RE: RE: Moriarty Touts MJXFumbling for a bottom
Bob Moriarty
Archives
Dec 5, 2011
Haiti has an interesting gold/copper junior prospectingthere. I have yet to get down to see it but I’ve been in the DR on the sametrend. There is a lot of gold and copper there. The company is called Majescor(MJX-V) that now controls a major gold/copper project first drilled in 2003 withsome spectacular results. One hole showed an incredible 77 g/t Au over 10meters.
The company just released interestingnumbers from an XRF machine used on the first drill hole showing .565%copper over 255 meters and .566% copper over 371 meters in the 2nd hole. Thegold numbers will have to wait for the actual assay results. The XRF is a hand heldmachine that can give an instant readout of the percentage of an elementcontained in a sample. It is the future.
Eleven pounds of copper makes for an interesting start tothe drilling. There is a good chance there will be gold as well but thosenumbers will be released in a couple of weeks. In any normal market such numberswould double the shares. In this market, the price dropped. That’s nuts. Thecompany has a market cap of about $14 million. Historic drilling results show apotential for a few hundred million tons of 1% copper. Drill results to date arespectacular. Look for higher prices in the new year.
In short, we are at or near a bottom in terms of investorpsychology. Investors are more fearful of buying shares than they were in 2001with $252 gold or 2008 with $700 gold. Extremes in emotion tend to mark extremesin prices.