This baby is part of the core holds in NFTRH. It shares 49% of Long Canyon (w/ FRG) and while it has been a very up and down stock, has maintained a nice uptrend all the while. The stock shot up in early June on good Long Canyon drilling and NFTRH noted that the area around the gap and the SMA 200 would present a subsequent buying opportunity. While I would like to have seen the gap filled, it appears a big gorilla came along and gobbled up 100k shares before it could fill.
|Jul 09/10||Jul 09/10||Tognetti, John||Direct Ownership||Common Shares||10 – Acquisition in the public market||100,000||$3.250|
|Jul 09/10||Jul 08/10||Tognetti, John||Direct Ownership||Common Shares||10 – Acquisition in the public market||4,800||$3.280|
IKN Weekly had a lot of interesting things to say about the above purchase last weekend and Otto also had this nugget, which I think should be required reading for all interested in the sector, using a potential land rights glitch w/ FRG & XAU’s Long Canyon as an example.
fact that we’re investing in a risky sector and all types of negativity can come out of left-field at any given moment. We seemed to have missed a bullet here, but the lesson to be incorporated is that there are no “sure things” in junior mining. The second thing to note is that disclosure rules are so lax, especially under Canadian regulations, that companies just don’t have to tell us about these things, they’re under no legal obligation. Now in the case of FRG that might be a little different as it also trades in the US markets and reports under SEC rules, but FRG is just one of thousands out there. It’s a risky business, this junior mining game. Best not to forget that.”