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SL1 - Symbol Mining

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Huge volume for Symbol Mining today after the company announced that its 60% owned high-grade zinc and lead Macy Project has received final approval of the Mining Lease from the Nigerian Mining Cadastral Office and full scale mining operations are now underway.

4c looks like resistance for SL1, so it will be interesting to see if it can hold above that level now it has moved up to 4.1c.

 
Been busy today but I knew you'd be all over this one Greg!!

Had a quick search but I cant seem to find any numbers on what the Macy Project is worth in dollar terms to SL1 ?? …..

Its good news for the Company of they can generate early cashflow and with their modest Market Cap it makes perfect sense for the SP to rise on the news …

Could well be a great Spec to take a longer term position in but I need to do a bit more research …
 
Made the Top Risers thread the other day ……. low volume retrace currently under way.

I have taken a punt that we will have another leg up and now hold a small position.


 
Have taken an additional position in this one ………

Recent Cap Raise at $0.03 plus they have a small loan facility so reasonably well funded leading up to potential production.

SP retracing as expected after recent spike ….. Just get the feeling it will pop its head up again soon …

Its just the vibe
 
SL1 not performing as expected as the price of Zinc went south.

Picked in this months Stock tipping competition.

Their current Project will still earn the Company some handy cash over the next 12 months so there should be some signs of life especially if Zinc bounces a little.
 
As soon as I pick it, it goes up 15% the day before the Stock Tipping starts
Still holding till they get into Production/Cash flow.

 
SL1 is still ranging between 2.2 and 2.4 cents but looks to have found a bottom.

Warehouse Inventories of Zinc are near 2 year lows and the spot price looks like moving north again.

Zinc movement will increase the cash inflow from their near term Macy Project … potentially undervalued at the moment. Happy to hold this for a while yet.
 
As I typed above, more Supply appeared at the 2.4 level …. Still Sellers looking to exit at this level.
 
barney said:
As I typed above, more Supply appeared at the 2.4 level …. Still Sellers looking to exit at this level.
Click to expand...

And that 1+ million shares got snapped up as quick as Usain Bolt puts his garbage bin out …… Definite accumulation going on which is a good sign ….. Still only modest Volume but it could be "watch this space" not too far down the track.
 
i appreciate ur multi-post efforts here .... i would love to tick tack ideas on this with u but i cannot, as i thought it was called silver mining (that is my knowledge on this one). It is the tossing around of thoughts that I like, and I get frustrated that conversations are so difficult to have.
 
All good @HelloU ……. No conversations necessary …. I have a small interest in this one so keep an eye on it and post for my own benefit.

Down day on the market in general so SL1 back to 2.2 this morning …. Ground Hog Day until further notice
 
May as well keep updating this while its looking interesting ……. Almost a candidate for the Potential Breakout thread but more Volume would give it more credibility.
 
andymac said:
cheers Barney for the heads up,
Click to expand...

Thanks @andymac ….. behaving as expected in the sort term …

There is a fair bit more water to go under the bridge with this one but the last few days indicate a possible sentiment change.

This is basically the first real bump off the lows so it will likely have some more ebbing and flowing for a few months … I have a medium term view on the Stock but todays rise was definitely welcome
 
Back to Groundhog day ….. retrace back to .024 level needs to become Support which looks likely given current price action. If it holds, there should be more upward movement in the not too distant future … we shall see.

 
The recent bounce for SL1 has fizzled out in the short term … groundhog day returned but Volume is almost non existent.

Zinc inventories are at incredibly low levels and the price of Zinc is ranging around its 3 month highs and looks like it will eventually move higher given the lack of stock.

News on their first shipment of ore should be announced very soon and SL1 looks well placed if the plan comes together ….. I hold.
 

Just reminding myself that nothing has changed the Fundamental reasons why I bought this Stock … even though the Technicals have been slow moving

First Shipment of ore I expect mid to late December so a bit more time for some price manipulation

I'll be very surprised if this doesn't get some day trader interest early to mid December .. we shall see.
 
SL1 finally got their first Shipment of ore away to Port … Only small amount but on track for further shipments.

Day Trader interest was nil …. lol … good call Barney!

They still have to be paid yet so until they get a couple of shipments completed and paid for its ground hog day.

Fundamentals still the same … technical treading water … continue to hold until something changes
 
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