I try and watch stocks that have special qualities that may provide lift at strategic times... Often they become overbought... and despite the solid speculation... at times when the market corrects en-mass or by sector... overbought stocks deflate...
When they do.... it may be a strategy to look for strong speculation that has yet to be moved on...
I was hoping XME would continue it's path down under ..21 cents... but it is developing a ranging pattern, and the rubber band appears to be between .21 and .30 cents at this point... It should prove to have a solid pipeline going forward... and if the picture for gold is as James West paints it in the previous post... gold will recover handsomely... and the fundamentals for this stock... the projects... the cash on hand... the NI-43 101 resources makes this a no brainer if I may be so bold... we won't know when the market takes notice.... however this particular stock has the potential for some no nonsense... step at time positive progress for a very minimal speculative double even through the Summer Doldrums...
Just in case if you feel it meets some basic criteria that you can work with... here is a write up on recent events...
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This a copy and pastefrom a James West PDF I say no more... other than thanks Midas Letter
Drill results from the Nip zone, released in September of last year, further demonstrate the continuity of good grades. The press release of September 24, 2010 states, “Nip Zone drilling highlights demonstrate excellent potential for delineating broad zones of mineralization that may be amenable to large scale, bulk tonnage open pit or underground mining.
Highlights include drill hole DQ-09-09 that intersected 16.5 meters averaging 5.25 g/t Au, including 4.0 meters averaging 17.24 g/t Au (15.75 g/t cut). Hole DQ-10-17 intersected 17.0 meters averaging 2.95 g/t. True widths are estimated to be 85% of the reported length.”
If the continuing drill program pulls all these zones together, the potential for a major economic deposit is enhanced. But Xmet is not a single project company. Roy Property Xmetʼs 800 metre drill program announced last week is going to twin some historic holes
completed by previous owners. The target is "Portage style" high grade shear-hosted copper deposits, and low grade, bulk-mineable, disseminated copper-gold mineralization hosted in "Porphyry style" deposits such as the Grandroy Mine, located 800 meters east of the Roy property. Significant, past producing Cu-Au mines located within a 3.5 kilometer radius of the Roy
property include the Portage Mine (5.6 million tonnes averaging 1.73% Cu and 3.19 g/t Au), and the Henderson II (6.48 million tonnes averaging 1.6% Cu and 1.16 g/t Au). Historical high grade copper values ranging up to 6.5% Cu have been obtained from NE-SW trending shear zones on the Roy property, while grab samples from quartz veins have returned up to 7.8 g/t Au.
Buchans Junction The company is looking at a high grade polymetallic volcanogenic massive sulphide (VMS) style mineralization that occurs in the mid-Ordovician Buchans Group.
Historical production from the Buchans Mines VMS high grade polymetallic ore included 16.2 Mt of 14.51% Zn, 1.33% Cu, 7.56% Pb, 126 g/t Ag and 1.37 g/t Au. Styles of mineralization include in situ ore, stockwork ore and transported ore. Massive sulphides can occur with hydrothermal vents located along syntectonic faults, diatreme bodies associated with sub-volcanic intrusives, and ore bearing slumps and ore grade debris flows associated with submarine canyon activity.
Conclusion
The bases are loaded and the drills are turning. The opportunity is Resource Investing 101 in its simplicity: If they hit big, itʼs a home run. If they hit something decent, theyʼll continue to develop those successes, and the share price appreciation will be more incremental. If they come up with dusters, which is not possible, at least in the case of the Duquesne-Ottoman, theyʼd refinance and find new properties. The new 20-20 zone is definitely going to add ounces to the existing resource. Either way, at $0.22 a share, this oneʼs a no brainer.
James West
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GLTA Lostoutwest
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