On Friday, LSTG closed at 67 cents a share. The volume on LSTG has increased the past few sessions after a drop off in price. But we have seen a major recovery in share price and this could signal a potential recovery bounce that turns into a bullish run.
As of this report, gold is up over $32 an ounce and is trading at 1662.80.
The price of gold may not be directly related to how the junior miners trade but we have seen the masses flocking to these junior miners as an attempt to cash in on the gold rush.
Can LSTG be the one that break out in the short term?
Lone Star Gold, Inc. (LSTG.OB) is a publicly traded gold exploration and development company based in Albuquerque, New Mexico. LSTG‘s aggressive acquisition and exploration approach is strategically focused on proven, stable precious metal regions in America and Mexico.
Currently, LSTG has a 70% Working Interest in concessions covering 800 hectares in the La Candelaria project in Chihuahua, Mexico, which the Company is evaluating to determine the potential sites that represent the best potential for silver and gold deposits.
LSTG also has an option to purchase a 70% interest in the Ocampo Project, a 570-hectare gold-silver project in Chihuahua State, Mexico, and an option to purchase an undivided 65% interest in the San Antonio del Potrero mine tailings project in the city of Hidalgo Del Parral in the state of Chihuahua, Mexico.
On Thursday last week, LSTG released an update that is well detailed…
ALBUQUERQUE, NM–(Marketwire -01/12/12)- Lone Star Gold, Inc. (“Lone Star” or “the Company”) is pleased to provide a break-down of activities happening or due to happen surrounding Phase 1 of work on the 65% interest in the San Antonio del Potrero mine tailings project (“Tailings Project”).
The following activities currently underway are all necessary steps needed to be completed prior to processing the Tailing Pile and ultimately seeing revenue earned.
PHASE ONE ACTIVITIES:
- Lone Star Gold team currently on the ground in Hidalgo del Parral and are finalizing an updated resource estimate and detailed report regarding the San Patricio tailings pile. This is expected to be finalized this coming week. The report will cover recent assays from the entire pile at various depths and a surveyed estimate of the total tons involved. _
- The report will cover the location and details regarding the construction of the processing plant scheduled to start before the end of the year, including access to industrial power lines and an eighteen-inch water source. Both utilities are located within 2 kilometers of the proposed plant location. _
- All legal documentation involved with the formation of Mexican operating companies has been filed and all formal agreements are currently being finalized.
- The leaders of the surrounding Ejido (Native Band Leaders) have signed off and agreed to the processing of the estimated 1.2 million tons. _
- The processing plant in the city of Parral being used for rapid start up is prepared to start receiving a minimum of 100 tons per day expected February 1st.
- Security, office, trucking and labor are currently being sourced in the City of Parral and Lone Star expects to have a full team in place for Feb. 1 (Parral has a long mining history which started over 350 years ago during the Spanish occupation. During that time, Parral was considered the Silver Mining Capital of the world).
Lone Star’s President, Daniel Ferris, commented: “We believe the new assay results will show higher base metal content the deeper we go into the pile. Our team estimates the bottom of the pile was processed over 100 years ago. Technology at the time was missing up to 50% of the precious metals, therefore we are very excited to move forward and commence processing.”
According to information provided to Lone Star by the current owners, the project represents a resource of 1.2 million tons of mine tailings.
The bottom line: Put LSTG.OB back on your radar and watch out for the dump.
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