Palayan Resources Inc (OTCMKTS:PLYN) stock has gained a lot of momentum recently with a jump of over 80% last week. The stock has seen very unusual volume over the past few trading sessions.
Although there has been no major trigger for the recent surge in stock price and volume, but earlier in April, Provenance Gold Corp. (CSE:PAU) (FSE:3PG) reported that its previously announced Joint Venture Agreement with Palayan Resources was terminated as a result of several factors none of which were exploration related.
Moreover, back in February the company had announced preparation and commencement of work for their initial drilling program on Provenance’s Silver Bow gold and silver property in Nye County, Nevada.
The Silver Bow project hosts a gold and silver system that extends across the five-kilometer length of the property, with numerous small historic mines and prospects across the property. Provenance has identified multiple targets on the property which hosts both open-pit and deep deposits of gold and silver.
PLYN stock has lost 55% so far this year.
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