LeanneDawn Post #: 6154350 Price at time of posting: $3.16 Start of thread: IP: 210.79.xxx.xxx Sentiment: ST Sell Disclosure: No Stock Held Views: 212
broke down today..... Fell out the bottom of the trend....
Going quite a bit lower?
Looks to have good support at $2.20 ______________________________________
MCO Gap Zone WMC continued operating the Morning Star mine between Levels 19 & 23 - with small forays only above the Level 16 - until late 1959, when low Gold prices (fixed at USD35oz), the high cost of electricity (as Woods Point was not yet on the Victorian state grid) & their hunger for W.A. nickel led them to close all gold mining operations in the Eastern states. Consequently, the Morning Star mine was shutdown & never mined between Levels 9 & 15 underground leaving what we believe is a huge 'gap' zone of potentially rich dyke. Our exploration resource target for this 'Gap Zone' is between 1.5mm- 2 mm ounces. This target is assumed looking at the tonnage of dyke, the number of repetitive quartz reefs known to exist and the historical returns of gold ounces per vertical metre within the mine, which is 2000-5000 ounces per metre.
MCO Price at posting:
49.0¢ Sentiment: Buy Disclosure: Held