Yes, this is a very solid result. We just have to hold until gold sector sentiment changes later this year. Margins should improve with a subdued oil price and POG in AUD over $1600.
Printable View
Yes, this is a very solid result. We just have to hold until gold sector sentiment changes later this year. Margins should improve with a subdued oil price and POG in AUD over $1600.
depth looking good for a move over 20's next week brought a few at 17c,,,,, big 3mill trade today....maybe big kiwi buyer
Attachment 4017Attachment 4017
no going take much till move back into the 20's
Have been a buyer of these over the last little while. Like them a lot and I'd like you to be right on this JB. On the other hand I think we've both seen 'walls' like this melt in the blink of an eye - prefer to focus on the resource potential, which (I think!) has some more staying power.
yes of course ...PXG should keep us informed on the large drilling program underway having the bidder depth is a very short term picture still add good drill results + strong bid depth to weakness in the offers =strong surge in SP 10%+ have seen it happen doz times before ...another to watch is MPO..seen it and brought at 44c day later high 40's-50s
personal I'm a fan of T.A of depth...I wish I followed it more aka like in SSN massive walls of seller depth that just keep building just before ann next minute - -30%+ biggest one day fall in the history of SSN...on average news
T/A of depth of course is for very short term outlook ....
CASTLE HILL GOLD PROJECT GROWS PHOENIX’S RESOURCES TO OVER 1.8 MILLION OUNCES OF GOLD
Highlights
CASTLE HILL RESOURCE GROWS BEYOND 650,000 OZ PHOENIX’S RESOURCES INCREASED 208% SINCE 2010, NOW EXCEED 1.83M OZ OVER 90% OF CURRENT RESOURCE IS SHALLOW, WITHIN 80 METRES OF SURFACE SELF FUNDED PRE-FEASIBILITY STUDIES COMMENCED CASTLE HILL AND BROADS DAM EXCELLENT METALLURGY AND CLOSE TO MAJOR INFRASTRUCTURE FURTHER RESOURCE GROWTH EXPECTED FROM 50,000 METRE DRILLING PROGRAMME
AND DETAILED DATA REVIEW OF NEW PROJECTS Overview
Phoenix Gold Limited (ASX: PXG, “Phoenix”) is pleased to advise that its Total Mineral Resources have increased to 32.4Mt at 1.8g/t Au for 1.835 million ounces (Table 1). This represents an increase of 208% since initial project acquisition in 2010.
Castle Hill is fast becoming the latest large scale gold discovery in Western Australia’s Gold fields and we have barely scratched the surface.
Becoming an attractive takeover target
Corporate M&A action is heating up in the gold space evidenced by the recent St Barbara and Allied Gold merger. Closer to home, Norton Goldfield (NGF) recently received an indicative $212m takeover offer from Chinese group Zijin Mining Group Ltd. With depressed equity valuations and increasing costs miners are being forced to pool resources.
PXG is bound to step into the takeover limelight of major miners given its growing resource base and suppressed equity price. Currently trading on an EV/Resource of $10/oz the company is one of the more attractive takeover targets given its project location, capital structure and metallurgy. The sector average for gold companies is $108/oz which offers PXG considerable room for re-rating.
http://www.phoenixgold.com.au/media/...g_04072012.pdf
Like I was saying awhile back PXG prime for a move up hit 24c 26% up on it's high today--- 22c currently
If PXG reach their planned 2.5moz resource by DEC and the market values it at $20oer oz they should command a 40c+ SP
http://www.proactiveinvestors.com.au...ces-30724.html
Latest from PXG... More excellent results.
Dear All
Please find attached our latest drilling results at the exciting new Telegraph project for your information.
Excellent drill results were received across a 1.7km strike length with follow up drilling planned.
Telegraph sits adjacent to our large Castle Hill project where the mill is likely to be constructed and could add significant ounces to the production profile.
This is a new area with little to no work done. Follow up drilling is planned for later this year.
Plenty to come on the news flow front:
· A further Castle Hill and Total resource upgrade including the Kintore acquisition
· Commencement of haulage and processing of historic stockpiles to both Paddington and Greenfields mills
· Results from deeper drilling at Castle Hill
· Details of the development of our first mine, the Catherwood gold mine
· Results of the conceptual mine studies for Castle Hill stage 1 and Broads Dam
Please feel free to contact me with any queries.
Kind Regards,
Jon Price
Results include:
8 metres at 19.68g/t Au from 136 metres including 1m at 133.46g/t
4 metres at 11.80g/t Au from 39 metres
2 metres at 21.38g/t Au from 30 metres
1 metres at 23.47g/t Au from surface
3 metres at 6.96g/t Au from 160 metres
7 metres at 2.74g/t Au from 72 metres