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AAAtrades: Yes, anyone who knows how to read between the lines of intraday and daily price action has to be drooling at this chart. I know I am. :)
silicon valley: Last weekend I received an e-mail from IR indicating that the site visit had been completed and that the report "should" be released sometime over the next two weeks. So I'd say odds suggest we see the PR sometime next week.
I don't mind them taking their time. I'm in this for the long haul. This property is the real deal and all we need is a little patience in order to profit significantly as shareholders.
It sounds to me like he confirmed the DD that seabreezing has done: 1) the D zone niobium deposit is open at depth and 2) the east zone has the potential to host as much as the D zone (i.e. double the niobium). Plus he confirmed that tantalum and uranium were never even looked for before. So we're looking at a minimum of $10B of niobium plus the accompanying tantalum and potential uranium.
As for the information contained in the Hawk report, here's the relevant section from the PR announcing the work:
"...the purpose of the preliminary assessment report is to evaluate the historical exploration work on the property conducted by Gulf Minerals Canada Limited and include an initial review of the original drill logs. The independent consultants will then make recommendations for future exploration assessment work that may be required in order to allow the company to have an NI 43-101 compliant resource estimate prepared."
This is exactly what I have been expecting. Have you been expecting something more?
jim6103: Intraday TA
The intraday action is looking very good:
We've been stepping higher since the latest short-term uptrend began. Price action doesn't get much more bullish than this as it suggests continued accumulation.
OT: jim6103: I was a NG long for a couple of years, although I got in well after it left the pinks and got out right before the Galore Creek disaster. Small world. :)
jim6103: No, I never did hear back from Bob, but maybe that was intentional (so that he could quietly buy in). ;) I'm still curious as to whether or not he spoke to Scott.
AAAtrades: I absolutely agree
I don't dabble in pink sheet stocks very often. The last time I bought one was many years ago. But both the fundamentals and technicals on SRSR were too positive for me to ignore.
As you note, the volume profile on this stock since the end of last year has been very bullish. Pretty much relentless accumulation. And since the latest move began at the beginning of April, someone (or several someones) has been sitting on the bid, quietly buying everything that gets put up for sale. It's very encouraging price action.
And if Scott and company are really smart, they'll line up their JV partnership before moving ahead with the drill program and have the major pay for it. Any thoughts on what would happen to the stock price if it was mentioned in a PR along with TCK? :)
seabreezing: The only people selling today are weak hands who haven't done their DD on the compelling fundamentals here. The stock is better off without them. :)
norel: Exactly right
Every time a stock runs, MM's have to go short in order to fill all of the orders (i.e. they don't carry enough inventory at any given moment to handle the volume of a large spike), and after the run is over they try to move the price back down in order to cover those shorts at a profit. On the pink sheets the MM's essentially have free reign to do anything that they want as there is no regulation, so the moves tend to be even more exaggerated.
The MM's are flushing out the impatient day traders who got in yesterday. It's always healthy to get rid of weak hands. :)
The gap was filled soon after the open, so we're technically healthy in that regard. And the way that the price action consolidated sideways for the rest of the session is a bullish sign. We'll see what happens the rest of the week...
That is one sexy chart:
So you're saying the findings of this report make you nervous?
http://www.geologyontario.mndm.gov.on.ca/mndmaccess/disclaimer.asp?url=%2Fmndmfiles%2Fpub%2Fdata%2Fimaging%2FS034%2FS034%2EpDf
jim6103: I agree, the action since the gap was filled has been very bullish. If you take a look at a 10-minute chart of the past week, you see a nice stair-step pattern continuing to develop. When you see stair-steps on multiple time frames (e.g. 10-minute intraday and daily) it is usually a very bullish development. Someone with deep pockets is sitting on the bid, trying to accumulate as quietly as possible. Let's see how we close...
Major accumulation continues. Did you see those two 200k blocks sell below the bid over the past five minutes? Those were limit sell orders that were gobbled up by a big buyer who is sitting on the bid. A strong close is looking likely. We'll see...
Price action has been great since the pull-back to fill the gap at the open. Ideally, we'll want to continue moving sideways at this level (~$0.060) until the final hour, at which point additional buying pressure would become highly likely. Let's see what happens...
seabreezing: Thanks for the summary! Your DD and sharing of it with the board is most appreciated.
Yes, the $0.052 print is definitely close enough to consider the gap officially closed. Grinding higher from here would be what we want to see moving forward.
AAAtrades: Filling the gap
Yes, this morning's action has been quite impressive thus far. Over 5M shares in the first half hour! An 80% gap rarely holds, and the immediate pull-back to $0.059 might be all we need, although touching $.050 before resuming the climb would be healthy as well. The next hour should set the stage for the rest of the day. Let's see what happens...
curlyjoe: Picaud property
I don't think you read that right: "In spite of the long history of gold production in the Kirkland Lake area, 16 new mineralized zones have been discovered since 2001 by Kirkland Lake Gold Inc. KL Gold plans to produce 80,000 to 100,000 ounces of gold by 2009."
That's something important to keep in mind with SRSR. The problem with many pink sheet companies is that management is simply out to make a quick buck: pump up their stock and then dump their positions. Scott doesn't need to make a quick buck. He comes from money. Big money. He's here to build a company and make his own mark on the mining industry. Let's see how he does...
Perfect close to a perfect session
That daily chart is a thing of beauty:
Another major move is underway. Let's see where we end up...
IMO there is no overhead resistance from here on up, unless you count the psychological resistance at round numbers. Here's the weekly chart:
What we have here are two completely different companies (pre-Keevil and post-Keevil) and, thus, two different charts. The price action that occurred prior to November of last year should have essentially no influence on what happens moving forward. All JMO, of course. :)
Great first half of the session. If we have a strong close on good volume, we'll have yet another very bullish breakout today. Let's see how we go out...
seabreezing: Could you please contact me at "erikmc at yahoo.com"? I'm a free member here, so I don't have access to the PM feature. TIA!
Yes, the e-mail was from Lorne. He said the three of them walked the property together and that it went well.
Yes, a close above $0.034 on decent volume would be quite bullish. Let's see how we go out...
seabreezing: I was referring specifically to the comment about potential gold when I said the Hawk report won't be finding anything new (i.e. a new metal of interest), and I certainly agree that it could identify the *potential* for a substantial increase in contained niobium and tantalum, but we'll need additional drilling and analysis to confirm, which we'll be doing for the 43-101 compliance anyway. I don't really think we are in disagreement here. When I made the blue sky comment with regard to the niobium, I was specifically referring to the potential for a substantial increase in the deposit amount.
And I certainly don't take your comments as argumentative. Nothing wrong with an open, honest debate. In fact, that's quite healthy. :)
The Hawk report won't find anything that hasn't already been identified. The purpose of the Hawk report is to evaluate the work (and accompanying data) that has already been done and recommend a course of action for bringing the reserves up to 43-101 compliance. There's next to no chance of finding gold on this property, but with all of the niobium blue sky (and potential tantalum), who needs it? :)
Received e-mail from IR
The site visit has been made by Scott, Lorne and the Hawk engineer. The report is now being written and it should be released sometime over the next couple of weeks.
No one with big money is permitted to dive into a pink sheet stock. The one-two punch of the Hawk report and uplisting should bring in the buy-side volume required to move the stock to a whole new valuation level.
Thanks guys! (EOM)
Current ask?
I'm having a little trouble with my real-time quote service and pink sheet stocks this morning. Could someone please post the current ask? TIA!
Perhaps when he originally wrote "next Wednesday" he meant two Wednesdays from now (i.e. "this Wednesday" would have meant the upcoming Wednesday). Some people have different concepts of what "this" and "next" mean with regard to days of the week. :)
AAAtrades: It really is quite bullish. To have volume drop off to nothing and price action continue to grind sideways is a very positive sign. I can't remember the last time I saw this type of behavior on a pink sheet stock. A beautiful little stairstep forming...
Exactly right. The TA is reflecting an impending fundamental development (IMO).
It's also important to keep in mind that TA is as much art as it is science. Some technicians may see a bearish chart here, but I see a very bullish one. The highly coveted stairstep formation is developing (i.e. straight up and straight over), which almost always precedes another strong move higher. We'll just have to see what happens... :)
If the stock continues to consolidate in this manner, it certanly could begin another big move higher in one to two weeks. Pennants are very bullish consolidation formations. Let's revisit this discussion in a couple of weeks... :)
You're missing the point. There is blockbuster news coming over the next couple of weeks that will likely cause a meaningful revaluation of the shares. The fact that price action has not retraced a significant portion of the gains from the beginning of April suggests the news will indeed be very good. The longer the stock moves sideways at this level and continues to form this short-term pennant, the greater the odds become that another leg higher is coming in short order. We'll see...