extremely positive exploration news released by MXR today with...

extremely positive exploration news released by MXR today with visible gold and possible high chalcopyrite/copper grades intersected over a 60 metre interval.

not sure the market fully interpreted the announcement today with statements like this

"The core is currently being logged and processed prior to being dispatched for assay analysis. A high priority has been placed on this core given the significant number of intersections over a 60 metre interval"

MXR management are hinting at further near term positive news.

the company also indicated that further assay results are due next week from only 40 metres away from a recent gold hit of 3m at 30g/t.

given the current speculative hype surrounding the gold/silver sector even the smallest positive exploration news will send the shareprice rocketing.

with a small scale gold mining operation in QLD providing a small cashflow to help with exploration costs the tiny E/V of only $4 million when combined with cash holdings and ERO shareholding makes MXR one of the cheapest gold exploration plays on the ASX.