New Technical Report on Siga Resources Inc. (SGAE)- Ready for a Big bounce or Reversal? Read the possibilities...
New Technical Report today is Siga Resourcces Inc. (SGAE)! When we first brought you SGAE the smallcap investment community were buzzing on the technicals and as a speculative gold play. SGAE had so much chatter that it reached a 52-week high of $2.50! Since then it has taken a whooping -57% haricut or closing today at $1.06. We have been monitoring the current technicals for weeks now and in our opinion, SGAE seems to have bottomed out finally! Many questions can be raised to why SGAE has come down to these levels, perhaps because of the bad overall market or could be precious metal prices taking a sharp turn downward. But whatever the case, the current technicals seem to be screaming now for a bounce or reversal in trend.
Lets explore again to why smallcap, technical and gold seeking investors were so interested in this company. Looking at technical chart below, we clearly saw SGAE on a bullish upward trend not just for 1 or 2 weeks, but for over 3 months! Again we have been tracking the technical movements of SGAE for weeks and feel that a technical reversal might be due soon. Can any type of momentum or news trigger another rally like it had over the summer? This might be possible, especially with the overall market showing strength and SGAE showing support here at the low $1.00 levels. Also, SGAE at $1.06 or a -57% pullback from a 52-week high of $2.50 in our opinion seems way oversold. If support continues to build, we might see a total reversal in trend, so put SGAE immediately on your radar tomorrow morning!
After seeing how SGAE has pulled back a whooping -57%, lets dig deeper into why smallcap investors were so bullish on this speculative precious metal company. Just weeks ago the company released an update that, "the Lucky Thirteen bulk sampling program continues toward its conclusion on target and within the planned budget. The contractor has reported a substantial increase in the amount of visible gold as the testing has progressed to the west portion of the property. The analysis and metallurgical study portion of the project has been initiated. Placer concentrate samples, produced discreetly from each 5 foot level in the test pits are continuing to show free gold. These multi-hundred pound samples are stored on site and representative portions are being sent for initial assay, as generated.
Five separate concentrate samples were recently run over a production scale vibrating table, to test the ability to separate the visible free gold from the black sands. This test proved that the majority of free gold is separable by wet gravity methods and also generated composite samples which are designed to determine if precious metals values exist in the inner structures of the crystalline black sands and ultimately to determine if additional processing will add to the project economics. Analysis of the heads, middlings and tails of the shaker table test are currently underway. Siga has also initiated gravel characterization tests on the property. The gravels potentially generated from placer mining are believed to be very saleable in the construction and decorative aggregate markets, and can be produced and marketed under agreements between Siga and other gravel owners on the property.
The Lucky Thirteen property is near Hope, BC, is 168 ha (415 acres) in size. The targeted deposit covers an area of approximately 50 ha (124 acres) of the entire placer claim. About Siga Resources Inc, founded in 2007, is based in South Lake Tahoe, California. Siga is a mineral resource exploration and development company. Siga's strategy targets properties that have the potential for near term production and early positive cash flow. Siga's primary geographical interest is North and South America. Siga currently has two active projects, the Lucky Thirteen Placer in British Columbia, and the Big Bear Gold Project in San Bernardino County, California. " <click here to read full news release>.
About the Lucky Thirteen Precious Metals Property
The Lucky Thirteen Placer Property is near Hope, BC is 168 ha (415 acres) in size. The targeted deposit covers an area of approximately 50 ha (124 acres) of the entire claim. The Property is located 90 miles east of Vancouver, BC, Canada and is crossed by both the Trans-Canada Hwy and the Canadian Pacific Railway. An Independent Geologist report dated 2007 estimated the reported area to contain approximately 250,000 ounces of gold based on a summary of historical sampling programs at the Lucky Thirteen Placer Property. The summarized area was estimated to contain approximately 4 million cubic yards of sand and gravel. However, a survey indicates an additional 8 million cubic yards of sand and gravel at the Lucky Thirteen Placer Project that has not been tested at this time. Also in the report, the gravels were identified to have significant traces of Platinum group metals. Analysis of the black sand concentrates is expected to quantify the Platinum values.
About the Big Bear Mining Property
The Big Bear project is located near Lucerne Valley, CA and currently consists of 9 claims, making up approx 1440 acres (approx 2.25 square miles). The Big Bear Property is located on the Northeastern edge of the San Bernardino Mountains. The project area is known historically as the Blackhawk mining District and has been a previous producer of gold and silver. The area is believed to contain economically viable gold mineralization, particularly at the current metals prices. Anticipated total contained gold could be in the range of 2 to 3 million ounces. Field operations were initiated August 2, 2011 and phase 1 is expected to be completed before the end of September.
Again put SGAE immediately on your radars tomorrow morning and next week as we plan to continue our coverage on the current technicals and corporate developments!
More About About Siga Resources Inc. (www.sigaresourcesinc.com)
About Siga Resources Inc, founded in 2007, is based in South Lake Tahoe, California. Siga is a mineral resource exploration and development company. Siga's strategy targets properties that have the potential for near term production and early positive cash flow. Siga's primary geographical interest is North and South America. Siga is currently operating the Lucky Thirteen Placer in British Columbia. Bulk sampling has been completed and metallurgical evaluation is underway with results expected in the next 4 weeks.
"Finding Value in the Undervalued"
.jpg)
Become a PREMIER VIP MEMBER HERE *INTRODUCTORY PRICE WILL NOT LAST LONG! We work hard to research promising companies in all exchanges. Read our independent research here!
