David Pescod on latest results (HAT,CSI,EAS)
posted on
Jun 06, 2009 02:24PM
ATHABASCA BASIN: WHERE GRADE IS KING!
HATHOR EXPLORATION (V-HAT) $2.23 +0.07
COLOSSUS MINERALS (T-CSI) $3.50 +0.12
EAST ASIA MINERALS (V-EAS) $0.80 +0.10
Drilling results out today from Hathor Exploration and
ColossusMinerals
had us and a few others scratching our heads.On Hathor, Canaccord analyst Eric Zaunscherb
tells us that“this represented some of the best intervals ever recorded in
drilling in the Athabasca uranium belt” and yet we note the
market didn’t care at all. Zaunscherb is updating his report
later tonight, so for those who want a copy tomorrow, just email
Debbie at debbie_lewis@canaccord.com.
On Colossus, we went to David Coffin of the
Hard RockAnalyst
for some thoughts and while yes, the results weredecent, Dave suggested that the stock had had such a run
over the last while waiting for drilling results, maybe it’s all
been built into the stock already. He also points out that
this is not a particularly big step out for the drilling, so it
may not have add too much to the resource at this point.
As far as the Hathor results, the Coffin’s are still keen on
this project and as far as the drilling results Dave says, “it’s
just more of the same.” The Coffin’s continue to think
Hathor is a buy up to the $4.00 level and sometime thereafter,
one starts taking profits.
We ask Dave though, if he could only buy one stock today,
what would it be? He answers East Asia Minerals
. Wehad written a comment on East Asia from Dave just a few
days ago and that happened to be the day East Asia announced
some great drilling results and the stock responded
smartly.
He reiterates that buy on East Asia today suggesting that
the company is now probably up to a resource of 2 million
ounces plus and drilling results of a few days ago extended
their zone hundreds of metres.
Meanwhile back to the Hathor story and when we caught
up with company President Steve Stanley
who is a little bitticked himself that the market hasn’t responded smartly to
their incredible drilling results today which included 2 1/2
metres of 70% uranium (yes, that’s 70 percent uranium
folks—not .7% uranium, which is big stuff on other projects)
but also with a big gathering of analysts, writers, and followers
of the Hathor story expected in Saskatoon Tuesday and
Wednesday of next week, he is a little disappointed as additional
drilling results expected from the south-western part
of the project (particularly on some holes that got some
good scentilometer readings) are not expected to be ready
for that meeting. These results might extend the zone of
interest significantly.