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5 Top Weekly TSXV Stocks: NEO Battery Rises Over 25 Percent

Last week’s top-gaining mining stocks on the TSXV were Adex Mining, Fjordland Exploration, BMEX Gold, P2 Gold and NEO Battery Materials.
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The S&P/TSX Venture Composite Index (INDEXTSI:JX) took a fall last week, dropping from 921.48 on Monday (August 16) to close the five day period at 864.71.

Gold remained in focus in the resource space, continuing to trade under US$1,800 per ounce.

The yellow metal has not repeated last summer’s all-time high, and some experts believe it needs to see more decisive action from the US Federal Reserve before making a move.

 

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Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:

Here’s a look at those companies and the factors that moved their share prices last week.

1. Adex Mining

Junior miner Adex Mining is focused on its New Brunswick-based Mount Pleasant mine property, which hosts tungstenmolybdenum and tin-indium-zinc mineralization.

Adex filed several documents on SEDAR last Friday (August 20), including its latest management’s discussion and analysis statement. Its share price rose 50 percent last week to end at C$0.02.

2. Fjordland Exploration

Fjordland Exploration is looking to discover large-scale economic metal deposits located in Canada.

The company has an option to wholly acquire the Renzy nickelcopper project in Quebec, and is exploring the South Voisey’s Bay target in Labrador with Ivanhoe Electric and Commander Resources (TSXV:CMD). Aside from that, it is reviewing its West Milligan copper-gold project in BC, which is a joint venture with Northwest Copper (TSXV:NWST,OTCQX:NWCCF). There was no fresh news from Fjordland last week, but its share price increased 35 percent during the period to close at C$0.14.

3. BMEX Gold

BMEX Gold is working on earning 100 percent interests in two historical high-grade assets in Quebec, and states that its team has experience exploring and developing large scale-resource projects. The company’s King Tut and Dunlop Bay assets are both located in the Abitibi greenstone belt.

 

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The latest news from BMEX came at the start of August, when it announced the details of its H2 exploration plans for its King Tut and Dunlop Bay properties. Despite the lack of recent news, the company’s share price rose 30.77 percent last week to end at C$0.17.

4. P2 Gold

Exploration and development company P2 Gold is advancing precious metals discoveries and acquisitions in the Western US as well as Canada. It has assets in Nevada, Oregon and BC.

P2 Gold has been drilling at its Gabbs and BAM properties in July and August, and last week filed a number of documents on SEDAR, including its latest management’s discussion and analysis statement. Its share price increased 29.27 percent during the period to close at C$0.53.

5. NEO Battery Materials

With a focus on battery metals exploration in North America, NEO Battery Materials has staked new mining claims in BC that are along strike with a quartzite bed. The company intends to become a silicon anode materials supplier to the electric vehicle industry.

Last Friday, NEO Battery announced the production of its first prototype of silicon anode active materials, and said that samples have been said to non-disclosure agreement partners for full cell evaluation and electrochemical characterization. The company’s share price jumped 27.87 percent to finish at C$0.78.

Data for 5 Top Weekly TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s stock screener. Only companies with market capitalizations greater than C$50 million prior to the week’s gains are included. Companies within the non-energy minerals and energy minerals are considered.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Commander Resources is a client of the Investing News Network. This article is not paid-for content.

 

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The post 5 Top Weekly TSXV Stocks: NEO Battery Rises Over 25 Percent appeared first on Investing News Network.

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Drilling proves Strickland’s theory about Dusk til Dawn gold mineralisation

Special Report: The balance of results from drilling at Dusk til Dawn have all but confirmed Strickland’s reinterpretation of how … Read More
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The balance of results from drilling at Dusk til Dawn have all but confirmed Strickland’s reinterpretation of how mineralisation at the prospect really looks like.

Results such as 10m grading 3.1 grams per tonne (g/t) gold from 314m and 11m at 2g/t gold from 249m including 5m at 3.2g/t gold have extended gold mineralisation further down dip.

Previous results from the same drill program had yielded hits such as 33m at 3.6g/t gold from 61m and 24m at 1.6g/t gold from 196m including 12m at 2.5g/t gold.

More importantly, all holes have intersected the modelled alteration zone where Strickland Metals (ASX:STK) had predicted, a strong indicator that its understanding of Dusk til Dawn mineralisation is down pat.

It also means that further discoveries in the surrounding terrain are very likely given the proven effectiveness of the company’s current set of geophysical and geochemical techniques used at the prospect.

This means that there is significant potential for the discovery to scale-up given that there are up to 20 lookalike targets in two corridors within roughly 10km strike of Dusk til Dawn.

“The drilling has confirmed the company’s reinterpretation of the mineralisation at the prospect, with all holes intersecting the targeted zones where predicted. Remodelling of the mineralisation is underway, with an updated Mineral Resource expected in early February 2022,” chief executive officer Andrew Bray said.

“Most excitingly, our growing understanding of the mineralisation in this area opens up a tremendous opportunity to intersect repeats of this style of mineralisation.”

He added that six of the lookalike targets were drilled prior to the reverse circulation program concluding in December 2021, with all holes intersecting the targeted alteration zones.

However, the ongoing laboratory delays mean that results from these initial holes are not due until the middle of February 2022.

Strickland Metals cross section dusk til dawn gold
Dusk til Dawn cross section. Pic: Supplied

And now for the next act

Work is now underway to remodel the existing resource of 108,900oz of contained gold.

Strickland believes that correctly orientating the mineralised plunge will potentially lead to a material increase in both grade and tonnage.

This remodelling should also demonstrate the excellent potential to build a substantial mineralised inventory in the immediate surrounding region should the nearby ‘look-a-like’ targets also be mineralised.

The updated resource estimate is expected to be announced early in February 2022.

 


 

 

This article was developed in collaboration with Strickland Metals, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post Drilling proves Strickland’s theory about Dusk til Dawn gold mineralisation appeared first on Stockhead.


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Precious Metals

Precious Metals Outlook 2022

Summing up the performance of last years precious metals prices starting with…

By Rod Blake

Summing up the performance of last years precious metals prices starting with gold which was off by $76 or 4% from its highs by year end 2021 at US$1,822. Silver and platinum group investors might use the more descriptive ‘damn’ to sum up their year as silver lost 12.5% to US$23. Platinum fell by 10% to US$962 and palladium dropped by almost 18% to US$1,928. And as boring or disappointing as these numbers are they look even worse when compared to their base metal cousins such as copper that gained over 25.5% to US$4.42, nickel up 26% to US$9.47 and zinc that rose by 31.5% to US$1.63. And even these pale when compared to the petroleum sector where crude oil advanced by almost 59% to US$75.21 and natural gas gained 47.5% to US$3.76. Then to really feel bad compare precious metals in 2021 to the electric vehicle battery mineral lithium that  rose by 142% to US$77 or its more stable compound lithium carbonate that soared up by 393% to US$16.67.

In early January, I saw that the price of gold, at about US$1,900, was forming a potentially very bullish ‘Flag or Pennant ‘ formation in advance of its usual New Year’s rally. Unfortunately this rally was short-lived and actually failed as gold peaked shortly after at US$1,955 before drifting down to the year’s low of US$1,700 in early March. This was followed by another ‘Dead Cat’ rally in June that saw the yellow metal rise once again to US$1,900. But this rally failed to take out the previous US$1,955 high and the yellow metal quickly settled back down once again to US$1,750. And let me caveat the rest of this column by saying upfront that my outlook on precious metals in 2021 wasn’t quite what I anticipated on its upside performance. Especially for gold which I thought was poised for a very good year. In July I wrote that gold seemed to have formed a base above $1,700 and this base along with the traditional second half of the year rally could push gold to new highs. Unfortunately, the second half rally turned into more of a recovery and gold bullion finished 2021 at the above mentioned US$1,822. For whatever reason – the two strongest seasons for gold bullion failed to materialize in 2021. Meanwhile silver held US$26 – US$28 for the first half of the year but eventually fell along with gold. Platinum/Palladium followed suit but their price drop was accelerated by the chip shortage induced drop in new car sales and by extension demand for new catalytic convertors.

In short, 2021 was a very disappointing year for precious metals and especially gold. And not just because gold lost a nominal 4%. No, the gold market was so disappointing  because early in the year gold seemed to have the planets aligned with conditions for a good if not exceptional year ahead. Conditions that could see gold possibly take out the 2020 record high of US$2,075. Record low interest rates and the markets awash in Covid induced government money were the two most obvious conditions and those alone could have propelled gold higher. But this failed to happen. Looking back, it seems the giant NASDAQ and S&P 500 markets, which were continually achieving new record highs, would not let go of their winners and attracted the vast amount of this new money that otherwise might have migrated to gold. Any dips in those markets quickly brought in more investors to ‘Buy the Dips’ and drive those markets higher again. Any seasoned observer of the markets knows that buying begets more buying and these markets had it in spades. Now add to this the money that went into the new crypto currency markets. Much like the high flying cannabis markets of a few years ago, the crypto stocks also rose to new highs in 2021, With these markets reaching higher highs it is not too hard to imagine investors ignoring precious metals that not only couldn’t make new highs but at best could not hold on to previous gains.

Now, against last year’s backdrop, how do I think precious metals will do in 2022? Time is an amazing investing tool. Time gives one the advantage of stepping away from the immediate actions or emotions and let’s one look at the bigger and sometimes clearer picture. Now take gold. And although 2021 was disappointing, the year was still interesting, and taken as whole may have given some insight to the year ahead.  If you can, take a look at a 1-year chart of gold bullion. From the early in the year high of US$1,955 and the resulting low of US$1,700, gold has tracked out a wedge pattern of descending highs and more importantly, ascending lows. Currently, as I write this in early January,  the overhead resistance has descended to about US$1,825 and the ascending low is risen to about US$1800. If this pattern continues then the rising lows should meet the descending resistance sometime in the near future. From there gold either breaks thru to test the 2021 highs or it fails once again and falls to new lows. Recent monetary events suggest that gold bullion should be going lower. The U.S. Federal Reserve (Fed) has stated that 2022 will see rising interest rates and a tightening of the money supply. This announcement should be detrimental for gold, but gold is holding at or near US$1,800. It is said that a commodity (or stock) that doesn’t go lower in the face of negative events wants to go higher. With this in mind I’m looking for gold to meet and break thru the overhead resistance sometime in the first quarter. And the extended basing pattern suggests the measured move above this resistance could have some strength to it so that the 2021 high of $1,955 could be put to the test once again later in the year.

Silver usually follows  gold, but if it starts to outperform gold then we’ll know that a real precious metals bull market has begun. Platinum/Palladium should also follow gold but will also get the benefit of more demand as the auto industry once again gears up with renewed shipments of those all important chips. Based on last year’s disappointments, if gold bullion can take out US$1,955, silver recover to US$28,and Platinum/Palladium get back to US$1,300 & US$3,000 respectively then 2022 will be considered a good year for precious metals.

The above 2022 outlook is based on historic and current market conditions and supported by charts. But then there are the intangibles that ebb and flow and can effect markets during the course of the year. Three of these are the above mentioned NASDAQ, S&P 500 and crypto markets. To me these markets seem very overextended and are supported by the current ‘Buy the Dips’ mindset. Should this change and these markets give up some of their gains and that money comes to the precious metals markets then perhaps a run above the 2021 highs could be in the works. Based on my past forecasting performance, I won’t officially go that far, but I’ll be secretly watching and waiting for it to happen.

Meanwhile, looking forward at producing and early-stage exploration companies, Dynacor Gold Mines Ltd. has been successful at the sustainable development of artisanal mining communities while offering investor an attractive 0.83 cent monthly dividend, up from 0.67 cents and on an annual basis to 10 cents from 8 cents per common share starting in this month.

And Aurwest Resources Corp., a Canadian-based junior resource company focused on the acquisition, exploration, and development of gold properties in Canada.

Dynacor Gold Mines Inc. [DNG-TSX} is an alternative gold company investment with a proven and profitable business model that involves the processing of ore purchased from the ASM (artisanal small-scale mining) industry in Peru.

Dynacor aims to be an environmentally and socially responsible industrial gold ore processor that is committed to shareholder returns through a monthly dividend stream and stock buyback program.

The company has US$17.8 million in cash, is debt free and has guided investors to anticipate $185-$190 million in gold sales for 2021. It recently declared a 25% increase in the monthly dividend payment of $0.83 cents per common share.

Dynacor operates in Peru, where its management and processing teams have decades of experience working with artisanal miners. Through a subsidiary called Veta Dorada, the company buys ore form Artisinal Small Miners who are enlisted in the formalizing process of the Peruvian government. The Veta Dorada Plant has a processing capacity of 340 TM/D and is located in the Chala District, Arequipa, Peru.

The company has implemented a compliance system for money laundering prevention and terrorism financing, focused on risks through which acts of corruption and money laundering are also prevented. “In our production areas, there is no child or forced labour,” Dynacor has said. Gold is exported from Lima airport to Switzerland.

As of June 2021, the company increased its processing capacity to 430 TM/D from 340 TM/D.

In the third quarter ended September, 2021, the company reported a net profit of $3.5million or $0.09 per share, an increase from $1.25 million or $0.03 in the same period last year. Sales of $61.9 million in the third quarter marked an increase from $24 million in the year ago period.

On January 22, 2022, Dynacor shares were trading at $3.04 in a 52-week range of $3.29 and $1.77, leaving the company with a market cap of $118 million, based on almost 39 million shares outstanding.

Aurwest Resources Corp. [AWR-CSE] is a Calgary-based junior exploration company that offers low risk exposure to early stage precious and base metal exploration in Newfoundland and British Columbia.

The company has option agreements, enabling it to earn a 100% interest in the Paradise Lake and Stony Caldera projects, covering a 478 square kilometre package of gold exploration licenses located within the emerging central Newfoundland gold district.

Paradise Lake consists of three separate claim blocks. Collectively the properties cover 45 kilometres of strike length of the regional scale structure hosting Marathon Gold Corp.’s [TSX:MOZ, OTC:MGDPF – Mkt cap C$755M] Valentine Gold Project, New Found Gold Corp’s [TSX:NFG – Mkt cap C$1.28B] Queensway project and Sokoman Minerals Corp.’s [TSX:SIC – Mkt cap C$67.1M] high-grade Moosehead gold discovery.

Aurwest has received government permits to complete a 10,000-metre diamond drilling program at Paradise Lake.  The program will consist of two phases, with the first phase consisting of a 3,000-meter program beginning in late January, 2022 (see news release dated January 6, 2022).

The main target is a 3.0-kilometre-long trend of high-grade gold in angular pyritic boulders of quartz breccia.

“We have concluded our preliminary 2021 exploration program at Paradise Lake with several high priority targets being identified,’’ said Aurwest President and CEO Colin Christensen.  “This area has had no historical drilling and is situated along the Cape Ray Valentine Lake structure with up to 14.22 g/t gold at surface,’’ he said. “We’re looking forward to joining the few other companies who are currently drilling in the area, and the potential re-valuation of our share price as we move ahead.”

In British Columbia, the company also holds a 100% interest in the 24,533-hectare Stellar copper/gold project, plus an additional 3,761 hectares of contiguous claims in the now 100% owned Stars property, which includes an early-stage porphyry copper-molybdenum discovery. In 2019 the previous operator had drilled 16 holes over 6, 472 meters, with a selected significant drillhole DD18SS004 assaying 0.45% Cu, 0.045g/t Au, and 0.0048% Mo over 204 meters. This district scale play lies on the Nechako Plateau, 25 kilometres southwest of Houston and 58 kilometres north of Imperial Metals Corp.’s (III-TSX) Huckleberry Copper Mine.

On January 18, 2022, Aurwest shares closed at $0.13 and trade in a 52-week range of 22 cents and $0.065 leaving the company with a market cap of just under $12.8 million, based on 98.3 million shares outstanding.

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88 Energy Ltd (OTCMKTS: EEENF) Major Move Northbound as Oil Operator Tips a February Spud Date for its Merlin-2 Well in Alaska’s North Slope Oilfields

88 Energy Ltd (OTCMKTS: EEENF) is making a powerful rise up off its $0.02 base on a massive surge of volume in recent weeks and is starting to get noticed…

88 Energy Ltd (OTCMKTS: EEENF) is making a powerful rise up off its $0.02 base on a massive surge of volume in recent weeks and is starting to get noticed by some big players. Currently under heavy accumulation EEENF regularly trades between $5 and $20 million in dollar volume per day and has a huge international following of shareholders. The stock has a history of big moves running to $0.095 in April of 2020 after the Company announced results on the Charlie-1 well. The well was drilled on time and within budget and penetrated sandstones in seven stacked targets and shale in one target. Analysis of logs and sidewall cores subsequently confirmed condensate discoveries in the Torok Formation and oil in the Seabee Formations.  Since than EEENF has traded fairly quietly in the $0.02 range until the last few weeks as the stock has made a powerful move northbound. Speculators are looking for a break over $0.095 for confirmation of the next leg up. 

88 Energy is the operator of over 440,000 net acres in total across the Alaskan regions over four highly prospective project areas: Project Icewine, Yukon Leases and Project Peregrine and the Umiat oil field. Merlin-2 is shaping up to be one of the high-impact wells the oil and gas investment community will be watching this year and a positive outcome will mean it is game on for the ASX-listed company. As oil continues to rise quickly with some experts now predicting $100 per barrel crude is on the horizon, it’s easy to see why EEENF is being heavily accumulated at current price levels; the Company has been making some big moves behind the scenes including increasing their ownership in the Peregrine mine to 100%, Extinguishing all of their debt, and beefing up their management team with a new petroleum engineer and a petroleum Geologist in Philip Byrne and Robert Benkovic. The ex-CEO of the Company David Wall recently doubled his position in EEENF from 120 million shares to 254 million shares.  According to their latest filing 88 Energy is well funded moving forward with $32 million in the treasury with total prospects for their wells targeting at least 1.638 billion barrels of oil. 

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88 Energy Ltd (OTCMKTS: EEENF) is an Alaska-focused oil exploration and appraisal company across ~440,000 net acres targeting the world class North Slope of Alaska estimated by the USGS in 2005 to hold more than 50 billion bbl of oil and natural-gas liquids and 227 trillion cubic feet of gas. 88 Energy owns a diversified portfolio of four highly prospective project areas: Project Icewine, Yukon Leases, Project Peregrine and the Umiat oil field. The company is the Operator across all of its portfolio of world class exploration and appraisal assets. 88 Energy’s drilling programs maintain adherence to the strict environmental regulations that exist in the State of Alaska. It’s drilling programs also provide significant job opportunities to local Alaskans. 88 Energy’s purpose is to build a successful exploration and production company that delivers material returns to its shareholders and contributes to stakeholders and development of the regions in which it operates in. 88 Energy has adopted the World Economic Forum Environment, Social, Governance (ESG) reporting framework to report against key sustainability metrics including governance, ethical behavior, carbon emissions, water consumption, diversity and inclusion. 

Microcapdaily first reported on EEENF on March 18, 2000 stating at the time: “EEENF (88 Energy) has seen a massive surge of volume in recent days and is beginning to move northbound as the stock quickly gets noticed by investors who have been heavily accumulating in recent days. Trading has been heavy in recent days easily topping $5 million in daily trading volume and much more on some days. 88 Energy operates 200,000 net acres at Project Icewine and 195,000 net acres at Project Peregrine, both targeting oil on the world class North Slope of Alaska estimated by the USGS in 2005 to hold more than 50 billion bbl of oil and natural-gas liquids and 227 trillion cubic feet of gas. Timing could not be better for a potential mammoth oil strike with the Crude Oil WTI Index hitting a high of US$67.98 per barrel just last week, a level it hasn’t traded at since 2018.” Since than things have progressed well for EEENF investors with the price of crude now sitting at US$85 per barrel. 

Later in 2020 we reported on EEENF as the Company hired on Philip Byrne and Robert Benkovic after executive chairman Michael Evans retired after 7 years with the Company. We reported at the time: “88 Energy has hired Philip Byrne. The energy company also said that Robert Benkovic has been appointed chief operating officer. Mr. Byrne is a petroleum geologist with over 40 years’ experience in the international oil and gas industry across technical, exploration, commercial and executive leadership roles. Mr. Benkovic is a petroleum engineer and subsurface manager with almost 25 years’ experience across the oil and gas industry.   

Project Icewine; – In-house analysis will continue to assess various commercialization options for the gas condensate discovered in the Torok Formation by 88E’s Charlie-1 well in 2020. The discovered resource comprises over 1 TCF of independently estimated gross mean prospective gas as well as associated condensate. The commercialization options include, but are not limited to, possible local power generation, compressed natural gas as well as potential for conversion to hydrogen using steam methane reforming (SMR) with carbon capture and storage (CCS) processes. It is expected that this work will move to a formal feasibility stage during 2021. Farm-out of Project Icewine is ongoing, with a deal targeted in 3Q 2021. Further evaluation will continue on the Project Icewine HRZ liquids-rich unconventional resource play. 

Yukon Acreage; – The Yukon Gold leases are located on the eastern border of the Central North Slope of Alaska and were acquired in 2018 and 2019. 88 Energy via its subsidiary Regenerate Energy Alaska Inc. has a 100% working interest in these leases, totaling 15,235 acres. The leases contain an historic discovery well, Yukon Gold #1, which will continue to be evaluated internally. Discussions are ongoing with nearby lease owners to optimize the monetization strategy for existing discovered resources located in the vicinity of the Yukon Leases. 

Project Peregrine; – The Merlin-1 and Harrier-1 wells will be drilled and tested in Q1 2022, with Alaska Peregrine Development Company LLC under the terms of the SPA paying the full costs of an appraisal wells up to a total of US$10 million with both wells planned for drilling to a Total Depth of ~6,000’ in order to intersect the prospective Nanushuk topset horizons that are located on trend to existing discoveries to the north of the project area. 

Umiat Oil Field; – Subsequent to year-end on 8th January, 88 Energy, via its wholly owned subsidiary Emerald House LLC, entered into a Sale and Purchase Agreement with Malamute Energy, Inc and Renaissance Umiat LLC (Sellers) to acquire the Umiat Oil Field. The consideration for the purchase was a 4% ORRI and assumption of the liability for the abandonment of the Umiat-18 and Umiat-23H wells, drilled by Linc Energy in 2013/2014. The estimated cost to abandon the two wells is approximately US$1m and planned to occur in the first half of 2021. 

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EEENF

On January 17 88 Energy provided an update on its Merlin-2 Operations  

Highlights 

  • Merlin-2 Permit to Drill in the final stages of review by the Bureau of Land Management (BLM)
  • Snow road construction commenced ahead of Merlin-2 drilling
  • Commissioning of the Arctic Fox rig commenced
  • Spud of Merlin-2 remains on track for February 2022

88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or the Company) is pleased to provide the following update in relation to the Merlin-2 appraisal well activities, located in Project Peregrine in the NPR-A region of the North Slope of Alaska. 

Commissioning of the Arctic Fox rig has commenced ahead of mobilisation to the Merlin-2 drilling location. Construction of the single lane snow road to the Merlin-2 location has also commenced, with good conditions noted in field and construction of the snow road on schedule. 

Permitting and planning for the Merlin2 well is now largely complete, with the well on track to spud in February 2022. The Merlin-2 Permit to Drill is in the final stages of review by the BLM and is on schedule to be issued ahead of rig mobilisation. 

88 Energy notes that it is aware of media reports of correspondence to the BLM from the Center for Biological Diversity (CBD) with respect to the Permit to Drill for the Merlin-2 well. The CBD is a not-for-profit environmental activist group in the U.S.. With the current status of the review of the Permit to Drill by the BLM, as well as numerous other related approvals and permits from various government agencies, 88 Energy is nearing completion of permitting and the well remains on track to spud in February 2022. 

The Merlin-2 appraisal well is planned for a Total Depth of 8,000 feet, and is targeting 652 million barrels of oil1,2 in the highly prospective N18, N19 and N20 targets that were encountered in the successful Merlin-1 well (drilled in March 2021 to a depth of 5,267 feet). Merlin-1 demonstrated the presence of oil in these multiple stacked sequences within the Brookian Nanushuk Formation 

88 Energy is the operator of over 440,000 net acres in total across the Alaskan regions over four highly prospective project areas: Project Icewine, Yukon Leases and Project Peregrine and the Umiat oil field. Merlin-2 is shaping up to be one of the high-impact wells the oil and gas investment community will be watching this year and a positive outcome will mean it is game on for the ASX-listed company. 

 For more on EEENF Subscribe Right Now!

EEENF is making a powerful rise up off its $0.02 base on a massive surge of volume in recent weeks and is starting to get noticed by some big players. Currently under heavy accumulation EEENF regularly trades between $5 and $20 million in dollar volume per day and has a huge international following of shareholders. The stock has a history of big moves running to $0.095 in April of 2020 after the Company announced results on the Charlie-1 well. The well was drilled on time and within budget and penetrated sandstones in seven stacked targets and shale in one target. Analysis of logs and sidewall cores subsequently confirmed condensate discoveries in the Torok Formation and oil in the Seabee Formations.  Since than EEENF has traded fairly quietly in the $0.02 range until the last few weeks as the stock has made a powerful move northbound. Speculators are looking for a break over $0.095 for confirmation of the next leg up. 88 Energy is the operator of over 440,000 net acres in total across the Alaskan regions over four highly prospective project areas: Project Icewine, Yukon Leases and Project Peregrine and the Umiat oil field. Merlin-2 is shaping up to be one of the high-impact wells the oil and gas investment community will be watching this year and a positive outcome will mean it is game on for the ASX-listed company. As oil continues to rise quickly with some experts now predicting $100 per barrel crude is on the horizon, it’s easy to see why EEENF is being heavily accumulated at current price levels; the Company has been making some big moves behind the scenes including increasing their ownership in the Peregrine mine to 100%, Extinguishing all of their debt, and beefing up their management team with a new petroleum engineer and a petroleum Geologist in Philip Byrne and Robert Benkovic. The ex-CEO of the Company David Wall recently doubled his position in EEENF from 120 million shares to 254 million shares.  According to their latest filing 88 Energy is well funded moving forward with $32 million in the treasury with total prospects for their wells targeting at least 1.638 billion barrels of oil. We will be updating on 88E when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with 88E.

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Disclosure: we hold no position in 88E either long or short and we have not been compensated for this article

The post 88 Energy Ltd (OTCMKTS: EEENF) Major Move Northbound as Oil Operator Tips a February Spud Date for its Merlin-2 Well in Alaska’s North Slope Oilfields first appeared on Micro Cap Daily.

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