Gold Bullion Development (GBB, TSX-V) and Seafield Resources (SFF, TSX-V) were each languishing under 10 cents (7 and 6, respectively) when we first introduced them at BullMarketRun. Gold Bullion is up a stunning 421% in four months while Seafield, despite its recent weakness, is ahead 242% since last summer.
The only other stock under a dime we have featured at BMR is Sidon International Resources (SD, TSX-V) which we introduced at a nickel only about a month ago. Sidon closed at 6.5 cents yesterday and is giving every indication – technically and fundamentally – that it’s ready to break out in a big way and possibly follow in the footsteps of Gold Bullion and Seafield.
Sidon has signed a letter of intent for an option to purchase an 80% interest in the Morogoro East Gold Property in Tanzania, an African country that has really opened itself up for gold exploration and mining. Tanzania has gone from just a million ounces of gold reserves a decade ago to over 50 million now. Morogoro East is in the under-explored eastern region of Tanzania, along a potentially prolific gold belt about 100 kilometres south of Canaco’s (CAN, TSX-V) very promising Handeni Gold Project.
Local artisan miners have been pulling out some phenomenal grades from Morogoro East. “The grades there are higher than what I first saw at Handeni a few years ago,” geologist Laurence Stephenson told BMR recently. “The gold and formations at Morogoro East are incredibly interesting.”
Stephenson knows Tanzania like the back of his hand and his privately-held company, Kokanee Placer Ltd., has uncovered this potential gem for Sidon. Below are a few pictures from Morogoro East that show the gold there is indeed very real:
These are 25 kg bags of recovered rock from Morogoro East, each containing 20 to 60 grams of gold.
Gold from a small sample taken from one of the bags picked at random.
Canaco apparently had locals reporting 10 to 20 grams of gold per 25 kg bag – at Morogoro East the numbers are even more staggering.
The Morogoro East Property is a flat-lying sedimentary-type horizon that Stephenson believes holds at least as much potential as Canaco’s Handeni Property, if not more. The strike length at Morogoro East appears to be longer and the formations seem even more interesting. At the end of the day, the drill bit will tell the story but there’s no question Morogoro East is an extremely attractive and promising exploration target with many high grade showings.
Sidon has a potential huge winner here and at just 7 cents, where it’s trading at this morning, the upside on this stock could be immense. We have more to report on Sidon tomorrow.
