After getting wiped out in the Opes disaster I am having to rebuild from scratch. I have been doing a lot of research of small resource companies in the hope I can get on at the ground floor on something big. Typcially I am not a risky investor but after the ANZ stole my portfolio I need to take a few risks now to rebuild.
I have kept an eye on Argo ever since they were mentioned in Fat Prophets and thought they had great management and good prospects but didn't look into it much. With this mornings report I started digging a bit deeper and have been blown away with the potential here.
They are sitting on some of the best IOGC tenements in Australia being close to Olympic Dam and right next to Carrapateena (not to mention Oak Dam and Emmie Bluff). I read a Teck Cominco exploration update that hole 50 at Carrapateena that Teck Cominco drilled which assayed at 900m @ 1.8% CU was one of the best hole in the companies history - this from a $15Billion company.
So , after only 5 holes they are starting to hit paydirt, just look at the early holes that were drilled at Carrapateena before Teck Cominco got involved. They are very similar to the results here.
I am a realist and not a ramper and know that it will take dozens more holes before coming close to being a company maker. For those out there listening, do some research into this and the people behind it, have a look at all the companies in the area and see that just about every one of them is finding something.
But I am going to take a chance and hope this baby can help me recover some of my Opes losses. I have tucked a few shares away this morning and will sit and wait.
In this market news like this gets lost and no-one cares which is great for me as I want this to stay cheap while I build a stake.
AXT Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
