asx guru comments on drilling results timing

www.asxguru.com.au

Dec 20, 2010
Azimuth Resources Limited (AZH) ? Drilling Results Due
Categories: ASX Speculative Stocks, ASX Trading Opportunities


Last week Azimuth Resources (AZH) broke through a major resistance level and on Friday the share price pushed through to new highs. Today the run upward continued with the share price hitting a new 12 month high of 27.5c and closing at 27c for a 10% gain.

Although today?s gain was a modest 10% gain the above chart shows a solid break. Back in mid November the company reported the initial drilling results from the Hicks Prospect located in Guyana, South America. Those results were for the first three holes drilled and more results are due as the company has undertaken an extensive drilling program in order to define a maiden JORC code compliant resource at the Hicks prospect.

Going by the recent breakout in the share price, indications are that the release of further good results are imminent.