For what it's worth, I'm definitely not a disgruntled gambler and know exactly why I sold. I had almost a million of these including options and sold most on the 29/7 for 4 reasons :
- The gold price had run way too hard, way too quick. - I didn't realize the visible gold intercept was so close to previous drilling. - Disappointed by the other holes.
- But the MAIN reason I was considering selling, even before any results, is the bullshit that happened with the visible gold.
I've seen a lot of leaking in explorers especially 2-5m$ microcaps, but it was my first time seeing a 50m$ company jump over 30% and nonchalantly wait for the ASX get involved. In their answer to the speeding ticket, they said they had the report of the visible gold on Friday, so 9m shares got traded by insiders up until the TH on monday.
Of course it got pumped on the tuesday open when the ann came out and then smashed back down as all the insiders had already priced the value increase during the previous days. Who the f*** knows how many mums and dads got sucked on open ?
In an even slightly normal world, this would be investigated as it's one of the most blatantly obvious example of illegal stuff happening, but this is the ASX and with time, I've learned exactly what answers to expect when sending them e-mails.
Legalities aside, contractor selection and maintaining a tight ship is management's job and they dropped the ball hard. Considering how they waited for the ASX to get involved despite having the information for several days and watching the price skyrocket, I simply cannot trust them to defend my position as an outsider and give me a chance to get fair bids.
As I'm typing this, this is getting me angry again despite the good money I made here, because this definitely could have been me buying at 19c and this is worth thinking about.
