Wednesday, September 1, 2010

Moment of Truth for Chrysalis Resources

Chrysalis Resources (CYS) still remains in suspension and has done so since 26/08/2010 pending release of an announcement of drilling results on it's Doolgunna West tenements.

There has been so much excitement surrounding the Doolgunna area since the success of Sandfire Resources (SFR) that I think the results from Chrysalis Resources will be widely anticipated.  The companies tenements are about 20km away from Sandfire Resources Degrussa project so it could provide an indication if the belt extends from Degrussa and by how much.

Keeping an eye out for this announcement will definitely be worthwhile and help determine a little if it is all just hot air...

For those holding CYS my only concern is the lack of share price appreciation in the lead up to the trading halt.  Usually, if the news is good, there is a nice spike in share price and volume before any annoucements.  In fact with this case the share price dropped on increased volume which makes me wonder.

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