Global equity markets have rebounded sharply after the sharp sell-off seen at the start of this year. Risk assets are once again finding favor among investors. Last week, all three major indexes in the U.S. posted weekly gains, making it a fourth consecutive week of gains.
Stocks got a boost last week after the European Central Bank (ECB) announced fresh measures to boost growth and fight deflation in the euro area. While investor sentiment has certainly improved, market participants are likely to be cautious this week as the focus turns to the U.S. Federal Reserve, which kicks off a two-day monetary policy meeting on Tuesday.
The Fed is not expected to hike its benchmark interest rates, however, investors will be looking for hints on when the Fed plans to announce the next rate hike. February’s strong jobs report has raised the possibility of more rate hikes in the U.S.
While investors are cautious in trading today, there are some big movers. One of them is
Orefinders Resources Inc. (TSX-Venture: ORX). Based in Toronto, Orefinders is focused on gold exploration. The company has gold projects located in the Kirkland Lake and Red Lake gold districts in Canada.
ORX shares were last trading 80% higher at $0.0450 on volume of 3.78 million, which is more than 10 times the stock’s daily average volume.
ORX shares are soaring today after the company announced 100% ownership of the MZ property to expand its Mirado Project. The company said that it has exercised its option and acquired the MZ Group of claims, which include 10 claims that form the westerly extension of the Mirado mineralized zone.
The MZ claims are subject to a 2% NSR half of which can be bought back for $1 million and the last half for $2 million, ORX said.
The property as a whole stretches across 5,800 acres of land. ORX said that as part of purchasing the MZ claims, it completed a series of work commitments, cash payments and share issuances. The work completed by ORX included trenching programs uncovering high-grade Gold mineralization within a few meters of the conceptual pit including MZ trench 13-02.
ORX said that trenching at the Bank exposed a north-northeast trending, steeply dipping, high-grade polymetallic massive sulphide replacement vein ranging up to 0.80 metres in width. The vein averaged 4.80 g/t Gold over an exposed strike length of 30 metres and remains open to the north and south.
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