Plenty of trading this week.Tocvan traded 107,000 shares yesterday closing at $0.60 and about 330,000 shares for the week. The vast majority of the shares came from Anon, but interestingly, Canaccord stepped in to buy 130,000 shares for the week.
Still early days for El Picacho, the first drill program has been completed with excellent results for the first drill program. There is a lot to be learned about the geology and chemistry of Picacho in order to make valid comparisons to other operating mines in the area and whether Picacho can be mined economically.
One thing is certain, there are many operating mines in Mexico because there is gold, silver and other base metals in abundance. No doubt mining costs have gone up around the world, but this is balanced by the high price of gold. Once this data is analyzed and they have a better understanding of the underground mines and mining voids, they will be able to place drills in locations to avoid hitting these voids.
I suspect Tocvan is advancing Pilar's 1,000 ton heap-leach test. It will be interesting to see the results in comparison to previous smaller scale tests. This larger sample with smooth out the variations in gold distribution and give a much better understanding of the costs involved in bringing Pilar to production. It will also be great to get the drills turing at Pilar to in-fill several key locations and advance this property to resource status.
Amazing how time keeps marching, already January 21, the sun is up earlier and it gets darker later, time for the beach soon.