CHN (ASX) The next CHN??

Originally posted by jogo: ↑

First of all, CHN had no idea that there would be a potential bonanza find at Julimar (n.b. some way to go yet to determine the value of their find). They did some (probably very basic) research before buying into the tenements and put together an exploration plan and then, my o my, they found something to get excited about.
Lesson 1 - there is nothing you can do to determine which companies will strike it lucky. However, you can improve the chances by selecting your companies carefully and following their activity closely and drawing on expert advice about their activity when you can find it and if you can trust it.
I bought in to CHN at 16.5c initially and a few more times below that on the basis of a recommendation from a professional advisor and the fact that they were well cashed up and had a proven record of discovery. Their EV was very low (went negative at one stage) and so risk was relatively low. Nevertheless, as an explorer, I kept my investment on the low side since only about 1 in 15 explorers succeed.
I held on for a while as they explored Abitibi in Canada (nothing exciting there) and then they picked up interesting gold tenements in the Bendigo region. I was not all that excited over their nickel prospects in northern WA and saw the Bendigo activity as promising - I still do. There was not much info about the Julimar area and so I was not following it. Hence, the results were a big surprise.
Lesson 2 - bonanza finds are rare and although exciting, there is no way to predict them. Better to have a spread of smaller investments across a number of explorers.
Where do you find the next CHN? Please let me know before it hits a bonanza because I have no idea, even though I have struck it "lucky" with DEG as well this year.
Lesson 3 - keep a close watch on your explorers and act quickly on exciting news but make sure it really is exciting and not a lot of hype. If you have invested in an explorer and have been tracking it closely, then you may be able to recognise a great find early on and pick up more shares before the price zooms up too far but you will need to act quickly.
Lesson 4 - keep your head on and screwed down tight. Gamblers lose in the long run. My advice is not to go chasing companies thinking you will get a bonanza find. Rather, follow the basic investment rules and keep diversified. Read info from many sources including HC and be discerning - there is plenty of rubbish around. Get ready to take some losses - no one succeeds 100%.but learning when to quit and take a loss early on, or sit and wait some more, is valuable experience.

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Isn't the fact that Julimar resource largely on state forest a negative?

The costs of going through the approval process are significant.
https://www.dpaw.wa.gov.au/management/forests/forest-produce/461-minerals-and-other-basic-raw-materials

https://chalicegold.com/project/julimar-nickel-copper-pge-project

I can't see the WA government approving that in a hurry.

CHN has a lot going for it no doubt, but it's not all money in the bank yet.

No.	Vol.	Price($)
1	15000	$1.29

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15000

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$1.30	7818	3

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1	15000	1.285
8	45623	1.280
3	59332	1.275
5	42329	1.270
2	22621	1.265

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15000

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45623

1.280

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1.270

22621

1.265

Price($)	Vol.	No.
1.295	3818	2
1.300	16603	2
1.305	42635	1
1.310	17997	2
1.315	58197	3

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1.295

3818

1.300

16603

1.305

42635

1.310

17997

1.315

58197

(20min delay)
Last $1.29		Change 0.045(3.61%)		Mkt cap ! $501.7M

Open	High	Low	Value	Volume
$1.26	$1.33	$1.26	$4.613M	3.567M

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