Something seems to be up with Seafield, including the price of course...a 53% share price gain on the week ending Aug. 14, and huge volume (for this stock) the last two days in particular (nearly a million shares). There seems to be a lot of accumulation going on here, with no hard news either, other than the completion of the recent financing...
The answer for this renewed appetitie for Seafield may be found, I think, in the Financial Post article from late June, written by Barry Critchley. For those who haven't seen it, I've pasted a copy below. What's particularly interesting about the article is the mention of Ed Baer, a mining veteran with a lot of respect in the industry. Do a Google search on him and there's some interesting stuff. He's gung-ho on Seafield's Elora Gold Property in Dryden, Ontario, and he also has a ton of connections in the industry (North and South America). The fact the story said Seafield is now a "project" of his is really interesting, and perhaps it's possible he's looking to add a property or two into Seafield and get things really moving...
As far as the Elora Property is concerned, drill results came out last November in the midst of the market mayhem...and hole 08-33 hit 15.5 grams over 6.9 metres...including a section of 34.9 g/t over 2.8 metres...really decent results to follow up on. With cash in the bank now, they're obviously going to drill again quite soon I'm sure at Dryden...and if they go down a little deeper they could hit a significant sweet spot...08-33 was the deepest hole I think they've drilled in the Jubilee zone, about 200 metres depth...Seafield has done quite a bit of exploration and drilling at Elora, and it is in a general area that has tremendous geological potential....
On another matter, Seafield has a 30% interest in the Picachos silver/gold property in Mexico, where there have been some great results...strong near-surface mineralization, open pit potential. They have a 30% interest in this property with NWT, but NWT is currently in default on their obligations with this property (lack of cash)...so it's possible SFF could re-acquire 100% of this property which I believe would be a huge plus for Seafield. NWT has been in default for at least a month...
I LIKE THIS PLAY A LOT......and I see an easy triple from current levels over the next few months. The increased volume and price movement lately suggests we may not have to wait much longer before this sleeping dog starts barking and making a fuss. The share structure is tight, and Ed Baer could be our ace in the hole here...
It's a little lonely on these boards for me right now, so don't be afraid to chime in if you're reading this! Some investors, though, are certainly starting to take notice of Seafield. The next few weeks and months should be really interesting. It's a no-brainer at these levels, for sure...so good luck, everyone! Below is a copy of the Financial Post story on Seafield from late June:
Positive signs in junior mining
Barry Critchley, National Post
Thursday, Jun 25, 2009
These are only two transactions, but for those in the hard-pressed junior mining sector, the hope is that the green shoots materialize into something bigger:
- Seafield Resources Ltd., set to hold its annual meeting today, has closed the first tranche of a planned $500,000 private placement.
The company, which has properties in Mexico and Ontario, rounded up $344,500 -- by selling units, with each 4¢ unit consisting of a common share and a warrant -- and expects to get the rest by early next week. Seafield plans to use the bulk of the proceeds -- investors are required to hold the shares for a minimum of four months -- for its claim in Dryden, Ont. Yamana Gold Inc., Seafield's major shareholder (it has a 19.9% stake) didn't contribute to the financing, in part because it may receive one million shares from Seafield for work on its Mexican property.
Seafield (SFF/TSX-V) is the project of Ed Baer, a former mining executive turned analyst, who joined Seafield two months ago. He is motivated because he feels the Dryden property offers considerable potential, even though not much work has been done in the area for almost 20 years. "It was previously produced in 1990 and nobody has spent much time on it since then," said Baer, who noted that Goldcorp owns 65% of the "camp" while Seafield owns the rest. Seafield has 12 claims in the area.
Baer said there are three options for the camp: option out the 35%; enter into an arrangement with Goldcorp, or try to consolidate the camp. Baer said no decisions have been made. "We are contemplating a new drill program with the focus being on Dryden and not on Mexico," said Baer, who was chief executive of European Goldfields, director of TVX Gold and an analyst with Octagon Capital.
