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You still have time Mr. Long!! But you seemed a month or so ago to be talking yourself out of investing when this was less than 4p a share.. Good hunting.. I think the hunt has just begun. Still lots of plump pickings out there to chew on.
Mark, if it makes you feel better I'm kicking myself for not at least doubling my 8500 share holding by buying way more in the dying days of Richland. As is almost 2 years later I have 7800. So yes. I sold a meagre 700 shares to keep my burger flipping broke buttocks from falling outside of my overdraft a few month back. But hey. One leverages what one can.
GLA and good health.
I know i'm going to kick myself for not putting a 100K in to this. I can feel it......
Very odd. Pure Ice likely took another 2x250k. Also a few 100k trades going through above mid so very good buying. Strange how this one is still under the radar. Think we'll be the other side of 6p when news starts dropping and then closer to 10p when the herd cotton on.
Someone's picking up LEXY today. 790k shares traded in 1st 3hrs, all buys by the looks of it. Technically this thing will look fantastic if we see a break and close above 4.5p on decent volume. That day may well be today. We've got a reserve announcement in the wings too folks. Strap yourselves in, this looks like it is going to get interesting.
Just like our previous breakout, Pure Ice loading up beforehand. 6.5p will be the next support. Too much going on here, grab some in the 4s before we get moving.
Is that another 250k trade...
Woww, Pure Ice at it again!! Missed the RNS last night on this. That explains the big volume we saw in the middle of last week!! More grist to the mill. Adding another 1.3% in a single day. That's sending ever such a not so subtle message to the market that things are looking good for this stock. Always good to see major holders topping up..
And to top it off, we've got the maiden reserve to come hopefully later this week, and the commencement of drilling next. Not to mention the flood of annnouncements to come as the drilling results from 50 odd holes coming up between now and Xmas... Stroll on LEX. Its all happening.
Yes, a vote of confidence from a major holder is reassuring for the rest of us LTHs.
As for the RC drilling, the only other fact I remember is that it tends to avoid the 'nugget effect' you can get with diamond drilling, suggesting we will get more accurate estimates and helping to avoid future disappointment were reserves to be overstated.
Pure Ice adding again and another late trade today suggests the buying continues.
Try www.rcdrilling.com is one site, but nearly everywhere they say RC drilling is 25 t0 40% cheaper. Its faster too. That alone is worth money if you are a public company. There's loads of stuff on line. Search "RC drilling cost benefits" or "RC drilling costs" for instance.. Happy searching.
Hi Rosetintedspecs,
Quite thorough analysis! May I ask any sources/links in google which form the basis for this $700-800k of RC drilling (and sampling) cost? Just want to learn as part of my due diligence. Thanks.
You would have thought there would have been a small negative sentiment today with the slight delay in drilling but that is clearly not the case. nice volume with few trades mean pro trader/s at work
Mr Specs, we rely on you to translate the RNS announcements in to what we can understand. Whenever there is an announcement i always look for your post to explain what's happening. I'm sure everyone here does....
How the hell would I know Mark? Contrary to your suggestion yesterday, it appears that I do not have any relationship with LEX, otherwise I would not have said anything like what I said yesterday. Having Said that, we'll, what's 2 weeks between friends? Really? Yeah. Good on the 29th. So it's say the 30th.. But they are still drilling the same, holes, or even better ones given the delay.
Buy, Fill Yr boots, pick it up, how much more can, I say..
Mr Specs, what's this "Revised scheduling for 5,000m RC Drilling campaign" all about ?
Mr Specs, twas a compliment.
Really exciting future ahead, just patience is needed. This company has not dissapointed at all so far.
My first target would be 11.5/12p after we break through the 6s. I think that's very realistic given the newsflow incoming. I'd hope we get our first few drill results in early November.
This shd read $700,000 to 800,000 not 700 to 800
Mr. Long, not sure how to take that, but I'll assume as a compliment. All the assumptions I've made about costs of drilling and assays etc are all available on line. The cash figure came from the balance sheet numbers just released... I have been involved in financial consulting before, which helps you to know your way around. You just dig around a bit on Google and there's so much stuff out there. But nearly all of what's in my post this morning is in the RNS releases over the last couple of months..
It's not rocket science. Anyone with half a brain could put what I put together without being an employee.. Just takes a bit of time..
Mr Specs, are you sure you don't work for Lex, you don't sound like standard shareholder.
There's a lot of information in this half yearly financial report. The most important number is $2.1mn of cash. That's plenty of drilling. My guess is that even if you include the processing and analysis of the 5000 metres of material drilled, you are looking at around $700 to 800 of cash expenditure. This goes to prove the lengths they are prepared to go to get value for shareholders. Why spend the cash on diamond drilling when you can get RC dor 60% cheaper..!! And they are brining the machine in from Canada.
This means there is still quite a bit of cash in the bank for further drilling depending on what the just about to start program brings up. Don't forget also that RC Drilling is not only cheaper, it's faster too. This program is likely to take a couple of months to complete rather than 4 to 5 months with diamond drilling.. That means we may start to get drilling results in late October early November.
So we've got lots of news to come now. 1. Reserves for Loflin. 2. Start of drilling program next week, 3. Drilling in JK., 4. Drilling in exciting new prospect Carolina Belle, 5. Reserve announcements for JK 6. More infill drilling on Loflin to expand the reserve; and more.
That's lots of announcements between now and the end of the year... May the next upward leg of the LEX bull Market begin. All the elements are there. Don't forget that all the punters are back off holiday now and reading their news feeds.. Feeding frenzy on the cards?