After a few weaker days, gold stocks closed higher Thursday. This was good news for some market participants in February’s Stock Challenge.
None benefited more than new member ‘thumbgisc‘ who selected Satori Resources’ stock for this month’s Challenge. His combined average return jumped 18.75% after the junior rallied an impressive 33% on the day.
Satori Resources’ stock breaks out
The move in Satori Resources’ stock was due to the reported increase in the company’s indicated mineral resources by 135% to 240,000 ounces gold at 6.32 g/t at Tartan Lake. The grade is what turned heads Thursday.
Satori has now traded to a new 52-week high and joined the gold bull market on the TSX Venture. With only 20 million shares outstanding, the small-cap company’s market cap crested above $4 million.
The Venture closed up 0.33% to 839.45 and has only declined three times in February.
Satori Resources’ Tartan Lake Gold Mine Project is located within the prolific Flin Flon mining district, in Manitoba, Canada. Below is an excerpt from this morning’s press release:
- The updated Mineral Resource estimate, using a cut-off grade of 3.0 grams per tonne of gold (“g/t Au”), comprises an Indicated Resource of 1,180,000 tonnes at 6.32 g/t Au for 240,000 ounces and an Inferred Resource of 240,000 tonnes at 4.89 g/t Au for an additional 38,000 ounces
- Indicated resource gold ounces and grade have increased by 135% and 24%, respectively, compared to the 2012 mineral resource estimate, due to the successful conversion of inferred ounces to the indicated category
- Mineralized Resource includes a strike length of 625 metres down to a maximum depth of 575 metres below surface in the Main Zone and 275 metres below surface in the South Zone
- The Main and South Zones remain open along strike and down-dip beyond the limit of the current resource model”
Click here to read the entire press release.
Looking out into 2017, Satori has an exploration program currently being designed to in-fill and expand the existing resource model. The company explained, “The Main and South Zones remain open along strike and down-dip beyond the limit of the current resource model at 575 metres and 275 metres below surface, respectively.”
Satori Moves Higher in February’s Stock Challenge
Long-time member ‘MRG_WPG‘ is nipping at his heels with a 43.56%. With only three trading days remaining in February, the silver bullion and Pinnacle swag is up for grabs.
Check out the February’s Top 10 as of February 23rd:
Click here to enter for March’s Stock Challenge now.