Another very narrow trading range this week for Tocvan.Another very quiet week of trading for Tocvan, closing Friday at $0.445 with only 35,500 shares trading. It is interesting that of the 181,000 shares that traded for the week, most of the selling came through Anonymous, but great to see other brokerages consitently stepping up to buy the loose stock. These brokerages include Red Cloud, Credential, Canaccord, and RBC.
I suspect Tocvan will be closing a $500,000 non-brokered Private Placement very soon. This financing will pave the way toward the advancement of the Pilar Au-Ag (gold-silver) project in Sonora, Mexico, with..... - primary focus on the initial cash payment for the expansion acquisition around Pilar (see news release dated Oct. 18, 2023), and
- accelerating the permitting and drilling initiatives leading toward resource development.
Further drill targeting at the Pilar and El Picacho projects will be carried out to advance additional resource evaluation. The newly acquired expansion area covers over 21.7 square kilometres with initial surface samples returning high-grade gold and silver values (5.6 grams per tonne Au and 106 g/t Ag) associated with intense hydrothermal altered volcanic rocks described in the October 19 news release. The lidar and surface imagery data will provide high-resolution (centimetre-scale) surface modelling that will be utilized for numerous initiatives, including: - the start of environmental permitting for mine development,
- advanced drill targeting, and
- infrastructure planning for future production.
"We are excited to continue moving forward at Pilar with this key step towards future development and planning," stated Brodie Sutherland, chief executive officer. "The lidar survey will serve to establish a high-resolution surface model in which we can begin detailed planning for infrastructure. It will also be a useful tool in drill targeting as we will be able to pick up historic mine workings and geological features that host potential gold and silver mineralization. Our team will also be following up on the recent high-grade sample results in the northern alteration target area. An area we feel is just starting to take shape into a significant target with an alteration footprint that spans over three kilometres long and nearly two kilometres wide."
I think time will tell if Tocvan can bring Pilar into production, but everything appears to be lining up nicely with all the necessary steps now within reach.