HORIZONTE MINERALS PLC (HZM) which is a UK listed explorer which has ground in the Carajas Brazil but no resources at all let alone a JORC has been running on news that it has got some Nickel ground which it has high expectations for. It looks more like Laterite Nickel rather than Sulphide but recent spruiking by the management in the news has seen its shares go for a run.
Converting to $AUS, it has a market cap of $A11.61 Million.
Not bad for a company that has nothing except well located ground but with no resource at all.
Compare that company's market valuation with Avanco's which is sitting on a High Grade Zone (ignoring the rest of the JORC) worth $US180M and lying within 40 metres of the surface.
Avanco is being hopelessly undervalued on the ASX and this can only be explained by the market's nervousness about a raising.
Get that out of the way and the stock should fly.
avb is a bargain
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