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There has been a significant increase in daily trading share volume over the last two months and a significant jump in share price. I think that these are the tip of the iceberg of funds buying. My best guess is the share re-structure is for the larger funds, many of them require a minimum share price before they can buy, say $1 per share.
The majority of share consolidations don't work in favor of the shareholder. Since CNF management owns 30% plus they already have cash, going into production with a portfolio of world class assets, this time will be the exception. I think massive buying is ahead with large global institutional buyers.
CNF has the makings of the next ELD 'Eldorado Gold', market cap of $4.4 billion. CNF market cap say around $35 million CAD, their is tremendous upside with this stock. Management with large share position I am sure have strategized this decision. I wouldn't be surprised to see this thing quickly run to $3 per share or 60 cents the old way quite quickly.
Makes for a great speculation!
Talk about a sleeper of a stock. But it survived the great credit melt down and just put a million in the till. With gold price on the verge of breaking a $1000 an oz, this stock has a history at various times of surprising on the up side. I hope so becuase it has been too long a wait.
News Release posted on web site:
Wednesday April 22, 2009 For Immediate Dissemination
NEWS RELEASE Symbol: CNF-TSXV
FIRST TRANCHE OF NON-BROKERED
PRIVATE PLACEMENT COMPLETED
CADAN RESOURCES CORPORATION (CNF-V) (the “Company”) is please to announce that it has closed the
first tranche of its non-brokered private placement of up to 33,333,333 common shares in the capital of the Company
(“Shares”) at a price of $0.06 per Share announced on February 12, 2009. The Company sold a total of 12,079,315
Shares in the first tranche, for gross proceeds of $724,759.
Brett Taylor, President, Chief Executive Officer and a director of the Company, purchased 1,000,000 Shares and
Doug Evans, a director, purchased 1,000,000 Shares.
All securities issued pursuant to the private placement bear a four month hold period expiring on August 22, 2009.
############### ends #################
Cadan Resources Corporation is a junior exploration company with operations in the Philippines and Colombia and
trades on the TSX Venture Exchange (Canada) with trading symbol CNF-V.
On behalf of the board of directors,
“Brett Taylor”
Brett Taylor, President & CEO
John Anderson, Director
Email: cadanresources@gmail.com
Tel: 604-218-7400
Matthew Bell
Email: mattcnf@yahoo.ca
Tel: 604-910-4908
And T'Boli is probably the smallest of the 4 properties in potential gold reserves as it appears now but this may change?
What is more impressive is that the Prez & CEO himself invested a huge nickel into this exploration play. You got to think he knows what he is sitting on to make that kind of significant financial committment.
OEO,
The release states conservative estimate at 1.7 billion tonnes. I wouldn't be surprised to see Tagpura being a lot bigger than that being advertised, probably double or triple that tonnage figure. Of course, majority low grade stuff mixed in with a smorgasborg of higher grade zones to help the economics. It will be very exciting to see how this all unfolds in the months ahead.
Other big systems amongst the CNF portfolio include T'BOLI, CADAN, KALAMANTAN and BATOTO. At COMVAL, still lots of unexplored territory yet, get those airborne geophysics going and make some new discoveries!
Granite
OEO,
I think the stock can move without the 43-101, now with confirmation of credibility from a major mining guru, CNF will move. There is enough brokerages and funds that buy into these plays if they are convinced if the goods are there. CNF has several crown jewels in its inventory, I think we are on our way. Sure, the really big investment funds will wait for the 43-101. The long wait is over, the huge rally ride up begins now!
Tremendous assets in time attract smart investors. It takes years to get these assets at a stage for rapid wealth creation, does not happen overnight, lot of hard work. Now, I think CNF is finally in a very sound position to convey to the world of mining the true elephant size of these copper/gold/silver assets to the global investment community.
30 cents per share by June?
Well, it has been a while since drill results, overdue for assays from TGD 18 to 23. Apparently, they are drilling like crazy, non-stop, probably the lab holding us up??
Lots of buyers, great day of trading the way I see it. Just means CNF will move higher that much quicker now that a major investor has sold out. Probably better to take them out at 13 or 15 cents rather than putting a lid on the stock at 30 or 40 cents - thanks for selling!! I wouldn't be surprised to see CNF really springboard now. They must be getting close to getting out of inventory of paper.
Thanks for the update OEO. If doing 100m plus a day drilling, we should have lots of results in due course. I also noticed on PDAC website that CNF will be at Toronto mining show in early March, they have a booth. Anyone from Toronto or visiting, possible to give board an update?
More steady exploration results. The company is apparently doing 100m per day of drilling, you got to think a whole bunch of drill assays should be in the pipeline. With gold over $900 US/oz, time to get this deal rocking. If not now, when? Perfect time considering buoyant commodity prices.
CNF to have THREE DRILL RIGS working QTR1 2008 according to latest update provided on Sedar.com
two diamond drill rigs
one reverse circulation drill rig
Great overview of all the company developments, MUST READ.
Talks about Colombia as well.
Oeo200, I thought they were drilling most of the time over the last few months? Maybe a break to upgrade drill for a few weeks? I can assume CNF should be getting close to releasing new drill results, that might creat a spark on the share price if they continue to hit copper & gold at Tagpura? Both copper and gold market going crazy in US dollar pricing, the stock price appears ready for a big break out soon. What's your take?
CNF is our new trading symbol on the TSX venture exchange, Cadan Resources Corp.
SUR is greatly oversold, I think SUR is overdue for a technical rebound in price. Considering the projects, the market cap is a minnow at these prices.
The geology the article discusses, SUR'S properties at COMVAL are right smack in the middle of that rich Eastern mineral belt of Mindanao island. KingKing just to the south, Mt. Diwata just to the north of COMVAL. Philex & Anglo are due north on that same mineral belt.
Tip of the iceberg OEO. I asked Rennie at the gold show his best guess on the size of the Tagpura system, he said 7 to 9 billion tonnes. Who knows how much is economic, even if it is only 10%, that is very substantial. Now with Cadan being another major system plus Kalimantan, this is why I have stayed around for all these years.
Plus, apparently there are mining companies today mining copper at only 0.15% grade, so SUR is definetely in the ballpark for potential here.
I think Rennie's passion is with exploration & rocks rather than dealing with the BS that being Prez takes on. Further, I think SUR has evolved to the point where it has to go to the next level, perhaps that is striking deals, JV's, etc to develop these mega world class properties. Maybe a merchant banker business person rather than a geologist?
Let's not forget, it is Rennie's vision that created the Colombian assets and gave SUR shareholders potentially three world class properties in the Philippines plus T'Boli and Kalimantan. Rennie's exploration brilliance in my opinion recently gave SUR shareholders the Cadan discovery, potentially worth billions in market cap down the road. For that as well, we should say thank you!
Now the focus is to find that dealmaker new Prez to unravel the mega value with SUR's assets.
World class discovery in the making, that's the way I read things. Massive low grade copper mineralization with gold, silver and moly credits over a huge area. The question to be determined is how many intervals of high grade copper zones are embedded within the Tagpura target area to make it economically viable. To get an idea on how big this is, go for a walk.
Walk 2km one way than 3km the other, time yourself. Than imagine a zone quite possibly upwards of 500 to 1000 metres in vertical. All mineralized? Will have to wait and see, but this has the makings of something truly huge in the world of mining. Surprising part, the market has not taken notice yet.
It's a smart bridge finance, just about the right size and price, agreed. With a stronger gold market on the horizon, more drill results and drills, a large finance should be done at a multi dollar stock price, JV, etc. We are well on our way, it all looks good, and I think SUR has some big momentum 'MO' going now.
Clive Maund came out this PM with a research note on SUR. Very bullish indeed. Here's a snapshot summary:
'last week hands are shaken out'
'appears close to strong rally'
'should have considerably further to go'
'a strong advance is believed to be fast approaching'
Also, the rock wants to state that the US dollar is on the verge of going down another leg, the gold price is on its way back towards $700 US and up!
The Eastern Mineral Belt of Mindanao is indeed rich in geology considering KingKing to the south of SUR is around 750 million tonne copper/gold deposit.
I was just flipping through my research notes on COMVAL, I remember in July 2006 as reported in philstar.com business section. In case you missed it, this will blow your ears out.
China's largest telecommunication manufacturer and one of China's most valuable corporations have committed to invest $1 billion US (that's a 'B' for billion) into COMVAL for information technology investments. So they plan to build plants/offices, this is truly a huge endorsement to COMVAL area. Any new roads? Energy upgrades for the area?
Maybe the Chinese are considering mining investments in COMVAL as well?
Surgold.com says Tagpura vertical at 360m of mineralization. Recent news release states that the 'Tagpura system extends far deeper than previously believed'. Other statement from the release 'previous exploration drilling fell far short of delineating the full extent of the various deposits...' (Tagpura system)
The entire Tagpura system also includes Tagpura, Ma-angob,Kalimantan. Educated guess, but I think 2 billion tonnes might even be on the conservative side.
Note, that the Tampakan deposit in Mindanao is 2 billion tonnes grading 0.59 % copper, 0.23 g/t gold. Economic viable even at 0.23 g/t gold!
Also note that Comval is a gold rush site, I believe that other juniors have staked land bordering SUR.
And also, the Dhaliwal deposit just north of SUR is a world class discovery home to thousands of illegal miners for the last 20 years. In the 1980's, upwards of 200,000 miners worked the mountain, now down to around 10,000 miners.
Most impressive stat is what I read on the last news release, '200 line km of IP and ground magnetics has discovered a new geophysical target significantly larger than anything yet found in the entire Comval project.'
Absolutely mind blowing stuff, SUR in due course will be the talk of the mining world, one investor's opinion.
From the last news release, it states that the Tagpura system extends deeper than previously thought. I was under the impression that the original 2 billion total tonne target was the approximate size of Tagpura, now is this figure too low?
Are we talking 3 billon tonnes, 4 billion tonnes? I think Freeport's Grasberg is in the vicinity of 5 to 6 billion tonnes for its copper - gold deposit, the world's largest. Maybe Tagpura is the little big brother?
I have very limited geological knowledge, but I think we can agree that the results to date are far too early to make a decision one way or the other. Inconclusive.
What has SUR test drilled so far, 6 holes, is that 1 or 2 hectares? out of a total 8000 ha in COMVAL. And of the 5 holes reported, most hit gold. Hole 2 was a winner, the others a mixed bag while hole 4 deviated to the north as mentioned in the May 30 release. But they all hit gold. Whether or not this economical, I think will need a lot more results. SUR has reported excellent metallurgy in the past, and I do know that other large low grade deposits can be mined at around 0.4 to 0.5g /t gold on average.
So that puts SUR in the ballpark as the way I see it for a large low grade deposit. Maybe a shallow deposit? time will tell. Perhaps Rennie can go back and finish drilling hole 2 and hole 3 to depth after his test drill analysis.
And I do know that the Pacific Rim of Fire is home to some of the largest discoveries in the world from Indonesia to Philippines to Papua New Guinea,etc. Close to SUR, the King King deposit is going into production, about 500 million tonnes aprox at 0.5 g/t thereabouts?
Next on the plate, I guess results from rest of 5 and hole 6 and initial results from Tagpura. The way I see it, just beginning.
Still far too early to decide one way or the other at Batoto. Looks like hole 4 was drilled incorrectly, finished at 10 degrees? Doesn't sound right.
Trial and error, I am sure Rennie will zero in on the correct area of Batoto, it is a huge area. Interesting to see what the final 65 m of hole 5 and what hole 6 reveal. As SUR gains knowledge from drilling, I think they will have better odds in making that big discovery. However, it is most likely going to take a few holes to do it.
The good news is that SUR is reporting results, making progress. I look forward to drill results from Tagpura, I have alway been a big fan of copper.
SUR was trading at the same rock bottom prices in the 45 cent range a year ago in August 2005 then it broke out. It seems that the junior market is often dead in August. Until SUR provides the market with some substantial progess in exploration or other significant developments (ie. Colombia), it looks like SUR will continue to trade in the market tide.
Odds have for a market break out within the next next couple of weeks or so for the juniors, so grab a few shares at these low prices while a few impatient frustrated shareholders sell during this summer market malaise. Both gold & copper prices are currently performing well.
I think the idea is to get a few deep drill holes reported, if they are good, then the market will drive share price higher.
Obviously, SUR will have to expand drilling operations to 3 to 5 rigs, then 10. It will cost tens of millions to define the property of this size (billions of tonnage) over several years.
As an investor, it would be great to see quicker drilling. On the plus, at least they now have a drill hole reported to depth of 400m. I guess will have to wait 3 weeks for assay results (taking drilling process info from previous news releases on speed of assay results).
On the release, two important notes I got. One, SUR is talking about extending the limits of mineralization at a future date. So mineralization go 500m? 700m? 900 m? Time will tell.
SUR said it hits fresh rock at 180m. So it looks like a gold zone a 100 m vertical and further down. Another couple of weeks of waiting for confirmation?
On to hole #5. Bring on another 400m baby!
Much success,
The granite.
The zone below 100 meters approx. in vertical maybe where a significant gold discovery maybe made for SUR. I hope they go back and drill hole 3 further to 300 or 400 meters in vertical. Hole 3 was looking good on the last 17 meters, grade got richer as it got deeper. Same with hole 2, too bad it only went 105 m and hole 1 on the last 18 meters hit in the money for low grade excellent metallurgy deposit.
Will have to keep our eye on this 90 to 100 meter marker and see hole how hole 4 responds to the beginnings of fresh rock I assume. The drilling so far looks very promising in my opinion as ALL 3 shallow drill holes hit at this 100 meter level approx.
SUR holds great incredible suspense, we have only got a brief glimpse on 3 shallow holes, the deep drill holes will tell the story for SUR, either boom or bust on the Clark zone. Does the theory of richer grades with depth hold true? I guess will know by June with non-stop drilling now.
174.6 metres at 1.05 g/t gold on surface sample. Release states equivalent to horizontal drill hole. What I also found interesting that gold values probably higher as you go deeper due to surface leaching.
Substantial news, another part of the puzzle coming together. I think Hole 4 will help to decide how far down the mineralization goes and at what value. Show us how big this thing really is. Lets keep our fingers crossed and wait for the results.
So far so good, surface gold mineralization certainly helps the economics tremendously.
From memory, I think he budgeted around $400K for the pilot plant. I think T'Boli might have a small plant as well, hopefully both plants will help to kick off some extra cash.
And don't forget to multiply just in case the average grade comes in higher such as 1.5 g, 2 g, etc.
Plus copper and silver credits?
About 2 weeks away, then many of these questions will begin to be answered.
Drilling at Clark going to 250 meter vertical to begin. The big if is how far vertical does the mineralization go?
Take Toasted's numbers and start to multiply.
500 meter vertical?
1000 meter vertical?
And this is just Clark area, one small part of Batoto.
With 2nd shift on drills, expanded drilling program, I think finally we will see lots of results this spring starting in about 2 to 3 weeks. I asked SUR at gold show, they said they have about 260 employees, so yes, it sounds like quite the operation. From trial mining to trenching, etc. it does indeed sound like quite the operation spearheaded by Nigel Maund. With initial drill target at Clark at 1 billion tonnes and likely to expand from there, and Clark only represents a small portion of Batoto, all gladly wait this one out.
At the gold show, there were hundreds of mining companies exhibiting. How many of them have properties with over one billion tonnes in target for initial tonnage? Not too many, if any except for SUR. So if you want quick results, go buy a small deal tonnage, if you want the big elephant, stick around, this may get very interesting within the next month.
I don't think you need 2.5 g/t to get rich off this play. I was under the impression that it was a huge multi billion tonnage zone/area at Batoto. I am guessing from 5 to 10 billion tonnes in total tonnage???
With the high metallurgy of 90% approx, if SUR can show 0.3 g/t to 1 g/t, I think this will be a homerun! When you mix in the high grade gold veins, silver & copper credits, your average moves to about 1.5 g/t or higher. I am just recalling what is written in Coopers Technical Report listed at sedar.com and what was discussed on the stockhouse boards a couple of years back.
However, there may very well be zones that are higher grade, ie. 1.5 g/t to 3g/t. In SUR's case, a zone may quite possibly be several hundred million tonnes of rock. From my notes from following this stock, the project is so big that it is sometimes difficult to compare SUR to other exploration gold stocks in relation to property tonnage size. A small zone for SUR is a huge zone for other gold stock plays.
I see that copper price has jumped higher up another 2.65 US cents/lb to $1.766 US/lb for Sept 05 futures. Here is an intersting fun comparison.
US copper producer PHELPS DODGE, also moly and producer of other copper related products. Up big time recently, now trading at $119.30 US/share on the NYSE, market cap at $11.5 billion USD. Produces 2 billion lbs of copper/year.
On the other hand SUR, sittting on a large copper potential itself, not to mention gold of course, silver, maybe zinc? Sur sitting on a grand market cap of approx $65 million CAD.
That's why I am here, I like the potential to add a few zeros to SUR's market cap. Time will tell, but the very high commodity prices certainly makes this more feasible.
From my independent research, gold mining in Colombia has turned a corner and is currently very vibrant and active. Canadian junior Greystar trades at over $7/share on their exploration success. AngloGold is active now in the region.
SUR to what I know still owns outright all of their Colombian properties in good standings, several millions have already been spent on exploration. This is a large asset worth a lot of money to SUR but since no active recent exploration, I think they had to right the properties down to zero to conform to Canadian tax rules. This is a very viable large deal on its own, huge hidden value to SUR the way I see it.
Both Philippines and Colombia are two potential elephants for SUR.
Copper price going ballistic now at $1.745 US/lb for September 2005. This is the silent story, copper is in big demand, not enough supply. Any wild guesses on what SUR's potential is for a copper resource?
Cost to produce a lb?
Copper a couple years back was trading around the 70US cent level.
Food for thought. I see that Phelps Dodge a large US based copper producer last traded on the NYSE at $111.63 US/share with a market cap of $10.88 billion US.
SUR currently sitting around a market cap $70 million CAD approx? Should be interesting ride in the next year or so?
Much success
Graniterock
I think this is important to remind ourselves of the huge size of this project. Toasted is correct. The May 26, 2005 news release clearly states:
'The Batoto porphyry is now believed to cover an area of approximately 70 sq km. The system encompasses the Tagpura copper-gold belt to the east and extends more than 10 km to Mainat in the west. The north south extent is at least 7km and includes the Suriganonon polymetallic veins and stockworks several km north of where the initial drilling will start.'
Further down the release states:
'Recent information received from the Company's prospecting team currently working to the west and north of the Santa Fe strongly suggests that bulk mineable gold (plus silver and copper) mineralization may now extend more than 5km in an east-west direction and 3.5-4km in a north south direction.
Further, the 2004 geophysical survey which discovered the large anomaly suggests a vertical depth of the porphyry of not less than 800 metres.'
Granite' comment, this is indeed multi-billion tonnage.
I think Batoto will make it on the top 30 list. I invested with the impression of a very large low to medium grade open pit possibility at Batoto. After reading much research from Cooper's technical reports etc. the mass bulk stockwork would be lower say anywhere from 0.4 to say 1 g/t, but when you average in all those high grade veins, I think the figure that many of thought on an educated guess on the stockhouse forum a couple years back was 1.7 g/t total average grade for SUR at Batoto. The latest bulk sample news release reaffirms this concept showing rich geology, it was powerful news to my way of thinking. Who knows, maybe the mass stockwork at Batoto will be higher than 1 g/t??? But I don't think we need that to make us rich. The large number of high grade veins make this a very viable proposal - time will tell, but it looks very promising to the Granite.
Grasberg copper-gold prophyry averages 1.07 g/t gold, one of the largest mines in the world. What I like very much about the top 30 is that the majority of those discoveries lie in the rim of fire in Asia. Many variables are batting for SUR including excellent metalurgy 90 per cent plus at Batoto, cheap labor, good infrastructure from roads to water, Batoto story is just beginning.