SRL Update: The heat is on in Ecuador gold hunt
SRL Salazar Resources Stock Chart
Greetings,
We initiated coverage on Salazar Resources (SRL, TSX Venture Exchange, $1.08) on July 16th when the stock was trading at 0.51. We are up over 100% on todays trading, however we feel this story has just begun.
SRL traded only 512,000 shares in the past three months! That’s hardly enough to justify a claim that the “word is out”. I would attribute this low volume to pure accumulation coming from those who are comfortable with the management and their property in Ecuador.
The last real news to come out was on July 17th, where SRL received water permits for the Curipamba project; a huge step forward for sure. The company is waiting for final drill permits, then we are off to the races.
We can only guess at the magnitude of the deposit they are about to drill. The last official number we have is an “inferred resource, from 13 drill holes, of approximately four million tonnes grading 3.48 grams per tonne gold, 76.33 grams per tonne silver, 2.51 per cent copper, 4.55 per cent zinc and 0.47 per cent lead. “ The company is going to move the drill along strike where the deposit remains open in three directions - and has the potential to significantly increase tonnage.
Even minor success in the coming drill program will send shares of SRL soaring, as it is a tightly held stock with less than 30 million shares outstanding.
This stock has it all - share structure, management and property.
Stay tuned, RBR believes the best is yet to come for SRL.
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