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Gold/Mining/Energy : Maracote International Resources (VSE: MCE)
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To: chevalier who wrote (24)12/14/1998 11:01:00 PM
From: John Fairchild  Read Replies (2) of 339
 
Ari, I was told they will release results the first trading day of the new year. I guess they want to start the new year with a bang? The first three holes were drilled from the same pad. This tends to make me think this was a good spot to drill from otherwise they would have moved. Also, the fact that they only stepped out ~50 m from the first pad location tends to add to this. Wonder if they hit a sweet spot on the very first holes? Diamond drilling is very expensive and I don't believe they would blow those dollars drilling the same area unless they were happy with the results they were getting.

Also of interest is the resent accumulation of URI shares by McDermid.

I have been trying to find a comparable play in terms of first drilling and obvious property potential in SA (well defined targets by both surface and adit sampling). But have come up empty so far. I am into TRR for the ARP area play but they are grassroots (2 months of surface recon) and won't be drilling for a couple months.

AMC had a good hole last year but having a hard time getting cash together to continue work from what I can tell. YRI just has not hit the grades to get the market interested. ARP deposit is going to grow and grow but the potential for more than a double on this stock at these prices will take time.

I think MCE is a good bet. The company has the people in place to make it a winner.

John
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