It's interesting that no work has been done on any of the gold projects at Challa North (WA) for a long time. They are;
- Pioneer (Gold/Copper),
- Paynesville Central/Fenceline (Gold),
- Mt Ford (Gold)
The area is well known for gold occurrences (there are workings as well). Also there are many gold mines in the greater region. (Mt Magnet 45km, Sandstone, Paynes FInd, etc).
I don't know why they haven't done any work on these projects.
They have more than $5m atm ($4.8m cash plus some shares of other stocks).
This is very tightly held stock. There are no sellers atm. Not liquid. Not for traders either.
As I said before I am in this stock for the last 20 months and waiting patiently as I trust the management. The money i invested in it is not small amount either (Ave. 14c cost). It's (more than
) a little bit frustrating for me indeed but my experience tells me that there is no way of making quick and easy money in stock market. I am telling myself "you have to wait".
I am now thinking and hoping of course if they are looking to acquire a better project and keeping cash for it. This was written at the end of the Quarterly Report; "The Company also continues to assess other potential exploration/development projects in the resources sector."
Otherwise we have no clue to understand what they are doing atm.
Finger crossed.
(20min delay)