARTICLE: A recap into Boab Metals’ impressive 2021 performance

Road ahead

Source: Copyright © 2022 Kalkine Media®, Data Source: BML Presentation, dated 26 November 2021

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