West High Yield resources (WHY.V) is a company with the objective to bring into production one of the world’s largest, greenest deposits of high-grade magnesium. The Record Ridge magnesium deposit is located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced preliminary economic assessment technical report.
Today, West High Yield Resources announced a milestone in the mining permit application process for its Record Ridge Magnesium Project with the posting of its Public Notice of Application, as well as announcing the closing of a second tranche of financing.
The Public Notice, which is a requirement in the Company’s permit process as requested by the British Columbia Ministry of Mines and Low Carbon Innovation, was published on April 18, 2024 in the Rossland News. The Public Notice pertains to the submission of the Company’s “Joint Mines Act and Environmental Management Act Permit Application for its Record Ridge Industrial Mineral Mine project.
The Project aims to extract magnesium-bearing serpentinite rock at a rate not exceeding 200,000 tonnes per year. Operations entail conventional open pit methods, including drilling, mechanical ripping/blasting, loading, crushing, and off-site transportation of crushed rock to Washington State for processing by a third-party facility.
In addition to the foregoing and further to its news releases of February 26, 2024, March 14, 2024 and April 10, 2024, the Second Tranche Closing under the Offering consisted of the issuance of 1,210,000 Units for total proceeds of $302,500. Each Unit consists of one Common share of the Company and one Common Share purchase warrant. Each Warrant, together with CAD$0.35, entitles the holder thereof to acquire one additional Common Share until April 18, 2025.
This stock looks like it is ready to go! A double bottom pattern, a highly bullish reversal pattern, was confirmed with a close above 0.27. This pattern was also printed at major support around $0.21 adding more strength to its validity.
The stock even tested resistance at $0.34. Multiple times. So far, sellers are stepping in here but the stock is attempting to make one more run at resistance. Very bullish as the bulls are not giving up. Watch for a strong candle close above $0.34 in coming weeks. This would trigger a major breakout and move higher to the $0.50 zone.
