Balmoral stock jumps on Fenelon location bet
In his August 8th Discovery Watch interview, John Kaiser concludes that the latest results from Midland Exploration's (INK Edge Outlook: Cloudy; MD) Mythril project are not yet indicating a world-class copper discovery. The hunt continues, however, with more drill results pending which will be followed up with the design of another drilling program later in the summer.
Balmoral's (BAR) Fenelon location bet is starting to get the market's attention
In the second segment, Mr. Kaiser provides an update on Nevada Exploration (NGE) and its South Grass Valley Gold Project. The company is waiting on drilling results from deep hole #11 which Mr. Kaiser believes is currently the company's best shot at delivering ore grades that will get the market's attention. In the meantime, Mr. Kaiser notes that the stock associated with April's 7,752,645 Unit financing (one share plus half a Warrant with a full Warrant exercisable at 50 cents for 30 months) becomes free trading after the weekend.
In the third segment, he suggests that $1,500 gold has been good for gold producers and some optionality plays, but most juniors have yet to benefit. There are some exceptions, and he notes that Wallbridge Mining (INK Edge Outlook: Mixed; WM) is one of them. Recent excitement has been brewing thanks to exploration results from Area 51, located to the west of the main deposit at its Fenelon Gold property in Quebec. Eric Sprott's recent purchases of company shares have also drawn attention to the company. The stock is up almost 80% over the past 6 months.
Wallbridge Mining (WM) stock has been soaring on Fenelon excitement and Eric Sprott buying
Located to the south of Wallbridge's Area 51 is Balmoral Resourxes' (INK Edge Outlook: Mostly Sunny; BAR) Area 52. In mid-July, Balmoral started drilling on its Area 52 corridor which the company characterizes as part of its 1,000 square kilometre Detour Gold Trend project. The anticipation has helped spike the stock over 100% in the past month.
Balmoral stock is flying as the company expands its modest Area 52 drilling program
In fact, on July 31st, the company announced it had expanded the drilling program to 2,000 metres as it awaits the results from the first two holes that have now been completed. Mr. Kaiser notes that the company has more than $2 million in the kitty, so it could expand drilling if results are encouraging. He also believes the share price is starting to respond to the rising gold price and will be keeping an eye on it for his Kaiser Research subscribers going forward.
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Listen to the full interview above or on HoweStreet.com.
This article originally appeared on INKResearch.com. Disclosure: I hold shares in BAR.