IMHO, there are some investors who simply don't want to hold over the weekend (just in the case the Russians do something stupid). Once these nervous nellies are all gone the SP should firm up a bit. In a nutshell, right at the moment, there is still too much volume on the sell side. However, if the buyers get aggressive, the SP will probably test the 4 cent level again. FYI, I would be happy with just a slight gain today, and a further slight gain on Monday i.e. I prefer small daily gains rather that major rallies and then big pullbacks.
With regard to FNT's fundamental situation i.e. the good news today, it is clear that investors want to see drill results at Gascoyne (so do I) before taking the SP significantly higher. My expectation is that the SP could hit 6 cents just prior to drilling at Gascoyne (mostly the Lyon prospect) early in Q2 (April). We are only about 6 weeks away from Q2, so investors cannot afford to wait on the sidelines for too long (this is not financial advice).
Having said all this about Gascoyne, FNT are also due to release assays from their recent very extensive field trip (rock, trench and soil samples) to Thaula (Tolukuma). Perhaps in the same announcement (?), they are also highly likely to have some highly interesting assay results from the drilling that Newmont Mining carried out in 1988 at Saki.
It goes without saying that if the assays from Thuala are exceptional, the SP just might make a jump.
However, the real elephant in the room are the assay results (from Newmont) for Saki.
If Newmont drilled extensively at Saki, and if the assay results from this drilling are very good, FNT just might be able to announce a "maiden" or "inferred" JORC mineral resource for Saki (as I have stated many times, FNT's rock, trench and soil samples alone will not be enough to be able establish a "maiden" or "inferred" JORC mineral resource for Saki!).
It goes without saying that should FNT announce a "maiden" or "inferred" JORC mineral resource for Saki (probably at least 500,000 ounces of Gold) within the next few weeks, the SP should rally significantly (to 6 cents?), as investors are forced to immediately rerate FNT on this "milestone" news.
GLTAH
Expand
(20min delay)