While it is true that there has not been much news about Clifton Mining (OTC: CFTN) for many months it cannot be ignored that on Tuesday, the company’s stock was in the middle of a remarkable rally. It came into focus among investors in a big way on Tuesday and ended up with gains of as much as 46% amidst heavy interest.
In light of such gains, it may be a good idea for investors to possibly take a closer look into it. The company had last been in the news back in September when it provided the details with regard to its mining activities for the same month.
The company announced at the time that it had finally received the production report for the months of June and July from Desert Hawk Gold Corp.
The report noted that in the two months which ended on July 31, 2022, Desert Hawk had managed to sell as many as 619 ounces of silver and 505 ounces of gold that had been recovered from the leach pad. However, in addition to that, the report also noted that during the month of June it had also managed to crush as many as 11821 tons of iron ore. Since then the iron ore crushing and mining operations had ceased.
In this regard, it should be pointed out that the company had announced at the time through the report that it was still managing the heap leach pad and was expecting the expansion permit at this time in the fall of 2022.
On the other hand, the report also noted that at the end of July 2022 there were as many as 3313 recoverable ounces of gold that remained at the aforementioned leach pad. While it cannot be said if the latest rally was related to the report, it is something that investors ought to know about.