Edited by Sean Mason
This is just a brief, possible heads up, on another one of the companies on our Vulture list, Paragon Minerals (TSX: V.PGR, Stock Forum), which is currently drilling their South Tally Pond zinc-lead-copper-silver-gold volcanogenic massive sulphide (VMS) project next to Teck Corp's Duck Pond mine in the Canadian province of Newfoundland. Paragon stock has been on a tear since its February 8 close of 11 cents, up 82% to its current price of 20 cents a share.
In addition, Crosshair Exploration (TSX: T.CXX, Stock Forum) is currently drilling the Golden Promise gold project, also in Newfoundland, on a 60% earn-in from Paragon, so Paragon has a couple of kicks at the winter exploration can underway. Golden Promise is host to the Jaclyn Main Zone, which contains an NI 43-101 inferred resource estimate of 89,500 contained ounces of gold (921,000 tonnes averaging 3.02 g/t) at a one g/t gold cutoff.
What's new and has our attention this morning are large bids that have showed up following an upper consolidation breakout attempt on PGR last week. As of 10:00 the bids have become a bit more aggressive - in size - on no news we are aware of. See the Level II line up just below.
Apparently investors are doing some anticipatory positioning this morning. I hold shares in Paragon and am watching it closely.
Here's my tracking chart on it.
https://stockcharts.com/h-sc/ui?s=PGR.V&p=W&yr=2&mn=2
&dy=0&id=p08015401508&a=121938992
As I send this off I see that someone "answered" the large bid with a 100,000-share trade at 19 cents. The seller was "anonymous" and the buyer traded through TD.
That one trade is more than the normal daily volume for this thinly-traded explorer with a small float.
Disclosure: Gene Arensberg actively trades these and other stocks and also writes his Got Gold Report for Stockhouse.