WRLG, RRI, KTN, TECT
The headline for West Red Lake Gold aka WRLG's latest PR, ' West Red Lake Gold Announces Official Restart of the Madsen Mine', sounds portentous, but it doesn't mean a lot. It simply refers to their BoD authorizing an immediate restart, which means the employees will continue to do what they are already doing. If the BOD had said no, they would have had to stop.
Now we wait for actual production numbers.
Message 35143210
Prospect generator Riverside Resources aka RRI released an update on the La Union prospect in Mexico, which they are selling to QQQ.CN over a number of years in return for money and shares. QQQ has completed the first step to earn 50% of La Union in return for RRI receiving a 9.9% share in QQQ.CN plus $250k cash. RRI continues to operate the exploration, which will consist of mapping and sampling and geophysics prior to drilling later this year.
RRI also announced they have completed the spinout of Blue Jay Gold which holds its Ontario gold prospects, so watch for that to show up in your account if you are an RRI shareholder. Blue Jay Gold will apply to be listed on the TSXV.
Message 35143236
Kootenay Silver aka KTN released a nothingburger of a PR saying that they have almost finished the initial Resource Report on its Columba silver prospect in Mexico.
My response? Let me know when it's done and you release it.
Message 35143261
Tectonic Resources aka TECT released a PR trumpeting that their proposed $8M financing ending up raising $12.7M, which will be used to fund an upcoming drill programme on their Flat gold prospect in Alaska. TECT management says this is a measure of investors' confidence. Another interpretation, particularly given that the notorious Crescal Capital is a major participant, is that the offering was priced too low and favours insiders, something you normally see when Crescal is involved.
I note also a red flag I did not give enough weight to when making my purchase, the presence of Quenton Hennigh, another signal that the company is promotional in nature and will likely be run for the benefit of insiders rather than us punters.
I hope the drill campaign generates some promotable results that increase the share price so I can exit my position without taking too big a loss.
And no, TECT shares didn't pull a 10-bagger today. They did a 10 for 1 reverse split.
Avoid Crescal and Hennigh!
Message 35141245
Saville lays out two possible scenarios, that the POG will bottom this month and then kick off another leg of the bull, or that it will chop around through the summer and then take off in September or October. In either case he expects much higher prices by year end. He also thinks the the correction in gold miners has probably ended, meaning any pullback is a buying opportunity. |
