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 Mon Oct 28, 1996
Report Sept-Oct 1996: Ascot Resources Ltd - 1996 Annual Review
    Publisher: Kaiser Research Online
    Author: Copyright 1997 John A Kaiser

 Ascot Res Ltd (AOT-V)

Bottom-Fish Buy

High: $1.35 +176% Low: $0.37 -24% Last: $0.39 -20%

Once again Ascot failed to come up with any results that turned on investors and the company's bigger shareholders. A promising structure on the Koupela permit in Burkina Faso returned sub-economic drill results and the company is back to regional work checking out artisanal workings. At the Adlatok River gold prospect on the northeast fringes of the Harp Lake complex in Labrador drill results were also sub-economic. Despite John Toffan's statement in the August annual report that "widths of the mineralized zones were sub-economic", company geologist Ken Carter thinks there is enough gold smoke to make a nearby inferred alkalic intrusive worth investigating further. Ascot did manage to close a priv plcmt of 1,428,570 units at $0.91 that nearly got derailed by the Timbuktu fiasco in which some of Ascot's backers were involved, and now has a working capital of about $1 million. Insiders did not neglect to sell stock during this period. Mgmt is tight-lipped about its future plans for Ascot, and for now is focused on Hyder Gold, which has no money but does have some Indonesian exposure and a Burkina-Faso permit with a promising target. Ascot will likely see some tax loss shuffling this winter, which may be a chance for bottom-fishers to average down on the hope that Ascot's corporate strategy will shift from internally generated grassroots plays to a play that is either conceptually or geographically unique, or advanced enough to allow a story to be told immediately.

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