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Trident Swings. Trident Hits. Trident Scores.Bob Moriarty I wrote about a young company named Trident about two weeks ago. Back then they reported an intercept of 7.03 grams over 43.25 meters showing a reading of 304 gram-meters. Anything over 100 gram-meters is a home run. Anything over 300 gram-meters is a mine in the making. When they made their announcement two weeks ago the shares rocketed higher by over 100% on the intraday high. Since then, it has bounced back and forth between $1.32 and $2.10 before settling at $1.43 last Friday. The company conducted a webinar last week. They said they would release an updated MRE before the New Year. On November 24th they overdelivered on their promise increasing total gold to right at 2 million ounces. That includes 896,500 gold ounces in the indicated category and an additional 1,129,600 ounces in inferred. That’s 166% of the historic resource of a total of 1.2 million ounces. One of the things they did that made a ton of sense to me was update the historic numbers to reflect a more rational price of gold. With spot gold holding over $4000 an ounce, it simply doesn’t make any sense to use the old historic figures of $1,500 and $1,700 for gold. Both those figures are in USD as is the new figure of $2,600 for gold in the updated MRE. Believe it or not, that’s actually not the most significant information in the press release. This year’s program of 19 holes has only had three holes released. That leaves an additional 16 more as a nice holiday present to look forward to. I suspect the company will continue to keep whacking investors with good news until they wake up and smell the roses. As of last Friday, ROCK had a market cap of only $45 million in spite of having a high grade 2 million gold ounce resource and $12 million in cash and shares in the bank. That’s not just cheap. That’s absurd. Trident is an advertiser on 321gold. I participated in the last private placement they did and have purchased shares in the open market. Obviously I am biased. When you are doing your own due diligence please go through their excellent company presentation. Trident Resources Corp ### Bob Moriarty 321gold Ltd |
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