Far West Mining adds to resource base with copper-iron discovery.
In resource discovery news Monday, Far West Mining (TSX: T.FWM, Bullboard) announced that the company had hit “a new zone of copper-iron mineralization to the north of the Iris deposit” in its Santo Domingo property, Chile. Far West has named the new zone Iris Norte and indicated that mineralization of the area is similar to that of the original Iris deposit.
The chart for FWM demonstrated a stable price floor for months and months; after shooting up from under $1.00 (all prices quoted in US dollars) to over $4.00 between July and September 2005, the stock eventually settled into a range of between $3.50 and $4.50 for over a year. It currently sits at the $3.50 level and has finally met its 200-day moving average.
News of the discovery was released at 9:26am EST, but as of 10:10am EST, no one had yet posted a reaction on the Far West Bullboard. Sentiment in the past few weeks has been mixed.
Horsesmouth2U isn’t happy with current trading activity, saying, ”WHO IN THEIR RIGHT MIND WOULD BE SO WILLING TO KEEP PUTTING UP STOCK AT $3.60 A SHARE WHEN IT IS VERY EVIDENT THAT THEY COULD EASILY OBTAIN A HIGHER SELLING PRICE. ONLY SOMEONE THAT ACTUALLY MAY WANT TO COME IN AND STEAL THIS PROPERTY.”
Whampoa pointed out that “There are lots of juniors but I know of only one other junior ripe for the block. Then FWM with its PEA may be next. The senior producers need what only a handful of juniors have.”
Members Kamoku, Whampoa and blueruben engaged in a comparison of FWM to Global Copper Corp. (TSX: T.GLQ, Bullboard), a company recently taken over by Teck Cominco (TSX: T.TCK.A, Bullboard) for its Chilean copper property. The members all agreed, through their combined analysis, that FWM had a lot more going for it than GCQ did at the time of takeover, and hence makes a good acquisition target.
Follow the action on the FWM Bullboard.
