RE: Good Friday
MORE GOOD WORDS FROM THE BULL MARKET RUN....
Visible Gold Mines (VGD, TSX-V) is breaking through resistance at its 100-day moving average (SMA)…John’s 1-year weekly VGD chart that was posted July 7 when this stock was trading at 24 cents gave us plenty of reason for optimism and we have not been disappointed…VGD is up another penny-and-a-half at 32.5 cents after news yesterday that three drill rigs are now on its Wasa Creek Property adjacent to Richmont’s Wasamac Property 15 kilometres west of Rouyn-Noranda…a push through resistance at 32 cents is technically significant…as regular readers know, we are very bullish on the entire Wasamac area for its Gold as well as base metal potential…the fact VGD has put three rigs at Wasa Creek raises speculation they may believe they are onto something based on initial holes drilled to date…this is an aggressive company with a top-notch geological staff drilling 40,000 metres this year in one of the best areas in the world to search for a deposit – hence we are extremely excited with the possibilities for VGD…the company will also soon be drilling its Joutel Project about 150 kilometres to the north of Rouyn-Noranda…there are five significant former deposits (three Gold, two Copper) in the immediate area where VGD will be drilling at Joutel, so they will be exploring in a prolific geological environment…VGD’s 50-day SMA is now reversing to the upside after being in decline since the beginning of the year, so right now is a “sweet spot” entry point…Richmont (RIC, TSX) is roaring this morning – it’s up 32 cents at $8.16 but the market has still not woken yet to this company’s growing production profile, its robust earnings, and developments at Wasamac which is shaping up to be a company-changing major find for RIC…