Making a TA and an FA pick for PIO...
FA
Cashed up with $8.5m cash + receivables ($3.5m over the next 3 years). Fully funded for 3 years exploration so no one can moan about imminent cap raisings. A lot of activity currently with 3 primary projects and 11 JV and/or royalty projects.
Results from Juglah Dome drilling campaign are due any day now (drilling completed in August). Juglah dome is showing promising signs of a very shallow gold deposit including 3m @ 18g/t from 12m @ 5.4g/t. This was only 9m deep and the hit is open at depth so would expect pending results to extend that hole. Average hole depth for the whole campaign is only 21m so this will be very cheap to commercialize.
Drilling in progress at Gindalbie project with multiple anomolies identified with significant strikes in ajacent blocks. Also next door is the project they just sold to Carrick Gold for $8m (who intend to develop it).
More drilling at the Golden Ridge project. Known gold mineralisation on the block which is open along strike and down plunge. + new targets identified with geochem using the same techniques that identified the Juglah Dome deposits.
Plenty of activity over the next couple of months to drive a steady news flow and something looks like it's cooking with the imminent Juglah Dome results judging by the sudden surge of volume.
Here's an map of some of their tenement areas overlayed with know gold and nickel deposits (light green) which kind of shows they're right in the thick of it...
TA
I love a good confluence of indicators. It's just broken a major support/resistance line around the 3c zone with no less that 6 touches on the weekly, breakout was on significant volume. Coincident with that it's just broken out of a bullish pennant pattern. It's currently retraced to test support on that 3c level but depth shows it's very likely to hold.
Weekly
Hourly showing the retrace to confirm support
Market Depth at close
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