60.7 million shares outstanding
I was going to do a writeup for this one last week, but never got around to it. The stock price has taken quite a hit since it's spin-off from San Gold last year. San Gold has 50% ownership of SGX resources, with SGX Resources the other 50%.
Technically the stock needs to break through .36 for any upside momentum.
Ok, now the nitty gritty. SGX Resources has properties in Timmins. The map below shows those claims, with the exception of the Davidson-Tisdale claim, which was retained by San Gold. San Gold has a joint venture agreement with VG gold which merged with Lexam (Rob McEwen). (I think this agreement needs renewing)
From their website:
SGX Resources Inc. has acquired a number of properties, totaling approximately 3500 hectares along the prolific gold producing belt of Timmins. Ontario. These properties lie along splays or cross-faults of the Porcupine-Destor Fault which is considered to be the controlling structure in the camp.
The company is conducting exploration programs including diamond drilling, on these properties. The company has also recently acquired a large 5000 hectare property 60 kilometers south of Timmins, along the western extension of the Kirkland Lake break. Exploration of this area will commence immediately.
SGX resources released news on Feb. 2, after market closed. I thought something was up with the stock, but volume didn't warrant picking up any shares. This one has been on my watchlist for a while with the intention of taking a stake in the company.
Here's part of today's news
SGX Reports on First Phase of Drilling at Timmins North Deposit
Hugh Wynne, CEO of SGX Resources Inc. (SXR:TSX-V) is pleased to report that exploration drilling from surface has been successful in extending, confirming and adding to the Timmins North (formerly known as Black Pearl) deposit. Drill hole # SGX-10-18 demonstrated both significant grade and width by intersecting 8.2 g/tonne (0.24 oz/ton) over 3.8 meters (12.5 ft) at 150 meters below surface, near the known western limits of the deposit. High grade was also encountered at the extreme west end of the deposit in drill hole #SGX-10-09, cutting 61.8 g/tonne (1.81 oz/ton) over 1 meter (3.3 ft) at 75 meters below surface. The Timmins North gold deposit is owned 50% by San Gold Corporation (SGR: TSX) and 50% by SGX Resources Inc. with SGX being the operator.
See link for rest of drill results.
http://www.sgxresources.com/News-Releases.page
Hugh Wynne is currrently the CEO of SGX. It's a positive for the company because they'll have access to drills as Hugh Wynne is the owner of Wynne Drilling.
I currently hold shares in San Gold, but will be looking to take a position in SGX Resources - SXR.V
SGX Resources Insiders have been buying
http://www.canadianinsider.com/coReport/allTransactions.php?ticker=sxr
Please click the link below to view the Map directly from SGX Resources website. The image I've included below was from San Gold's site prior to the spin off of SGX Resources.
TIMMINS MAP FROM SGX RESOURCES WEBSITE
Click here for more information on SGX Resources.
http://www.sgxresources.com/
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