The BMR Portfolio (continued)…
Sidon International Resources (SD, TSX-V)
Sidon fell as low as 9.5 cents last Monday before rebounding and closing Friday at 11.5 cents for a half cent weekly gain…the stock is now between its rising 100-day SMA at 10 cents, where there is exceptional support, and its declining 50-day SMA at 13 cents…despite the stock’s fall from a high of 18 cents in early August, quite a normal pullback from a technical perspective considering this stock was as low as 3 cents in March, we remain very bullish on Sidon’s prospects as the company advances its Morogoro East Gold Property in Tanzania…we spoke with Sidon’s President and CEO Kamal Alawas early last week and we believe the company is on the right track with its exploration plans and objectives for Morogoro East…this highly prospective property has attracted the attention this year of a lot of artesianal miners, most of whom have been cleared away but in a respectful fashion so as not to alienate the local community…several dozen of those miners are now helping Sidon with work that needs to be done at Morogoro…Sidon is currently test mining a placer deposit and making all the necessary preparations for an upcoming drill program at the property…for competitive reasons at the moment we believe Sidon is keeping its Tanzanian cards close to its chest…on the corporate front the company is exploring ways to communicate its message more effectively which includes the creation of a new web site…Sidon has come a long way over the past 6 months and overcoming growth pains is always a challenge for any junior exploration company…we’re very confident Sidon’s best days are yet to come…
Seafield Resources (SFF, TSX-V)
Seafield was up nearly 30% in September but seems to have stalled recently in the low to mid-20’s…the stock closed Friday at 21 cents, a 4-cent loss for the week…while it has fallen below an area of support between 22 and 23 cents, the next level of strong technical support is nearby at the rising 100-day moving average of 19 cents…with regard to Seafield’s fundamentals, overall we believe very strongly in the exploration potential of the company’s Quinchia Property in Colombia…there is no doubt that Quinchia hosts some excellent porphyry targets and the company’s goal ofĀ outlining at least 3 deposits (each with a million ounces or more) in its nearly 70 square kilometre land package seems very realistic…on the other hand the pace of exploration at Quinchia has been disappointing and is something the company is going to have to address…to date they’ve only drilled at Miraflores where drilling has been slow (only 6 holes since late June out of a planned 11) due to the nature of the rock…drilling has still not started at Dos Quebradas, the property we are most excited about that has major blue sky potential…Seafield did release results last week from a recent soil geochemical survey at Dos Quebradas which further confirmed that property’s excellent potential…Chuscal is Seafield’s 3rd major property at Quinchia but it appears the company still has a few paperwork issues to settle before completely tying that property up…
Colombian Mines (CMJ, TSX-V)
Colombian closed the week at 85 cents, down a penny, as it continues to trade between its declining 100-day SMA (78 cents) and its rising 200-day SMA (95 cents)…this trend has been in place for the past month and we are anticipating a breakout to the upside once the 100-day reverses which has a good chance of occurring within the next 2 to 3 weeks…more drill results are expected in the near future from Colombianās flagship Yarumalito Gold/Copper Property in the Marmato Mining Districtā¦broad zones of gold/copper mineralization have been intersected at Yarumalito this year including 141.4 metres grading 0.77 g/t Au in YAR-11ā¦the company had just over $3 million in working capital at the end of July, so itās well positioned to continue drilling Yarumalito through the end of the year as well as advance some other projects in its very large Colombian land package (over 150,000 hectares)…
North Arrow Minerals (NAR, TSX-V)
North Arrow was quiet this past week as it traded only 196,000 shares, closing at 15.5 cents for a loss of 1.5 cents on the week…weāve been very patient with this company which has essentially drifted aimlessly since we introduced it to BMR readers last Aprilā¦the biggest disappointment for us has been North Arrowās inability to carry out a drill program this summer/early fall at its Lac de Gras diamond property in the Northwest Territoriesā¦the company finally received a drill permit last month but then said it was too late in the year to drill at Lac de Gras and has rescheduled drilling there until next springā¦the company has some other properties in its portfolio and President and CEO Gren Thomas has also been searching for new opportunitiesā¦there is great potential with North Arrow and at this point weāre hoping Thomas can pull a rabbit out of the hat in the very near future and take advantage of a strong market…
