Precious metals are in an uptrend. This week. Consult your local chart technician for fresh graphs. Consult your regional and national weather service for forecasts.
Seafield Resources (TSX: V.SFF, Stock Forum),after geologist Giovanny Ortiz unearthed what looks like a fresh gold-copper porphyry at the Quinchia gold project in Colombia, Seafield shares are working through their wealth-destroying sellers.
The Tesorito target is important for Seafield because it is fewer than 1,000 meters from the company's other thing there, producing and high-grade Miraflores. Two diamond-drilled holes at Tesorito show 384 meters of 1 gram gold, with some copper and silver.
Several holders of the 5-cent stock have been selling large amounts, including another Canada gold prospector, Southern Legacy, which bought into SFF at 30 cents a share. (What are they, a central bank? Buy high and sell low?)
Seafield CFO Stephanie Ashton is hopeful the selling is over, she tells me. SFF shares in Canada have risen for air and now trade at 7 cents or so; more than 15 million shares have changed hands this week.
SFF is not one of the Target TCR 8 but we continue to follow it, and other developments in Colombia. I own every share I ever have bought, at twice the current price.
One exercise for our TCR audience is to examine shares of SFF along with Batero (BAT in Canada), which has its own competing development in the Quinchia development. Batero is on record as seeking purchase opportunities. I believe Seafield shares are set to outpace any Batero gains in the next 10 months.
Seafield soon will be releasing data from a third hole at Tesorito.
Other Colombia developments: My Bellhaven Copper & Gold (TSX: V.BHV, Stock Forum) is drilling a second hole at La Garucha, a new target at La Mina. This is another porphyry. If the hole shows anything even decent, and the gold rally holds, the shares at their regrettably derelict level will rise smartly. I own the stock and mention it as a gambit for anyone who can tolerate disappointment. Several Colombia geologists separate from the company think La Garucha is a winner.
We also await fresh exploration drilling data from Atico Mines (ATY in Canada). That is a volcanic massive sulphide deposit at El Roble in Colombia.
On the silver front, shares with oomph power in this week's precious metals rally include Great Panther Silver (GPL in USA and Canada) and Fortuna Silver (FSM in USA). They are both rising about 7 percent. Fortuna, with mines in Mexico and Peru, is a sister company to Atico. Great Panther is a Mexico producer.
Trading: I bought these two days ago -- as a test. Not many, just enough to see what kind of torque they have. They are out of the money call options on the overreaching NUGT, a 3x ETF derivative of junior mining shares. The options contracts, NUGT 07/20/2013 16.00 C, have tripled in two days.
On my purchase list: More shares of Ivanplats (IVP), which is at an all-time low and does copper, nickel, platinum, zinc prospecting and mine development in southern Africa and the DRC Congo.
Movies: Why not? If Willie Brown can do it in his Sunday column, I can, too. The Great Gatsby. See it. Electro-swing and all. Best period piece in a long time, and a real history lesson. Costumes, soundtrack, cinematography, film editing, sound editing, acting. Loved it. Oh, notice one scene with the cab driver -- look familiar that actor? Thing Godfather/Italian restaurant.
Finalmente: I had breakfast with a successful San Francisco area banker/investor/philanthropist. No names for now. He owns shares of Colt Resources (GTP in Canada), one of our TCR 8. He believes CEO Nikolas Perrault will make good on his vow to fulfill the Hong Kong $5 million financing commitment. At 45 cents a share. "Not too many folks out there understand tungsten, and fewer still tungsten in Portugal," he tells me over breakfast with my friend, Dan Carlson, a member of the TCR family and a mine owner in Colombia (privately held Andino, near Segovia).
At 45 cents, that is almost a triple from GTP's current level. Gold Tungsten Portugal. The price looks right.
Start your cell phones, ladies and gentlemen.
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