Updates & Winners: MYA (+42%), CCE (+300%), NET (+???%)
Greetings,
Maya Gold & Silver (MYA : TSX Venture, 0.54), We initiated coverage on Maya on August 19th where the stock traded at 0.38/share. As of today’s close we are up 42%! Since then the company’s Amizmiz gold project in Morocco continues to develop nicely, as recent channeling samples returned 19.55 meters of 9.46 g/t Au, and 14 meters of 2.48 g/t. “Significant IP anomalies have been identified and will be high-priority targets for its 7,500-metre drill program planned to commence by the end of this month. “ With a 7,500m drill program imminent on this important gold project, shares are being snapped up.
Commerce Resources (CCE : TSX Venture, 0.79) On October 27, 2008, before the Rare Earth Elements craze came to the forefront, we declared CCE as being “The Next Big Thing”, and concluded “Get in before the herd does.” It’s official - the herd has arrived. CCE is up over 300% from our initial coverage, and up over 100% since our last update on August 21, 2009 where we stated “RBR believes the stock is very cheap here (at 0.42)” It certainly looks and feels as if there is a substantial amount of institutional buying in the market, as the stock has traded an average of 1.1 million shares/day for the past seven trading sessions. The company recently raised $5.5 million, bringing their treasury to a robust $15-$16 million. Enough to advance the Blue River tantalum project through to a feasibility study. It certainly looks as if Blue River will be the planet’s next major global supplier of tantalum, and investors are taking note.
Network Exploration (NET : TSX Venture, 0.05) We initiated coverage on NET on September 2, 2009, and provided a chronology of the development of this company, which seems to be poised for a successful gold and copper discovery in Chile. The company recently completed a “drifting” (ie, tunneling) program, digging through an abandoned hand-mined adit system on the periphery of the Caldera property. Results are expected back any day. Recent results from trenching and channeling include 5.82 g/t gold over 12 meters, certainly impressive coming from the surface. At 0.05/share the company’s market cap is less then $4 million, dirt cheap when compared to their peers exploring in and around Chile. The Caldera property holds great promise in that it is host to previous local surface mining, revealing wide spread copper and gold mineralization. The property has never been tested at depth, and this gives it a tantalizing appeal; especially given that it was hand selected by a veteran geologist team intimately familiar with South American geology. The stock has traded over 18 million shares this month in a tight range - we suspect it’s ready to move on the next results and beyond.
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