ERX is an Aussie Goldie that looks ok IMO.
MC approx 26 million
Cash of 15 million.
They have a taken an 80% share of a gold project in Cote d'Ivoire with ASX listed AOP retaining 20%. The deal was script which left
AOP owning 90 million shares in ERX which will be held under a voluntary escrow unless they decide to distribute them to their shareholders.
They have embarked on a 30 000 metre drilling program which will take them through to the end of February at which point
they intend to accelerate their activities. They expect to be drilling for 4 or 5 months into next year and generate a resource for their Antoinette prospect. They are operating with an Air Core drill rig for first pass drilling and a Reverse Cycle/Diamond drill rig to follow up on the targets generated with regular result updates forecast.
So far they have generated multiple large compelling shallow drill targets targets using soil sampling and air core drilling. Rather then clog up
the thread I've posted the link to their latest presentation which well illustrates their current and planned activities.
http://imagesignal.commsec.com.au/docserver/02037607.pdf?fileid=02037607&datedir=20181023&edt=MjAxOC0xMi0yNiswODozNDozMCsxMjArMCtjb21zZWMrcmVkaXJlY3QrL2ltYWdlc2lnbmFsL2Vycm9ycGFnZXMvUERGVGltZW91dC5odG1sKy9pbWFnZXNpZ25hbC9lcnJvcnBhZ2VzL3BkZmRlbGF5ZWQuanNw
The thing I like about them in particular is that the only RC drilling ever done on their leases(by the vendor AOP) returned outstanding drill results
which I've cut and pasted from their last quarterly. 24 out of 28 drill holes returned superb results.
I did the maths on this and worked out the average grade here is just under 6 gpt over the entire table. The gambler in me says it's very unlikely
they hit the best gold or all of it with their very first RC drill pass. If you have read the presentation I posted earlier then you will see where I am coming from. This is all IMO of course.
It's getting very hard to find new gold projects with those sort of grades in a cashed up junior explorer. The big ASX gold producers are moving nicely with the gold price and it won't be long the explorers start to follow IMO providing this general correction doesn't get super ugly. It's possible EXR have timed this perfectly which is ultimately what investing is all about.
Chartwise, EXR was the old NLI(they ran into trouble with ownership issues of their Lithium leases).
As you can see, there's a bit of traffic around these levels but if it breaks thru there's not a lot in its way.
(20min delay)