On a morning when markets are down across the board, smart money is moving into GoldQuest Mining (GQC, TSX-V) which put out news this morning suggesting its Romero discovery – so far at least – is showing signs of being a flat-lying deposit (which would greatly increase the tonnage possibilities) after completion of the first few step-out holes.
“Initial interpretation of the mineralization intercepted to date of holes LTP 90, LTP 92, LTP 93 and the incomplete LTP 94 at Romero indicates that the contact between the upper, weakly silicified, low copper zone and the lower, strongly silicified, higher copper zone is subhorizontal, with possibly a gentle dip to the north of less than 10 degrees.”
In layman’s terms, this is what GoldQuest was hoping for on these step-out holes following the discovery hole that was reported in May. The combination of thickness and grade could make for a large deposit at Romero, and in these early stages – in the holes that have been drilled up to this point – this has the look of a flat-lying system. Much more drilling obviously is required, and assay results from the above-mentioned holes are pending.
GoldQuest has responded well to the news…as of 7:50 am Pacific, the stock is up a dime at 77 cents on total volume (all exchanges) of nearly a million shares. The company also announced a second rig has been added at Romero, and a third one is on the way. Still very speculative, but based on this morning’s news this could easily get a lot more interesting. Below is an updated GQC chart from John.
Any comments about Richmont? The price is weak, yet they will be a 200,000 oz per year producer in 3 or 4 years. their board has the the founder of Gildan Wear, founder of Kinross, retired CEO of Agnico Eagle, and a handful of succesful corporate suits.
Comment by Alexandre — July 12, 2012 @ 7:05 am
Can one ever imagine a CEO, who earns a fabulous salary, more than we, the lowly folks, will
ever see in a life time, getting a 40 million dollar bonus, shame !!! Then there’s those, who
either own their own business or run a business, who are not satisfied with the riches bestowed
on them, stealing from the elderly & others, who had put their trust in them, shame !!! What
possesses the greedy souls to go to all extremes to fatten, fatten & fatten their oversea’s bank
accounts, shame !!! I know where they are going & i know,”it’s hot down there.”
Of interest in this morning’s musings, where it was stated, ”now is the time when fortunes are
made”. Maybe Jon should have added, for the rich that is. I don’t have to remind anyone, that
some folks on this board are hurting, because they have placed their cash in previous picks & are
now maxed out. They are finding it difficult to sit & watch the rich do their thing & as a result,
they show their displeasure. If anyone may be wondering why some are displeased, i may have given
you the answer. R !
Thank God we are surrounded by water.
Comment by Bert — July 12, 2012 @ 7:26 am
Alexandre – It tell you something about the market we are in, and also seasonally we are at the weakest time of the year.
You get to the point were you think, will this poor market ever end – some 18 months now of generally declining prices.
Comment by Rosco — July 12, 2012 @ 7:28 am
18c ask om RBW….been a while since we’ve seen that…permits are very close.
Comment by db — July 12, 2012 @ 7:55 am
Friends- Last chance to grab RBW at this price. Soon you may not see this stock below teens.
Comment by Eric Benson — July 12, 2012 @ 8:04 am
I think it may take a while to take RBW out of the teens. Premature announcements indicating drilling in the first week of July, a declining price in Gold, down trend in world markets, low volume makes me think that short term the SP will go the other way. All that property and no drill permit for any of it and we’re in the middle of July. Some investors may even decide to get out when that news does come. I think it has great potential and has performed well in an environment that doesn’t invite investment in equities, but timing is all wrong and we will need patience.
Comment by Andrew — July 12, 2012 @ 8:57 am
Boy the markets continue to take a big shit. Not sure what it is going to take to get things turned around… ECB’s and FED seem to think that by lowering interest rates, people will borrow. Yet, with high unemployment numbers, who is going to borrow cash?? What they need to do is spend $$ on their aging and crumbling infrastructure to create good paying jobs. Once they put people back to work, these newly employed people will be spending $$ again and thus the beginning of revenue for Governments. Imagine how much work/jobs could be created if the Central banks put 150 billion $$ into job creation rather than shoring up banks? I think we would be out of this mess pretty quick..
Comment by Tony T — July 12, 2012 @ 9:01 am
Andrew – I think it may take a while to take RBW out of the teens.
Bert – Andrew my buddy ! we just don’t know, things can turn around at the
blink of an eye. The system is such that the rich have a fly on the wall
with those companies, but God help those, who should pass on pertinent
information to the lowly class. I still believe in BMR & i strongly feel
they would not put their future plans on the line again, by being so
positive on yet another company, that is RBW. The past has reminded them,
that one should refrain in trusting those, who don’t trust themselves. I will
again state that RBW, could be at the beginning of a perfect storm, where
everything comes together at the perfect time. R !
Comment by Bert — July 12, 2012 @ 9:13 am
Today smile.Some say its darkest just before the dawn. Jonn McCAIN says its darkest just before it goes pitch black
Comment by gil — July 12, 2012 @ 11:03 am
Like I said, RBW – will be late fall November before drill results.
Comment by dave — July 12, 2012 @ 6:46 pm
RBW is drilling about a half dozen holes at International…Dave you think it will be 4months to drill and get assays? Dont think so…
Comment by db — July 12, 2012 @ 7:39 pm
Wow – Greencastle VGN does something!
stockhouse.com/financialtools/sn_newsreleases.aspx?qm_symbol=v.vgn&newsid=8560455
Comment by Hugh — July 13, 2012 @ 2:45 am
If the Venture exchange is depending on good commodity prices, then we are in for a good day,
everything is up & it’s about time says me. R !
Comment by Bert — July 13, 2012 @ 4:58 am