Must be news due next week as that's normally the reason they walk the share price down. News arrives and the sp returns to levels last seen prior to the news. End result... news has little effect on share price.
bought yesterday at under 27p after last Friday large rise of Gold price and seeing the chart ready for better things.
chart with Indicators http://charts01.sharedataservices.com/(X(1)S(mz4xfz2j0hf4yefycmcei045))/Chart.aspx?Provider=History&Code=solg&Size=850*560&Span=MONTH4&Skin=GreenRed&Type=3&Scale=0&MA=50;20&OVER=&IND=MACD;RSI;SLOWSTO;&XCycle=&XFormat=&Layout=2Line;Default;Price;HisDate&Company=2
Food for thought for those thinking about Long Solg ! The resource is vast ! The demand for copper will make the mine worth multiples of today's price . Am a trader so have different time frames and strategies but as an investment this should be looked at . IMO
I can do negatives too lol ! ( i do post short trades where I normally get abused or negate commentary ( the old FRR bb lol where I was spot on had nearly everyone against me so after a while I just let them dwell lol ) .
Gold in the meantime hit a 4 month high , I like the potential in SOlG chart indeed .
20 day moving average crossed the 50 right today and its promising IMO . Few more pennies up and I may start to add as various resistance levels are taken out
Still at 27p for now and only 1 out 4 positions so far . ( I usually trade rules based )
I'm in because my limited research and understanding says to me.... BUY...
And I foresee a rise that certainly justifies holding and even acquiring.
But... Another reason I am pleased to be holding is because of the analytical chart work onedb1 provides.
Even though I am not a chartist, as a holder I absolutely love to hear positives.
But then don't we all ?
Solg chart is possibly on a 20 day moving average vs 50 day moving average cross
Significant as it could be a precursor to a great move . But more importantly the stock seems to have retraced 50% from the all time high/low and found support ! A magic level in so many cases . Works well as an entry for me so many times
Lets face if copper goes as it should on a bull run of epic proportions , with all the copper and gold Solg seems to have this asset will be fought for like not many out there.
Just staying patient like i did with my iron ore plays , junior oil etc .
I know am not wrong to be so positive . Just my timing tends to be on the early side. But given I have no rush and the results are what matter am happy to be long here and if we see a few pennies up tick I reckon that the signal will be a good one to follow .
Average at 27p too so as this moves north I will add and scale in
Taken from Adfyn board re ongoing work, plenty news in pipeline shud help sp over coming months
With them drilling over 300m per day I hope the labs can keep up with the core analysis. At last exploration report we had assay results pending for holes 26-D3, 29-D3, 32-D1, 33, and 34. So thats many kilometres of cores waiting to be analysed.
Mining explorer SolGold is elated by confirmation of a large new copper deposit in Ecuador that could be the tip of the iceberg.
The company, which moved to the main board of the London Stock Exchange last year and is also listed in Toronto, has confirmed a mineral resource estimate (MRE) of more than one billion tons of copper equivalent at its Alpala site in northern Ecuador. At least 120 million tons of this are high-grade copper ore, the company said.
Nick Mather, chief executive of the Brisbane-based miner, said: For years weve been saying this system is very big and very rich and todays estimate is independent verification of that.
The deposit also contains 12.3m ounces of gold, which is commonly found close to copper.
The gold is nice, but we are elated about the copper content, Mr Mather said. The world is increasingly short of copper and mining companies have been remiss in not keeping up development capital to their operations.
Nearly every commentator believes the copper price is going to rise very aggressively over the next year or two. This project is completely unhedged so we have all the upside of the copper price before us.
Copper - used in electrical wiring - enjoyed a rally at the end of last month to hit a four-year high of $7,200 a ton.
SolGold claims it has first mover advantage in Ecuador, a prospective mining jurisdiction where it has been exploring for a number of years. BHP Billiton and Fortescue Metals are among the big-name mining firms to have begun surveying the South American country, which sits on the Andean copper belt.
SolGold, which has $100m (£73m) in the bank and the backing of Australian major Newcrest Mining as its biggest shareholder, plans to finish an economic analysis this year that would determine the cost of building a mine at Alpala.
Alpala is just one of many targets we have, Mr Mather added. The project is going to get bigger. This MRE for Alpala is the tip of the iceberg.
Michael Stoner, analyst at Berenberg, said the high-grade core of the deposit compared favourably to Escondida, the world's largest copper mine in Chile, which is jointly owned by BHP and Rio Tinto.
With a further 120km of drilling planned for 2018 this is likely to be a dynamic resource with many updates to follow, he said. It is positive to see the group lay down a sizable first marker for the resource and we are most interested in the high-grade core, which, if expanded, will greatly ease the route to first production.
SolGold shares climbed 3.5pc to 29.35p in morning trade, taking its market capitalisation to just shy of £500m.
Today could see the first rise in the 20 and 50 day moving averages and that is significant , it tells me buyers are slowly trickling back in.
We know how fickle the market can be but when say a 50 day moving average starts to point up ( today could and should be day 1 ) its a positive . As the mood may be changing
Trend since mid Dec is up and the high in Nov 2017 has been taken out . next highs of late Oct/early Nov now are targets and then back up the 200sma we should re target 38/40.
Let the price roll gently upwards , momentum too is our side . RSI and MACD are on our side and those are all good factors and increase my confidence in a Long position.
So staying Long with an average of 27p as I type . With copper bulls arguing for a good case of a bull market , owning juniors like SOLG is a must given the giant resource .
Today's RNS is yet to really be traded by the bigger traders.
All IMO as always .
Don't forget Management recently awarded themselves share options at 60p. Newcrest brought in at 42p. I believe the only reason that the last fund raising was so low is NM didn't want Newcrest to have a larger stake than they currently have! NM wants to retain control and that in his view is going to result in significant higher gains for him and as a result all other shareholders further down the road imho.
Fingers crossed this will tick up nicely over the coming months and reckon the PEA will be well above $1 Billion.
Again this is just my view and do your own research!
I wonder if the dual listing will work in our favour, in terms of a more realistic share price after the resource statement? The market there is more familiar with resource companies and so they should have more experience to evaluate this last statement.
I fully expected the sp to be north of 35p after this news. This time last year we saw a steady rise into the 40p's I think, and with this new increased valuation, PLUS the other areas being explored and all the additional licences won, the £1 sp estimates from other posters are not unrealistic for 12 months time. IMHO.
Exploration is a long drawn out business & institutional investors are cautious & take a longer term view, whilst Pi's tend to want a quick return.
This has huge potential mid/long term & what with the limited number of shares in free float & the unusually large management holdings/skin in the game (GKP directors of old just awarded themselves share for free, never actually put their hand in their pocket) unlike NM & the fact that BHP have already had a sniff at this very early stage, all adds up to a great share to accumulate over time imo.
I will be doing just that, as & when & I suspect those with an interest will force the price down to their advantage on regular occassions & will take advatage myself when they do to build a holding.
Like many, I am amazed at the low price we are sitting at, but not so surprised considering the recent "gifting" of stock.
The only ones to rush in on the back of announcement as good as today's is PI's.
Larger investment funds etc take a longer term view and complete more DD.
I expect to see the biggest rises come when least expected.
£1 is a much more reasonable, and I suspect we will see impressive gains over the coming months.
This sales value excludes the gold and the resource will be worth alot more that 20billion dollars as the price of copper is rising and the resource is growing, but even at this low level with a sales value of $20 billion, based on the previous article I read and posted on here this would provide an adjusted mineral deposit value of between 5% and 10%, so the company should be worth a minimum of $1 billion dollars for a start and that excludes all the other prospects. Appreciate alot more drilling to do but a great start to the year imho. This is just a laymans calculation but, think company will be worth many times this in the end.
Not going to be quick but, still think the share price has a realistic shot at £1 by the year end.
Great RNS for sure, and it shows what an incredible asset we're sat on here. I'm completely gobsmacked by the share price at the moment, was expecting a big jump/correction when the MRE was released. Hopefully the wider market will wake up and see the potential here....!
as an MRE 1 BILLION TONNES AT .68cu makes the sales value worth around 20 BILLION dollars at a copper price of around $3000 a tonne and this is only the start. Expect some experts will be able to explain things more clearly. Lots news to come and PEA will explain things more clearly I am sure but, a great start imho.
Your gonna have to try harder than THAT shugg1e ....... ain't nobody buying that crock around here.
Pretty clear from the chart you posted that it will need something good to crack the 30p line. ( i have no time for charts - but i can just about mange "join the dots" with my felt pens - and 30p looks like a toughie)
if only SOLG had some news brewing. Maybe 12 rigs churning at 30m per day each in world class mineralised holes - or some third party independent resource statements to issue "could be tomorrow" ( as the proclaimer like to sing).
Good luck with the apprenticeship in deramping. maybe you can graduate to the LSE board when you achieve your full "5 star clown" rating.
Happy New Year to all Solgolder's, here's to a very profitable 2018. We should defintely be getting the MRE this week at some point along with another update for good measure I reckon. Thought we would have it this morning to be honest. Lets hope we can consolidate above 35p. They say the best things are worth waiting for so fingers crossed.
The independent consultants are in the process of finalising their report into the Maiden Mineral Resource Statement for Alpala, and the Company expects to make an announcement shortly.
It is easy to forget the significance of these massive intersections of copper and gold. Such long intersections of relatively consistent grade are highly unusual and are of great interest to the major mining companies from a block cave mining perspective.
SolGold have promised a resource statement by the year end to quantify the scale of the Alpala resource which should add confidence to the prospects of mining this project.
Clearly some surplus stock from placing being offloaded and market makers not willing to gift buyers cheap stock ahead of MRE.
In a situation like this, it's fair to say the share price is non reflective of any progress made by SOLG to date. The spike to 37p was justified by the RNS that caused it but the placing/funding issues took the stock back down to where it is today.
Hence, I very much doubt the MRE is priced in at the moment but equally, I doubt the sp will reflect anything other than the banks selling the excess stock.
When the books are balanced, one thing is sure, SOLG has some catching up to do based on new releases that have already passed nevermind those that are ahead of us.
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