hor's drawers...

One for the bottom draw I suspect...

The interesting part of this new, deeper discovery is that, positioned at the north of the existing pit, they already have an access point!

These sorts of grades will support an underground operation, the decline for which can come from the pit...they are ahead of SFR already!

A few more hits like those announced today, and some extra strike length, and we have a potential SFR comparison.

With around 84m shares fully diluted, (an additional $6m from options exercise) and $4.3m cash at hand, at tonight's close of 60c, we get a fully diluted market cap of just $50m, or an EV of just $40m of you exclude their cash!

Peer comparisons suggests this if very, very, cheap on today's results.

I would not be at all surprise to learn some larger predators were buying today...I'll be watching for a substantial shareholders notice in the days ahead.

I was not able to watch this today (back at work sadly), but EOD course of sale analaysis suggests an amazing result for a stock that would have been lucky to trade 100k shares per day in the months leading up to today's announcement. From this simple fact we can gather she is a fairly tight ship with no leaks, and that today's activity was not some insider driven exit dump and a typical pump-it-special!

But, don't let the volumes fool you...I suggest we did not see nearly 50m shares actually change hands today (almost all available listed stock), despite the fact this was the volume that traded. In actual fact, it appears that more like about 15m net of fresh shares hit the screens today, with new investors (soaking stock up permanently) and traders (buying and selling for a quick trade), jostling for the same space for most of the day.

When this happens, instead of the 15m of fresh stock eventually exhausting the buyers, the investors simply keep soaking this new stock up...the higher it rises, and as new stock hits the market, a constant supply of investors keeps taking it off the market.

In the end, it appears just 5m or so shares are actually in the hands of the temporary money...going back and forward in a classic rising intra-day cycle.

On this basis...every time we went through another cycle of 5m or so shares, the stock would experience yet another rise, as the temporary holders ran out of selling stock.

Interestingly, whilst this sort of activity continues, a stock can be expected to keep rising...and rising...as each cycle completes, as we saw today!

The secret here is the tight register, in spite of today's apparent volume, which was really just mostly a churn game with relatively little net stock at play!

The trading volumes prior to today's activity tells the real tale about the register here...and the likely very limited free float...for the monet leading up to today we average less than 100k shares turning over per day!

lol

Of course, as a price rises, more and more shares can be expected to enter the market, as longer term shareholders lock in profits...but as long as a similar number of new investors keep picking up the new stock, the rise should both continue and be sustainable.

SFR is a case in point for the sorts of trading patterns the market might expect to see here...RXM is another stock which had a similar register profile.

In time, we can expect the daily volumes to slip back to something more in tune with the available free floating stock, which by then may be as little as 5m shares...and a daily turn-over something closer to 300k shares!

On this issues...at some point HOR can be expected to conduct a placement, firstly to take advantage of their higher prices to lock in significant funding, which they will no doubt need, but also to open up the register to fresh stock...in the sort of quantities required for institutional interest...and in doing so, essentially setting the scene for market coverage, etc...

I believe we saw the preliminary groundwork for this today...and I suspect there is more to the rise than just a typical market furry on obviously good news...HOR is being set up as a keeper in my view.

We will obviously see her come back and settle at some point, but picking just when...and at what level...is the 64 million dollar question...or should that be 64.5c question?

Regardless of what transpires here, it might be a good idea to keep some HOR's in your bottom drawers!

Cheers!