Well done!
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Well done!
I knew the guys at NAV, man they were just pouring money down a hole!
Yeah as does most miners ,,,now making much of a profit seems to be the biggest hurdle these days
SOC down again geez should have stayed with producers even PGI seem to have a floor @4c ..where SOC have nil buying love from the general market wish a big buyer would come out on market soak up the fool sellers...
Yep I think the producers have attracted some of the hot money, although most of them have been down a bit in the last few days. It looks like there is an overhang from the fund trying to exit? I'm looking closely at picking up some more, but am pretty overweight so may just sit on the sidelines. Patince is a virtue & as long as the drill bit does the talking as it has in the past we should see another spike before the end of Jan.
anyone get in on the huge RMX run, im currently sitting a bit burnt buying at 0.032 but after those 2 announcements it seems imminent there may another one soon. will hold and wait
Red Mountain rocket ride continues
Thursday, 9 January 2014
Justin Niessner
SHARES in Red Mountain Mining continued a stellar run this morning, rising as much as 88% on new trench sampling results from the Batangas gold project in the Phiippines.
The best new result from the shallow dipping layer of the project’s promising Lobo area was a 1.8m intersection grading 55.9 grams per tonne gold, including 0.9m at 110.9gpt gold.
Another nearby sample recorded 1.2m at 17.2gpt gold from 1.2m vertical depth, including 0.6m at 31.2gpt gold.
The news builds on a series of exciting trenching results at Lobo that have increased the company’s share price by as much as 700% since the beginning of the week.
“These additional high-grade gold results indicate that the exceptional high grades in bedrock are also dispersed into the overlying colluvium rubble, from right at surface,” Red Mountain managing director Jon Dugdale said.
“The company will continue to rigorously sample the colluvium layer that may be wide spread down slope of the lodes and represent an additional, at surface, mineral resource target in conjunction with the primary target of the high-grade bedrock lode occurrences.”
Further test pitting sampling is also in progress at a breccia structure immediately southwest of a shoot hosting an indicated and inferred resource of 194,000 tonnes at 7.2gpt gold.
A trenching result of 14.5m at 24.5gpt gold was produced in the area as well as a vertical test pit result of 1.1m at 7.46gpt gold including 0.6m at 12.4gpt gold.
Earlier this week, Red Mountain attracted attention at Lobo with a 2.6m intersection grading 28.6gpt gold, including 1.5m at 45.9gpt gold.
This was recorded just 100m along strike from a 2m intersection reported in November to grade 31.1gpt gold and including 1m at 60.2gpt gold.
Batangas holds an indicated resource of 2.76 million tonnes at 2.3gpt gold for 208,000 ounces of gold and an inferred resource of 3.02Mt at 2.1gpt gold for 200,000oz of gold.
Shares in Red Mountain closed Monday at A0.4c before gaining 75% on Tuesday and 142.95 yesterday.
They were last trading 76.5% higher at 3c.
Well it RMX was trading around 0.005c! It still only has an MC of $10M at 2.5c.
Yes but does it really deserve more ? on what they have which is 206koz Indicated gold resource and some great trenching results(have seen some spectacular trenching results before that didn't continue into a commercial size deposits)
--One of my biggest holdings is in CVR which spent the whole 2013 de-listed as they look to re-start production on getting extra funding(after running issues during winter needed resolved) they last traded @ 1.8c giving them a market cap 17mill now likely they will re-list closer to 10mill in market value ...and they have 1.2moz gold + silver 300-400koz resource(564koz Indicated) and a small heap leach gold plant they should be able to produce 20-30koz gold eqif p.a at one of the projects for 3yrs est. all in costs 800-900oz USD
--last ann-27 dec 2013
Funding Update
Negotiations for debt funding from a Kazakh bank are progressing. Confirmation of this funding should be the trigger for the final Gold Loan tranche (US$0.5m) and for an equity raising. These raisings, and funds from ongoing gold sales, would allow a Full Mining Restart to occur at Dalabai, as well as a return to trading of shares in the Company.
Point I was trying to make badly, was that it was worth stuff all & now its worth something. Will keep it on the radar that's for sure.
Good to see TRY bouncing back today & ALK put in another high trading just over 40c.
Right..fair enough...sounds like SOC big buyer was a broker looking to get on board SOC @18c before promoting them to investors
wouldn't be surprised to see Raffles shift more of their shares at higher levels through the broker involved)
which is exacting what we need ....bit worried PGI might stay flat on this qtr report ann so sold a third of my holding to buy more SOC
@14.5c(getting towards 160k holding) really think we will bounce hard before the months out to round 20c etc (just above my new average)
well thats painful with RMX, going to continue to hold though. thankfully with a stock like this one more announcement in a week or so (maybe less) i will be back in the money. no point in selling now
SparkytheClown, yeah I know them well as used to meet with them 3-4 times a year in Perth or Kalgoorlie. Haven't caught up with them for around 18 months since leaving the market. My thoughts on management were that they do the basic things well & generally stick to their knitting. I wouldn't say that they are particularly corporately or market savvy but they are good operators & keep a lid on costs etc. They do seem cheap here at an MC of A$250M, but then are so of a lot of other gold stocks. Really like most its just a punt on the POG.
Ahh so that was you JB! haha. I was watching them pretty closely myself & resisted the temptation. Although I am bullish on these guys & probably more than that, it will purely depend on the drill bit, so I wasn't prepared to take that risk with more as I am already quite heavily loaded up. We should see something on the next set of drill results before the month is out.
yeah got most of my order ...good bounce on open to 16.5c not going take much to see this back to 20c likely we will get news this week..
RMX trading halt Capital raising 1.7-1.8c ? likely to see the SP further south ....If you believe in the resource be a good chance to buy
Nice one JB, I think you should do well out of SOC at that level. As mentioned before, it will come down to the drill results clear & simple.
Looks like these RMX guys know what they are doing, a nice jump in the SP & they are all over it raising capital. Nice to see. Will certainly keep an eye on it.
I was hoping for more out of TRY & ALK yesterday, perhaps the way gold is closing in NY perhaps we will see higher again today.