Another high volume week for Tocvan - bottom found.Looks like the bottom has been found for Tocvan this week. Tocvan has been in a price pullback for the last couple of weeks largely due to the retreat in the price of gold and the quiet summer trading, but it appears the price bounced off the bottom Thursday at $0.65 and closed at $0.68 on 138,000 yesterday.
TOC traded 653,671 shares last week in total. Looks like laws of supply and demand have prevailed, as value investors started to buy back and/or added to their positions as others were getting bored and leaving the play during the long, hot summer. There hasn't been any material changes in my opinion. This is a traditional pattern of pullback experienced every summer for most gold companies.
TOC will be getting their first drawdown of cash from the recent $5.125M Private Placement at end of the month of July. This will cash up the till for increased promotion activities, drill core analysis, and hopefully begin the drills turning at El Picacho.
Seven drill holes were completed at Pilar, totalling 1,382 metres. Drilling focused on stepout targets along the 4-T and a newly discovered trend between the Main zone and 4-T.
All seven drill holes intersected target horizons.
Results for all seven drill holes have been submitted to ALS (Hermosillo) for analysis, results are pending. Tocvan has now logged over 22,000 m of drilling, and these new step-out and infill holes will advance the 43-101 and resource estimate at Pilar. Tocvan has substantially been derisked due to the high number of drill holes and understanding of the feeder system. The pending drill results and future drilling at Pilar, metallurgical results pending for Pilar from a certified laboratory, and drilling to start soon at Picacho, will combine to bring more value going forward
I also might add, all of this has been done with tight control of the share stlructure and over a 2 year window of FULL FUNDING in place. Not many companies can boast of a better track record with only about 36 M shares outstanding.
It looks like gold has turned and heading back up, this will ultimately help the entire gold sector.