After months of seemingly endless delays, Seafield Resources finally announced (in the last half hour of trading Friday) what we’ve all been waiting for – closing of its Colombian property deals with privately-held Caribbean Copper and Gold Corporation (CCGC).
Like with Gold Bullion, BullMarketRun was first on the scene with Seafield and initiated coverage last summer when SFF was trading at a mere 6 cents. The gain since then has been a whopping 375%.
The news release was short on certain specifics, which leads us to believe Seafield has a strategy in mind in terms of the PR aspects of this. The accumulation in this stock over the past number of months has been nothing short of incredible with the likes of M Partners, CIBC, Octagon and others gobbling up huge chunks of paper.
We have stated this before with Seafield and it bears repeating: There are some big “power boys” behind this play including, we suspect, Scott Paterson, the former Chairman and CEO of Yorkton Securities whose brother James was appointed as a Seafield director last November.
Ian Park of CCGC has some serious clout as well.
We have every reason to believe Seafield is headed MUCH higher. We don”t give price targets at BMR but after all this accumulation over the last seven months in particular (and more on the way), it doesn’t take a rocket scientist to figure out that something very big is about to happen here.
The large Marmato Mountain Deposit currently being explored and developed by Medoro Resources (MRS, TSX-V) is less than 8 kilometres northeast of one of Seafield’s properties. Medoro has an appetite for other companies in the area, so the possibility of a Medoro takeover of Seafield down the road cannot be ruled out depending on how successful (and lucky) Seafield gets in its exploration.
Seafield closed Friday at a very attractive 28.5 cents and has one of the best-looking stock charts you’ll ever see. Expect a gap-up on Monday.
