Member ‘Pacelli’ Takes Early Lead In June 2019 Stock Challenge
Member ‘Pacelli’ found an early lead in the June 2019 Stock Challenge, boasting an average return of +12.28% with stock picks Levon Resources Ltd. (TSX: LVN) (OTCQX: LVNVF) and Quebec Precious Metals Corp (TSXV: CJC) (FSE: YXEP) (OTC-BB: CJCFF). Levon Resources is up over 15% on the first day of this month’s stock challenge, despite a weak news flow for the year so far.
Although Levon Resources’ news flow leaves something to be desired, its latest release promises to shake things up…
Just days ago on May 30, 2019, Levon Resources announced that it had entered into an arrangement agreement with Discovery Metals Corp., whereby Discovery’s wholly-owned subsidiary agreed to acquire all of the issued and outstanding shares of Levon.
Via Levon Resources,
“Discovery Metals Corp. (“Discovery”) (TSXV: DSV) and Levon Resources Ltd. (“Levon”) (TSX: LVN) are pleased to announce that they have entered into an arrangement agreement . . . to combine Discovery and Levon to create a leading silver-focused exploration and development company that will control several district-scale projects in Mexico . . .”
Regarding the combination of the two companies, Taj Singh, President and Chief Executive Officer of Discovery commented,
“. . . We are excited to be combining our highly experienced Mexican exploration teams to advance the combined portfolio of properties. The new Discovery will have several district-scale land packages in Coahuila and Chihuahua that offer compelling exploration potential. The new Discovery will also benefit by adding the Cordero Project, a development stage project with potential to be optimized for the current metals price environment.”
But with silver prices coming under pressure in recent months, Pacelli and Levon Resources could be in for a bumpy road ahead.
“Positioning across precious metals continues to diverge, with speculators starting to take a shining to gold, as the call for rate cuts grow and surge in CTA [commodity trading adviser] buying kicks off amid increasingly positive momentum indicators,” [TD Securities] said. “On the other hand, silver and platinum have been feeling the weight of their industrial characteristics, as global growth concerns saw shorts pile into the industrial precious metals.”
In the meanwhile, both ‘jj’ and ‘Nate6’ are in hot pursuit of Pacelli, with only 3% separating them from first-place. Will Nate6 manage to stay within the Top 3 this go around? While only time can tell, one thing is for certain… the June 2019 Stock Challenge is off to a great start!
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