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Ahh, Mr. Long, I wish I did work for LEX, unfortunately I am just an old fashioned investor who likes to do a bit of research on smaller companies and who runs them so I can assess their track records. The extra cash from a salary would be useful. Boohoo, but it's not real. But actually, this is not my only investment, far from it... But the secret to investing is to put objectivity at the top of your list. And, since you seem to be curious as to whether I am a flag carrier of sorts for LEX, well, yes, it's a substantial investment for me, and frankly, I'm very comfortable with it. But no, I'm not working for them. I do wish them the best of luck though. Perhaps excuse the hype... Like fill yer boots, which I suppose is an ancient version of the current terminology... Go large!!!
Hi Iptuf. You make an interesting point here, however, I can totally understand why management do not want to release the information as to which plots they are interested in. As I understand it, unlike the UK, mineral rights reside with land owners. If land owners know which bits of land are next to which new anomaly or next to which drill hole, they will be able to hold out for a higher price.
My understanding is that this is very sensitive information and LEX are trying to eke out mineral rights as quietly and as cheaply as they possibly can. I think we should leave them to it and to use their local contacts. There are specialists who do this for a living over there...
As for the rest of your post.. Agree, this financing tides LEX over and will allow them to release lots of info to the market which should result in a fundamental revaluation of the prospects of the company. I am particularly looking forward to seeing the results of the drilling on Loflin South which, if its positive, may prove that indeed, South Loflin and the new anomaly are actually one. This would potentially have a huge impact on the JORC compliant reserve estimates in that area
Bring it on, fill yer boots, etc etc..
Market was very weak yesterday. Announcement yesterday ended with stock marginally up.. They are expecting the assays this week according to yesterday's brief. I agree with Iptuf. Seeing is believing.. Let's see the colour of your money... But all will start to be revealed very soon..
If we needed a message of encouragement on LEX, we got it this morning. Effectively the directors and the gnomes of Bangkok have raised £325k as a convertible.. At 3.2p conversion price, a 30%premium to Friday's close.
1. I had heard a little whisper from my broker that there was a potential capital raising in the offing.
2. I guess that the directors didn't like the pricing in this ****ty market so;
3. They decided not to sell cheap to the public at a price lower than the 2020 offering, instead,
4. They raised money at a 30 % premium to last Friday's close and to the stock up themselves..
What this tell me is that the major shareholders are a. Still very supportive and b. Think that 3.2p per share is still a bargain.. Otherwise they would not have taken up the offer.. So where does that leave us?
Well, 1. I think it shows that those in the know must be very confident that the JORC reserves will move in the right direction.
2. We are expecting assay results in more Loflin North and south anytime now and at Jones Keystone.
3. We should have 3 JORC compliant reserves at the end of this Covid delayed exercise, likely by end of June or July.
4. It stands to reason that the announcements of these will push the share price up from here..
There would appear that there is lots left on the table for buyers at the current level, if the major shareholders and directors are all champing at the bit to get in on the action AT A PREMIUM, shouldn't the market be doing the same?
Very frustrating it is Mr. Long. Eventually, you can't keep a good one down.. The sheer weight of good news eventually will win out.. Keep the faith.
Fair point Iptuf. Though CEO's podcasts and the RNSs are generally very informative.. I'm sure management pick this post up. Lots of the directors own stock and then there's the gnomes of Bangkok. I'm sure they are pushing for accurate communication of updated facts..they do keep buying and buying. Anyway, more assays due in the next few days..
Let's see how we get on.
We're supposed to be getting the assays from the rest of Loflin this week... Time to pick a few more up it seems..
Tks to those who took the time to recapitulate the drilling results so far.. They really are good. 1. Over the next few months we'll get 2 new reserve estimates from Loflin and one from Jones Keystone 2. We're expecting drilling results from the rest of Loflin very soon, later this month. 3. Jones Keystone next month.
Once we get to 250k ounces of reserves, this is when the medium sized operators start to get interested, or so I understand, especially since its very close to or on the surface, so easy and cheap to mine. Open pit operation.
Remember Haile started this way. A group of anomalies that grew and grew and grew and was sold for 700 million US Dollars in 2015 when gold was 1200 dollars an ounce. That's about $200/oz. If we get to 500k OZ of reserves and conservatively apply the same valuations, we get to $100mn. That's 29p per share just at JKL. We also have more anomalies and these possibly join up with the existing discoveries. There's plenty of room for further upside...
Nothing announced but my guess is that they will do rock chip samples and trenching before they do drilling. Similar to Carolina belle.. Don't 4 get its pretty much virgin territory there.. But it's Jones Keystone and Loflin that is more exciting for now. New reserve estimates on the way.. My guess is that Jennings Pioneer will take priority as there has been lots of work done already in that area... Notably the Barite Hill mine next door.
Have to confess I'm surprised... Hopefully someone gets hold of this and pushes..
Well this should put a cat among the pigeons. Excellent showings, grades 60%better than the last Loflin results. Lots of infill and stepping out to so.. In the south, the ore body is 250m away from the original. If this doesn't get the price moving, nothing will. This means guaranteed increase in the JORC resource later. And we still have another 2 announcements to come, with 50m of sulphides to come.
Those who dumped the stock a little while ago will be kicking themselves..
Think slightly longer term Mr. Long. They dumped 750k shares as I recall on Friday... Each penny is therefore £7,500 quid.. That's cash better in my pocket than someone else.
As to whether we'll see 30g/tonne in JKL, well who knows, I'll just be happy with multiple, intersections of 20 to 50m each with grades averaging around a gram/ton. We're almost into "massive sulphide" areas with those types of grade...
So you reckon hitting gold in every hole is incompetence? On a property that has NEVER BEEN DRILLED B4? Frankly, the results look brilliant!! Take a look at the details b4 you say they're useless.
I'll bet the idiots who sold on frustration on Friday are kicking themselves today!! 1. So in all the holes in this batch of results they've hit gold at the first time of asking, this area has NEVER been drilled before!! 2. Grades up to 3.68gms/tonne. 3. It's very shallow. 4. The results are good enough for them to be planning a phase 2 campaign in due course...
And now we've got 3 more announcements to come, 1. Loflin South West, 2. Loflin North East and 3. Jones Keystone NE.. All of these are designed to step out our reserve and perhaps bring in 2 more maiden reserves... Bring it on guys.. Couldn't be happier, but await the remaining 3 sets of results with baited breath!!!!
Someone's just ****ed off with the delay on the assay. Have to confess, so am I. But no need to throw the baby out with the pram. Bloody hell, results probably our next monda!! They'll be kicking themselves.. Ahh well.
I think you and I go to the same broken record shop... Probably on Lexington Avenue, NYC...
Yes, the big trade was obviously a lunatic trying to "save money" with a commission free broker, that 678k shares or so was done outside the bid and, offer at the time. Rest looking good though. A buy is a buy is a buy... Maybe we're starting to move. Chart double bottom looking good now. Plus gold breakout. And 4 more assay results to come, Carolina belle, Loflin North, Loflin South and Jones Keystone.. If I were an MM, I wouldn't want to go into this caught short with my pants down...
Woww.. 50 metres of sulphides. Amazing this is turning into a procession of good news. The market will eventually wake up to this... There is no way that this stock should be trading at 3p..
Gold has now broken out of its pennant/wednge/flag formation objective 2600 dollars and ounce. Lexington looks like it has made a double bottom.. Charts are all looking good.. Icing on the cake will be the assay announcements due any time now... Exciting..
Well well. Looking good!!
1. Drilled 2 extra holes in the extension anomaly
2. Presumably becoz they were picking up sulphides with alteration.
3. More than 25m thickness. Music to our ears.
4. Only just finished drilling and sent to the Nevada lab which hopefully will turn things around faster than the fools at SGS in Vancouver.
5. The aim of the extra holes is to grow the JORC compliant reserves. More music to the ears.
6. Now moving to Jones Keystone specifically to infill and check out a new anomaly with a view to getting a maiden reserve there too.
This is all beginning to stack up nicely. At least another 3 to four announcements to come over the next 4 to 6 weeks.. As I've been known to utter in the past... Fill yer boots..