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drbubb

Wallbridge (WM.t) and its Fenelon Mine

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Bullboard Comments

re sprott

sorry but i'm on the fence with sprott bying so much, there can be a time were he can control this game,what if he decides to make an offer for a buyout, say at .50 we may not be able to stop him and at this point it might be considered a good price, but i don't want to sell so low especially if they prove more reserves,we could easily be over a $1.00 or more,these big guys don't care about us the small fish
 
KL / Kirkland Lake Gold ... update : US$34.34
VGR99Cz.gif

Sprott Thoughts

It is very interesting to listen to Eric Sprott's Keynote talk at Jekyll Island in 2017. He goes on about Fosterville and how the grades increase with depth. He also says that he made a mistake in only owning 17% of Newmarket Gold, which owned Fosterville, when Kirkland Lake bought Newmarket. Sound familiar? He said you need to "see the future early". I take all of this to mean that Eric sees something like Fosterville at Fenelon, just maybe not as big, but still worth buying up now when it is pretty cheap. Next year or so Kirkland Lake Gold buys it out after the high grades prove out.

RE:Sprott Thoughts

I’m inclined to agree. So far results from Fenelon (apparently) are second highest grades recorded in history. If you look st the assay results there are sooo many holes that drilled above 10g/t. If they can prove they are sitting on let’s say 10million + ounces then this becomes a new ball game altogether. 

Read more at https://stockhouse.com/companies/bullboard?symbol=t.wm&postid=29477016#8pv72d1yiteVVc0o.99

 

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Wallbridge drills 20.01 m of 2.55 g/t Au at Beschefer

Mr. Marz Kord reports

WALLBRIDGE INTERSECTS 2.55 G/T GOLD OVER 20.01 METRES CONFIRMING CONTINUITY OF GOLD-BEARING STRUCTURE AT BESCHEFER

Wallbridge Mining Company Ltd. has provided positive results from its initial drill program at the recently optioned Beschefer gold property in Quebec.

Highlights

  • The majority of assays from the company's first drill program at the Beschefer project, consisting of five drill holes for a total of approximately 1,600 metres, have now been received.
  • All holes intersected significant gold mineralization in the B-14 shear zone, proving excellent geological continuity of this gold-bearing structure:
    • BE-18-048: 2.55 grams per tonne gold over 20.01 metres, including 3.47 g/t gold over 10.28 metres and 5.90 g/t gold over 2.16 metres;
    • BE-18-049: 0.93 g/t gold over 20.25 metres, including 2.05 g/t gold over 5.17 metres;
    • BE-18-050: 1.28 g/t gold over 8.15 metres;
    • BE-18-051: 3.40 g/t gold over 2.29 metres;
    • BE-18-052: 1.45 g/t gold over 6.42 metres and 0.84 g/t gold over 10.20 metres.
  • Drill hole BE-18-049 also intersected a narrow, high-grade shear zone above the B-14, assaying 20.22 g/t Au over 0.50 metre. Further sampling of secondary shear zones above the B-14 is currently under way.

"We are pleased with the assay results of our initial drill program confirming the presence of a very continuous, up to 20 m wide, gold-bearing structure," stated Attila Pentek, vice-president, exploration, of Wallbridge. "Even though we did not intersect high-grade domains in this structure like some of the historic drilling, we certainly achieved our goal of proving the continuity and predictability of the B-14 structure. As a next step, we are working on an updated 3-D geological model of the project to better understand the controls on gold deposition and are planning a more substantial drill program to outline the high-grade domains and establish an initial resource."

About the Beschefer project

The Beschefer project covers 647 hectares and is located in the Northern Abitibi greenstone belt, 14 kilometres east of the past-producing polymetallic Selbaie mine, 45 km northeast of the Casa Berardi mine and 28 km from Wallbridge's Fenelon gold property. Historically, the area has mainly been explored for volcanogenic massive sulphide deposits similar to the Matagami camp and the Selbaie mine.

Gold mineralization was discovered in the B-14 zone in 1995 by Billiton Canada Inc. but the property saw very limited exploration before the involvement of Excellon between 2011 and 2013. Excellon completed approximately 17,000 metres of drilling, extending the B-14 mineralization down to almost 600-metre vertical depth, discovering the upper shear zone and intersecting the highest-grade intersections on the property, including 55.63 g/t gold over 5.57 metres and 13.07 g/t gold over 8.75 metres. Excellon's primary focus is on production and exploration at its Platosa mine and Miguel Auza property in Mexico. Up to Wallbridge's current program there has been no exploration at Beschefer since 2013.

. . . Wallbridge entered into an option agreement to acquire 100% of Beschefer as part of its strategy of building a gold production pipeline in the emerging Sunday Lake-Selbaie Belt (see Wallbridge press release dated October 17, 2018).

RE:Dropping

Lordluvaduck wrote: I'm confused about this stock, as every time news of gold intersections are announced, the price begins to drop. I was expecting it to hover .31 today with this release.
This news is nothing special with very low grades for the depths they are at. Keep in mind this is the side project, and not Fenelon. If this type of grade was found at Fenelon, we would be seeing a much larger drop. 

.2 /

The sky is not falling, the grades are ok- on the big picture - ,keep drilling find the sweet spots. I don't understand why you would call grades very low when many mines operate on these grades . they become good fillers for the higher grades -give it time pay day is coming

.3 /

As I and others have stated; Beschever only a side play at this point. Rookies seldom hit a home run first at bat.Gold mineralization is a positive. Miners know that more drilling is required.
Gold price is up; Fenelon grades are world class so far, Nothing is guaranteed but is 
looking good. GLTA

Read more at https://stockhouse.com/companies/bullboard?symbol=t.wm&postid=29478434#SlVgEgJ8XdSoeBQK.99

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SELLING?

Lead director Warren Holmes selling two days ago.

239 500 shares at .31. Its posted on the canadian insider. You would think the ones who are in the know would be buying not selling. Makes me wonder whats going on. Its annoying to keep seeing these sells pop up.

RE:Lead director Warren Holmes selling two days ago.

He sold less than 10% of his shares. He still has 3,000,000+ shares he is holding.
Why do you care about that? The guy needed a little cash. Pay more attention to Sprott buying hand over fist to gain the maximum control he can get. THAT is worthy of your attention. 

Holmes Sell

gpandrew is right, minor amount sold; sprott and his numbered company bought a lot more;
looks like they or KL Gold will definitely make a play for WM. Hopefully they make a fair offer
as potential is very high for Fenelon. Juniors with high grades are a rare commodity
and majors are joining forces to generate higher profits.

Read more at https://stockhouse.com/companies/bullboard?symbol=t.wm&postid=29479561#my93PF6Yo6ra8EqS.99

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Still Buying ... after all of these shares

Sprott continues buying

Sedi insider trading from another  purchase march 12 and filed on march 16, posted on sedi march 16.  Another 250k shares @ ,30.   New total 79,202,396 shares.   
He...read more
2 / Well if he’s trying to get to 25% he’ll be buying for awhile longer...RD 

KL/WM swap?

It seems Sprott has been selling a lot of KL shares while buying a lot of WM shares lately. Coincidence?  rate and reply

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WM hit 33 cents ! (& I sold some shares at $0.32 & $0.33) ... 10d:

vyvYfSR.gif

News for today and why price is moving. From Globe and Mail.

Wallbridge Mining Company Limited (WM-T)

Between March 1 and March 12, billionaire businessman Eric Sprott, with an ownership position exceeding 10 per cent, invested nearly $500,000 in shares of the company. He acquired a total of 1,789,500 shares at an average price per share of roughly 28 cents for an account in which he has indirect ownership (2176423 Ontario Ltd.), increasing the account’s holdings to 79,202,396 shares.

=== ===

Bulk sample process

As I understand it, WM is processing the bulk sample thru the "Camflo" mill (1600tpd) which is owned and operated be MRQ ( Monarque) who also owns the Beacon mill (750 tpd) but is not currently operational. Both Nottaway and Eldorado process ore thru Camflo and thus the backlog. It is time for management to break this backlog by finding another mill or buy Beacon! We will continue to be the third in line for processing and the additional bulk sample will prove a drag due to lack of results. If there is any real proposition to develop a mine, the mill situation is critical. Get on with it!!

2/

Where are you getting the information that there is a milling backlog? That's not my impression whatsoever. Also, it's been well established here that a capex for a mill at Fenelon's grades is completely unnecessary as combined milling and shipping costs are around $1g/t Au. As a shareholder I would be completely against spending any money on a mill at this point, especially if it could lead to further dilution. The grades do not warrant a mill. Let the acquiring company (KL?) worry about that.
3/
I cannot remember which news release stated it, but the delays in the initial bulk sample result dates was indeed due to a backlog of work at the Camflo Mill. It is much too late for me to go searching but I agree with the OP that there was a statement about this.
4/
I never said it did. That was the OP. I was just confirming his information.
At the moment, with the proven reserves they have, I do not think a mill on site or an acquisition of an existing mill makes financial sense. If, with the massive drill program this year management updates the proven reserves, and the numbers point to a massive deposit with long term operation potential, then there is a reason to begin investigating. That is also dependant on whether or not management is looking to be a producer (which they have been saying since day one after purchasing Fenelon) or if they will explore the possible selling of the company (my prefered outcome for WM). 
Read more at https://stockhouse.com/companies/bullboard?symbol=t.wm&postid=29499573#sBp4Ag85s1l1PZzu.99

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You’re not the only one that took profits on the spike, have to say I’m buying again today and will add vigorously at this level.

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I am flying back to Asia, stopping at Narita.  I may soon buyback shares I sold at 32 cents and 33 cents

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PERSISTENT RUMOR - about Kirkland Lake, etc

Of course, WM shareholders will want to keep this alive... but it may be real

If so, Kirkland Lake Gold is most likely to pounce when the Ratio of WM.t to KL.t is cheap, right?

KL.t vs. WM.t ... update : C$0.27 / C$45.46 = r-0.594% : 24 cents/ $45, would be: 0.533%

yzcSOrZ.gif

Ratio: WM to KL

Za3h0sM.png

I good buying level might be closer to 0.5%

RE:Possibilities?

Absolutely they're looking very closely at WM.  The Sprott connection all but ensures that.  Believe they would wait for a new 43-101 before making a move, unless they're feeling very aggressive.  Their Chairman certainly is.

/ 2/

In his 2017 Jekyl island presentation,he refers to a mistake he made in the Kirkland Lake takeover of the St Andrews goldfields company.  He was ticked at himself for a move he made,costing him a bunch.   Im believing,whatever that mistake was,he wont do again.  Ill go back and watch it again and report back.  Heres link to todays sprott money weekly = 
/ 3/

Kirkland taking over newmarket

It had to do with the takeover of KL of Newmarket for 1 billion.   he was 17% of newmarket and 10% of KL and he would have been better off not in favor of the deal,but the kicker was the newmarket team was so conservative in its resource estimates it seemed like a good deal.   There was actually much much more gold(double) than the team projected.   He is ticked at the ceo at his conservative estimate.  conservatism vs reality.  sprott deals with reality,and wants reality numbers,not conservative
 
/ 4 /
THIS is simply untrue:
C$0.27 x379M shs = C$103M Market Cap

Ridiculous price action. TOTALLY RIDICULOUS.

If we get approval on a 75K bulk sample extension, we could literally have this stupid share price IN CASH ON HAND before long
Talk about undervalued!!!

/ 5 /

Not ridiculous at all. We have a looming PP at .24 that intends to closed around the next general meeting.  Between now and then we will see .24 at which point I will step in. Just do what they do

 
/ 6 /
Just to clarify, the 75k extension talk probably needs to stop.  From CEO.ca:
 
@MarkHanna I just spoke with an official at Wallbridge. The bulk sample extension application is for 25,000 tonnes. They are not sure where the 75k number came from but that it is "absolutely not the case".
Doesn't change a thing from my standpoint, nor does day to day action.  This thing is going above a cap of $500MM in the next year, unless drilling at depth suddenly dries up.  Likelihood minimal.
 
/ 7 /

RE: Kirkland taking over newmarket

https://www.youtube.com/watch?v=h8SGctygo_k

Here's the link to the video.  Start watching at 27:00 mark or so.  We are extremely lucky to have this guy on our side.

/ 8 /

At Least Wallbridge Paid Off the Auramet Loan

and now has the financing from Sprott @.24 to expand their production at Fenelon. They announced that they had sold 14,000 ounces of gold just 4 days after entering into the private placement with Sprott. I suppose the company was just replacing the 20% interest loan with share capital from Sprott. Hopefully they have turned the corner and will now be generating cash from their bulk samples. GLTA Longs.

/ 9 /

Their financials indicate they sold approxmately 6,100 ounces from Fenelon (based on C$1,680 per ounce) up to the year end. The financials indicate $10,235,774 in recoveries from Fenelon. They stated they pulled out more than 14,000 ounces from the 25,000 tonnes that have been processed, so that's only 44% of the 25,000 tonnes processed that had been sold up to December 31, 2018. That would leave another 7,900 ounces plus what they pull out of the remaining 10,000 tonnes of high grade bulk sample. They should be in a very good position in the near future.

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WM up 3.5 cents on heavy volume

Nice job getting back in

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5 hours ago, drbubb said:

WM up 3.5 cents on heavy volume

Nice job getting back in

I’m pretty happy on switching more from GCM to WM too, worked out well after GCM slightly disappointed me.

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GCM is still my largest position, and I am happy with that

I still regard it as the cheapest gold mining equity

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Wallbridge had a super day, and ROXG was up on a good earnings report

WM.t  $0.335 +0.04, +13.6%
Gdxj  : $32.88 -0.59, -1.76%
GLD   : 123.65 -0.65, -0.52%
Gcm.t   $ 3.83 -0.03, -0.78%
Roxg.t  $ 0.93 +0.03, +3.33%

I can almost hear ... WM singing, "we are the champions"

19-03-25 10:20 C:WM 0.305 News Release Wallbridge drills 6.22 m of 3.38 g/t Au at Fenelon

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WALLBRIDGE INTERSECTS GOLD MINERALIZATION AND EXTENDS THE MAIN ZONE TO 650 METRE DEPTH... IN NEW AREA 51 DISCOVERY

Wallbridge drills 6.22 m of 3.38 g/t Au at Fenelon

2019-03-25 10:20 ET - News Release

The first hole of Wallbridge Mining Company Ltd.'s 2019 surface drill program has intersected multiple visible gold-bearing shear zones and other abundant mineralized veins over an approximate 275-metre core length. These multiple structures and gold occurrences confirm the recently announced Area 51 discovery (see Wallbridge press release dated Feb. 21, 2019) as a target of significant size, which increases the ultimate size potential of the gold system at its 100-per-cent-owned Fenelon gold property. Assay results are pending and will be reported when received. In addition, Wallbridge continues to achieve positive results from the underground drill program targeting the extensions of the other known zones at Fenelon.

Highlights:

  • Six intersections of visible gold were observed in the first hole of the 2019 surface drilling program (FA-19-052) within Area 51, confirming the significance of this previously unknown mineralized corridor located approximately 300 metres west of the bulk sample area that was discovered by the last hole of the 2018 program (FA-18-051).
  • The Area 51 gold system appears to have formed along the regional contact of a thus-far-unknown southern extension of the Jeremie pluton. Geophysical data indicate that this northwest-southeast-trending contact may extend over 2.5 kilometres on the property, representing one of the main targets for the 2019 exploration drill program.
  • The Area 51 and Tabasco mineralized corridors now extend down to 500 metres of vertical depth.
  • The main gabbroic sill and mineralized zones hosted within have now been extended down to 650 metres of vertical depth. Chalcopyrite in silicified shear zones indicates the presence of the gold-bearing system.

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I let a few more shares go at 34 cents yesterday.

May buy back, if gold shares & WM correct

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On 3/29/2019 at 2:41 AM, drbubb said:

I let a few more shares go at 34 cents yesterday.

May buy back, if gold shares & WM correct

Wow nice spike up to 39.5c

I’ve let go quite a lot last 2 sessions only have 1/3 of my core holding now. Flipped a fair few into GCM previous 2 sessions.

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Wow! Wham! WM !
0.385 +0.06, +18.46%

Open: 0.335 /High: 0.385/ Low:0.325
Volume: 2,189,087

Strong buying, thru old high, with NO Company News release

What does Eric Sprott know?

I  did some serious selling, but still have plenty left

===

there is a lot of crazy speculation...

Results

I bet we'll see results tomorrow, and I bet that's why we see this huge activity near the end of close....insiders buying in from good news. The results must have been much better than expected.

2.

STOCK TO GO TO $1.00 - My dream maybe right it did take off after i posted

3.

Maybe a big core VG just came out of ground and drillers calling friends .
Read more at https://stockhouse.com/companies/bullboard#GZdQTsjwLVPeuEhR.99
4.

Wm _ 50 cents / Looks closer today maybe soon ! Eric is buying again and again ?

5.

52Week Plus Plus

Wow....about time....not just a 52 week high...look at charts  more like a ten yr high...yeehah about time...RD

Read more at https://stockhouse.com/companies/bullboard#ghE1PI5RWaX8ErFL.99

No body on that chatboard really knows.   When you see those crazy price forecasts it is often near the end of a move.

But we cannot deny the breakout on decent volume.  The selling at 33-35  dried up

 

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Charts (added THIS ONE, update, in Edit):

V68SylB.gif

===

WM...  All - resistance likely near 50cents, if it gets that high

iFgxdVa.gif

WM vs. KL... update - WM has "caught up" with Kirkland Lake Gold on this chart

IHLiCDr.gif

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BETTER at Depth ?

1eaimp6-20190225-3D-view%20with%20depth.

Novo2018  /  Comment dated: April 06, 2019:

Increasing Grade with Depth?

I added the reported grades from the mined stopes from the bulk sample. See this image to see what looks like increasing grade with depth.

RE:Sprott's Math Problem

2019-03-25_NR-fig4.jpg
"The Area 51 gold system appears to have formed along the regional contact of a, thus far unknown, southern extension of the Jeremie Pluton. Geophysical data indicates that this northwest-southeast-trending contact may extend over 2.5 kilometres on the Property representing one of the main targets for the 2019 exploration drill program." News march 25, 2019

Read more at https://stockhouse.com/companies/bullboard?symbol=t.wm&postid=29594236#FHLizOcSCfOfjISp.99

Read more at https://stockhouse.com/companies/bullboard?symbol=t.wm&postid=29592899#Bc6P8WXFKq8CJv7S.99

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SOLD SOME (alot!) at higher levels, including 42 cents and 44 cents

WM.t ... update

Eqw3AjO.gif

I think I might get a chance to reload at maybe 33-34 cents

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6 hours ago, drbubb said:

SOLD SOME (alot!) at higher levels, including 42 cents and 44 cents

WM.t ... update

Eqw3AjO.gif

I think I might get a chance to reload at maybe 33-34 cents

Me too. Still got a stake in case of any explosive upside but loaded  some more profit to GCM, AAZ and had some ROXG.

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GAP Filled

WM... 10d :

XFegUJi.gif

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On 4/11/2019 at 7:22 AM, jerpy said:

Me too. Still got a stake in case of any explosive upside but loaded  some more profit to GCM, AAZ and had some ROXG.

Hmm, not so smart! Should  have, would have, could have ...........a lot more left in for upside. Was a struggle adding to my smaller holding at anything around 43c. Big news today, good spike on good news.

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Yup!  Good News

"These assays confirm that Area 51 zone is a target that dramatically increases the potential of the gold system at Fenelon,"

Wallbridge drills 98.91 m of 2.81 g/t Au at Fenelon

2019-04-23 08:46 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE ASSAYS 2.81 G/T GOLD OVER 98.91 METRES INCLUDING 15.93 G/T GOLD OVER 11.22 METRES CONFIRMING SIGNIFICANCE OF AREA 51 ZONE DISCOVERY

Wallbridge Mining Company Ltd.'s hole FA-19-052 has assayed 2.81 grams per tonne gold over 98.91 metres confirming the significance of the newly discovered Area 51 zone at its 100-per-cent-owned Fenelon gold property. In addition, the company announced intercepts from the Fenelon Main zone including 22.54 g/t gold over 7.95 metres (5.58-metre true width).

Highlights

Area 51 zone

  • 2.81 g/t gold over 98.91 metres in FA-19-052 within Area 51 zone, within a broad mineralized interval of more than 200 metres;
  • Higher-grade subintervals within the 98.9 metres include:
    • 15.93 g/t gold over 11.22 metres, including 34.59 g/t gold over 1.07 metres and 62.68 g/t gold over 2.25 metres;
    • 8.71 g/t gold over 6.24 metres;
    • 4.57 g/t gold over 2.60 metres;
    • 5.63 g/t gold over 2.36 metres;
  • Visible gold was observed to be present in all holes testing Area 51 zone to date;
  • Approximately 400 metres of strike length within Area 51 have now been tested to greater-than-500-metre vertical depth;
  • Two more drills have now been added for a total of two surface and two underground drill rigs.

Fenelon Main zone

Significant mineralization was also encountered within the main Gabbro (Fenelon Main zone):

  • 22.54 g/t gold over 7.95 metres, including 42.29 g/t gold over 4.02 metres;
  • 7.85 g/t gold over 4.65 metres.

"These assays confirm that Area 51 zone is a target that dramatically increases the potential of the gold system at Fenelon," said Marz Kord, president and chief executive officer of Wallbridge. "We have now tested approximately 400 metres along the strike of this potential 2.5-kilometre structure and each of the holes drilled to date has intersected broad zones of mineralization with occasional visible gold. We have added two more drills and will continue to test the Area 51 zone along strike, the Fenelon Main zone to depth and other targets on the Fenelon gold property."

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THAT DROP yesterday in WM have have surprised some

The price hit 47 cents on Wed., and then fell again yesterday:

$0.405
Change:
arrow -0.035
Open:
0.445
High:
0.445
Low:
0.39
Volume:
3,591,090
Percent Change:
-7.95%
Yield:
n/a
P/E Ratio:
n/a
52 Week Range:
0.055 to 0.47

But we did hit the top of a channel, and those aware of it may have done some selling

mt34aFX.gif

I had orders in, which got hit at 42, 44, and Wednesday at 46 cents. 

At first after I saw the good news, I considered canceling the 46 Cent SELL, which had not been hit yet.

But I decided to stick with the plan... and I do not regret that

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On 4/26/2019 at 5:06 AM, drbubb said:

THAT DROP yesterday in WM have have surprised some

The price hit 47 cents on Wed., and then fell again yesterday:

$0.405
Change:
arrow -0.035
Open:
0.445
High:
0.445
Low:
0.39
Volume:
3,591,090
Percent Change:
-7.95%
Yield:
n/a
P/E Ratio:
n/a
52 Week Range:
0.055 to 0.47

But we did hit the top of a channel, and those aware of it may have done some selling

mt34aFX.gif

I had orders in, which got hit at 42, 44, and Wednesday at 46 cents. 

At first after I saw the good news, I considered canceling the 46 Cent SELL, which had not been hit yet.

But I decided to stick with the plan... and I do not regret that

Hmm, slightly wrong footed me.

I’ll live it for now, as if it follows such as your channels it would be no big deal to me. I’ve done very well so far, might have to wait out this move, short term has not often been my forte.

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