I continue to be proud of the only single stock holding in my portfolio, a junior gold producer named Allied Nevada Gold Corp. They have recently reported good results from exploratory drilling at their Hycroft property:
Suffice it to say that this is a very positive result. If the Vortex zone's mineral grades remain higher than those of the overall Hycroft property, it may very well become the "bonanza zone" of that property.
Results like this are the reason Allied Nevada is successful at raising more cash to fund further operations:
The underwriters have enough confidence to subscribe to the entire issue up front. Good for them. I felt the same way when I first met Carl Pescio, one of Allied Nevada's largest shareholders, before he helped create the company.
Nota bene: Anthony J. Alfidi is long ANV, with the intention to continue selling OTM puts under its market price.
Successful drilling in 2008 suggests that a large blanket of sulfide mineralization, associated with veining and brecciation, exists directly below the oxide mineralization at the Vortex. An inferred resource of 62.0 million tonnes grading 0.78 g/t gold and 48.1 million tonnes grading 68.14 g/t silver, for inferred resources of 1.5 million ounces of gold and 105.3 million ounces of silver was released for the zone in March 2008.
Suffice it to say that this is a very positive result. If the Vortex zone's mineral grades remain higher than those of the overall Hycroft property, it may very well become the "bonanza zone" of that property.
Results like this are the reason Allied Nevada is successful at raising more cash to fund further operations:
Allied Nevada Gold Corp said it would raise about C$100.4 million ($92.45 million) by selling 11.2 million common shares to a syndicate of underwriters co-led by GMP Securities LP and Genuity Capital Markets.
The underwriters have enough confidence to subscribe to the entire issue up front. Good for them. I felt the same way when I first met Carl Pescio, one of Allied Nevada's largest shareholders, before he helped create the company.
Nota bene: Anthony J. Alfidi is long ANV, with the intention to continue selling OTM puts under its market price.