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By HotStockRockets | Thursday 10 May 2018
Disclosure: Financial Investigative Media Limited, which is not owned by Tom Winnifrith but by a trust for his dependants, owns shares in companies mentioned in this article. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Bluebird Merchant Ventures (BMV) “is pleased to announce excellent results relating to the initial metallurgical test work conducted on ore from Adit 4 at the Gubong mine”…
This is as “leaching test work performed on the ore sample indicated recoveries in excess of 90% of the gold (up to 97% has been reported from some tests) at low reagent consumption” and potential amenability to the simple and low-cost gravity separation technique indicated. The work allows the company to commence financial evaluation of different process plant options, with it emphasising this latest development is significant as “an ore deposit even of high grade may be compromised should the metal or mineral prove difficult or costly to extract”.
It is also added that “assay results have been received from the recent Kochang underground sampling program. These results are being evaluated and the company expects to update the market next week” and that “we look forward to providing further updates on our progress at both our Gubong and Kochang projects in the near future”.
There thus looks news flow aplenty to potentially spark the shares. They are currently again moving higher following this latest announcement – up to a current 3.25p. However, this still only capitalises this company making rapid progress towards two possible mine re-starts at £7 million. Recommended at 2.5p last year, we target 4.5p+ to sell as the operational progress continues and thus, at around current levels, are happy to retain as a buy.
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