Cluster Buying Ensues at Lavas As Follow Up Drilling Gives Results

2 minutes read
Page's meta description as image.

Lavras Gold Corp (CVE:LGC) operates in southern Brazil with headquarters in Canada. The company is dedicated to a gold-rich region in Brazil with its Lavras do Sul Project. The property spans over 22,000 hectares and features more than 24 gold prospects.

Lavras began trading on the Toronto Venture Exchange in 2022 and last reported its Market Cap at $49.2 million.

Cluster Buying

Four insiders at Lavras ended the last leg of November 2023 with multiple insider buying. From November 20 to 30, LGC stock saw a total of seven investments, as detailed below:

  • Chairman of the Board - Rowland Wallace Uloth bought a total of 200,000 shares @ 1 CAD and @ 0.96 CAD per share on two occasions.

  • President/CEO - Michael Christopher Durose bought 15,000 shares altogether @ 0.94 CAD and @ 0.92 CAD per share in two transactions.

  • Director - Jonathan Victor Hill bought 1,200 shares @ 0.82 CAD per share.

  • Director - Rostislav Christov (Rosty) Raykov bought cumulatively 150,000 shares @ 0.943 CAD and @ 1 CAD per share on two occasions.

In total, these seven trades amounted to a value of $260,854.

Quarterly & Drilling Results

In its consolidated financial statement for Q3 2023, Lavras reported a lower income but a higher stock-based compensation for the quarter year-on-year. For the period ending on September 2023, Lavras’s compensation was around 161,876 CAD; almost 13.23% higher year-on-year. The company also invested in exploration and evaluation properties, property, and equipment, which led to cash outflows. 

Later, on November 28, Lavras reported significant findings from its ongoing drilling program at the Fazenda do Posto discovery. Yielding 204 meters of continuous gold mineralization, this hole confirms the lateral continuity of the gold mineralization.

The company's CEO, Michael Durose, expressed optimism about the potential for developing a bulk tonnage open-pit gold mine. He was reported as saying, “This new discovery on our Fazenda do Posto claim block is a potential game changer for Lavras Gold,” said Michael Durose, Lavras Gold’s President and CEO.”

On another bullish note, LGC stock is up by almost 197.06% year-to-date.