WAYMAR RESOURCES LTD. (TSX.V:WYM)
The exploration focus for Waymar at Anzá is forbasemetalsmineralizationwith associated precious metals. Their initial focus will be on identifying Volcanogenic Massive Sulphide style mineralization.
There are small artisanal gold mines 10 kilometres to the west of the Exman gypsum deposit, and these are not part of the Anzá project concession. However, the presence of these mines bodes well for possible hardrock and placer gold sources.
This company was brought to my attention by Ari Sussman, CEO of both Continental Gold Ltd. (TSX:CNL) and Colossus Minerals Ltd. (TSX:CSI), both of which were very fast and significant wins for Midas subscribers. When Ari tells me he thinks this is a good idea, Iʼm all ears. And sure enough, my research over the last week suggests we may be on to something.
Ariʼs interest in this is that his Continental Gold optioned a100% interest in certain other parts of the Anzá project, to Waymar, covering approximately 21,080 hectares and comprisingconcessions,exploration licenses, study areas and applications.
The consideration for this acquisition consisted of 1,000,000 common shares of Waymar and share purchase warrants to purchase 500,000 common shares at an exercise price of $0.75 per share and exercisable until June 29, 2012.
The Anzá property is comprised of approximately 6,738 hectares of mineral rights located on the eastern-most margin of Colombiaʼs Western Cordillera, 50km west of Medellin. In order to exercise its option, the Company is required to make cash payments to the optionors aggregating US$3.8 million over a three year period (of which US$300,000 has been paid in terms of the definitive agreement), issue 3,800,000
Shares Outstanding: Warrants & Options:7,815,500
Fully Diluted:
41,341,920
Market Cap@ CA$0.65: $21.8 million DISCLOSURE: We do not own shares at this time. OUR STRATEGY: Accumulate to $1.00 OUR EXIT: Sell 50% at $2.00, let the rest ride with trailing stop-loss if shares lose 25% or more combined in any 5 trading session in a row.
Now that is one sweet chart. The growth curve is steep over the last 30 days on modest volume. That means the big shareholders in this deal arenʼt selling. If anything, theyʼre buying more.
ThatʼsbecauseWaymarisanother contender for next Ventana (I mean in terms of shareholder win, not geology Brent) in Colombia. The Anzá project, which is the main focus of Waymarʼs considerable expertise, has an active gypsum mine on it. As luck would have it, a massive sulphide lens was discovered under the gypsum deposit, and samples of this lens have yielded assays as high as 20 grams per tonne gold and 20% zinc.
