Force Minerals Corp (OTCMKTS:FORC) submitted its recent Form 10-Q in the month of July. The company is engaged in the business of assessing, identifying and qualifying potential mineral assets and investing in interests in those assets with an objective of producing commercially marketable amount of several types of minerals.
The Hayter Well
Force Minerals reported that the company owns a 50% working stake of the County Line Energy Corp. in the Hayter Well based in Alberta. However, for undefined period, the company has decided to abandon its initiatives of extracting gas and oil from this or any other asset. Instead, they intend to focus the measures on existing mineral assets.
Zoro 1 Mineral Claim
On July 6, 2010, Force Minerals finalized an option deal with Dalton Dupasquier, following which Mr. Dupasquier granted the company with an exclusive and sole option and right, to acquire entire net undivided stake in the asset named as the Zoro 1 mineral claim, based adjacent to the East Shore of Wekusko Lake. During the fiscal completed November 30, 2012, the company incurred exploration expenditures of $8,639 on the asset. During the six months completed May 31, 2015, Force Minerals recorded $0 on exploration expenses on the property.
Force Minerals bought the option to assess the deposits potential of lithium on the asset, Zoro 1 mineral claim. As per USGS, international end-use segment for lithium include batteries, lubricating greases, ceramics and glass, air treatment, and primary aluminum production. The rechargeable batteries are a major market for lithium compounds with the maximum growth potential as prime automobile firms pursue the advancement of lithium batteries to run hybrid electric cars.
Force Minerals Corp (OTCMKTS:FORC) suffered a vicious cut of 50% in the last trading session but it would be wrong to assess the performance of the stock from the perspective of any other stock. It has been trading in the band of $0.0001-$0.0003 for the last 3 months, the band of the lowest ticks possible. It means that whenever the stock rises to the next tick from $.0001, it shows an appreciation of 100%. The really notable thing at this point would be the volume pattern, which shows faint signs of accumulation. The volume spiked to 83 million yesterday against the daily average of 16 million.