First Colombia Gold Corp. FCGD
As we all know, mining companies in the exploration phase are highly-speculative in nature, but in the case of FCGD we have quite a momentous chart which has recently been building up. But before we dive into that, let’s go over some of the prospects that could eventually lead to production for this precious metal-seeking outfit.
Exploration and mining at the Montana “Boulder Hill Project” is possible under what is known as a “Small Miner Exclusion Statement (SMES)”. An SMES allows for the expedited regulatory treatment for mining operations affecting an area of less than 25 square miles. Such a provision allows for smaller companies to conduct their operations without dealing with nearly as much red tape as large groups. The 174-acre plot is under contract until 2016, and only carries maintenance costs of about $800/year due to its smaller size.
The South Idaho Silver Project is a 160-acre plot divided into eight separate claims outside of Nampa, Idaho. It is located on the Snake River Plain amid several mineral districts, and the geology is comprised of Late-Cretaceous Granodiarite, which has been known to host mineral veins of gold, silver, and copper, just to name a few.
The company is also in the process of building a portfolio of short-to-medium term prospects in Central and South America.
Perhaps the most attractive aspect of FCGD is the current chart. As you can see below, we have an RSI approaching the Powerzone, along with the 50DMA getting ready to intersect with, and supercede the 200DMA, in the elusive and highly sought-after formation commonly referred to as a Golden Cross. We’ve also seen a steady increase in both volume and price over the last month or so, leading us to designate FCGD as a clear-cut momentum play.
Moving forward, we’d ideally like to see the stock maintain support at the current 20DMA of .003. Current resistance is sitting .0044, and will need to be broken for FCGD to get its next leg-up. Following that level, the next resistance comes at .006.
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