What's Up With The Trading In Levon Resources?
Friday trading saw Levon Resources LVN stock pop 37% on almost 5 million shares trading hands. No news by the company although there was a write up by the Nation Inflation Association about how they felt the stock was undervalued. According to the article, Levon holds a 100% interest in Mexico's second largest undeveloped silver resource with an indicated silver equivalent resource of 423.5 million ounces, and LVN/LVNVF is currently trading with an enterprise value of only $0.054 per indicated ounce of silver equivalent! This is by far the lowest valuation for a major silver resource.
This is not the first time that LVN has been discussed on this website. Back on December 10, 2012 we mentioned LVN as a promising silver miner because of the 100%-owned, 20,000-hectare (49,400-acre) Cordero Project in northwest Mexico. Cordero represents an outstanding and rapidly-growing target for porphyry silver, gold, zinc and lead. Cordero's first NI 43-101 resource was announced in June 2011 and included 310M oz silver, 900,000 oz gold, 5.3B lbs zinc and 2.9B lbs lead.
So is it now time to buy into LVN? The stock could very well see more upside but whenever we see parobolic charts like the one above there is always that threat of a fast fall. Keep an eye on this as it could very well base itself for the next leg up. Once silver prices rebound, stocks like this are the stocks to be in.
North American Nickel NAN keeps climbing. No news yet on any of the drilling but it should not be too much longer. Maybe in a week or so we will get an update. The stock acts like there is good news. Even with low volumes the stock keep heading north. This week it closed on a new high of 62 cents. A lot of people are up 100% plus, infact YTD the stock is up about 170% and we still got a summer of results and assays coming our way.
Last write up I talked about PC Gold PKL. Looking at a 1 year chart we see a potential cup & handle formation starting. The stock closed up 1/2 cent on Friday to 8.5 cents. Looking a depth there is still some over hang on the ask side but with any amount of more positive news, those asks can dissappear quite fast.
Time to buy into Noront NOT ? The Rim Of Fire explorer had a bit of a sell off in the last week and a bit. Although the stock fell hard there was a nice retracement toward the end of the week.
Thats it for this week. It's been a short trading week with Canada day on Tuesday and the July 4th in the USA yesterday. I guess we officially start the summer doldrums now.
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