Gold and copper exploration in the Boda region of NSW (plus other areas). Advanced target portfolio and dominant tenure position in discovery hot spots:
➢Wellington North Project: Au-Cu porphyry, epithermal Au ➢Myall Project: Cu-Au porphyry, epithermal Au ➢Parkes Project: Cu-Au porphyry, Orogenic Au ➢Moorefield Project: Orogenic Au, VHMS
Currently drilling two solid looking targets: Lady Ilse and Boda North.
At Lady IIse...........subsequent to the quarter, five holes have now been completed for a total of 1146m (ASX MAG 18 June 2020).
At Boda North..............subsequent to the quarter, a second drill rig has been mobilised and has commenced RC drilling activity at Boda North (MAG 17 July 2020).
Mcap: @ 22.5c approx $38mill............(not including listed MAGOA Exercise price $0.10, expiry 30 August 2021, 26,535,708.......along with 47.5mill unlisted oppies).
SOI: 173,115,298
Cash:$4.235mill at end last qtr. Estimated 4.79 qtrs of funding available. Last raise was in Feb for $5mill at 30c with Hartleys Limited acting as Sole Lead Manager to the Placement.
Slow drift down of late as people await updated news on drilling and assay results, (which I would expect soon-ish). Plenty have been traded well above current levels no doubt. TA saying this is due for a bounce imo. Price has been flirting with and crossing lower BB indicating sell down is getting overcooked at this point imo..........and SS is showing as oversold (not maxed out in oversold territory by any means), K% is looking to deliver a slightly bullish cross near term on any close above 22.5c.
Volumes are around average. Recent support around these levels as well, but might well see some further volatility from the impatient as the small SOI can lead to larger moves either way.
21.0c might come into play again but this has bounced each time the price has tested those waters so far in recent times (perhaps as a result of value hunters looking to accumulate imo).........looks like decent value to myself at 21.0c tbh.
First price target on any bounce would be ema35 cross at 25.0-25.5c. The upper BB then might come into play as second 'evaluation point' for possible exit or alternatively a breakout potential at 31.0-31.5c (off any sustained bounce/run).
Not holding but watching. Watching the whole LFB/Boda region in general actually. This is just my simple take so please DYOR and protect your capital.
