Buzz on the Bullboards: Too big to fail?

It has been a hot week for much of North America and it’s not just the temperature that’s rising, we are seeing a surge in investor discussion on the Bullboards, as well.

Now that we’re officially in the second half of 2023, analysts are warning that the rest of the year could prove to be challenging for the stock market.

Commodity prices have been on the move, traders want to know the latest on rate hikes.

This week we’re looking at leading sectors and a few companies that made some very impressive leaps. Were they temporary strides, or markers of continuous (and possibly upwards) momentum?

New Found Gold Corp. (TSXV:NFG) announced results from five diamond drill holes at the new Iceberg discovery in Newfoundland and Labrador.

This work was done as part of a follow-up drill program in a high-grade zone 300 metres northeast of Keats Main along the highly prospective Appleton Fault Zone.

New Found’s 100 per cent owned Queensway project comprises a 1,662 square kilometre area, accessible via the Trans-Canada Highway, 15 km west of Gander.

Drilling highlighted 30.8 g/t Au over 7.95 metres in hole NFGC-23-1279, which occurs just 60 metres from surface and is 85 metres along strike to the northeast of 105 g/t Au over 27.05 metres in NFGC-23-1210.

A further 265 metres to the northeast, continued step-out drilling at Iceberg East has intercepted 15.5 g/t Au over 7.55 metres in NFGC-23-1274. This intercept is shallow, 60 metres below surface, and is a 55 metres step-out from 21.7 g/t Au over 4.45 metres in NFGC-23-1285.

The Iceberg-Iceberg East segment is defined over a strike length of 665 metres, representing continued strength of the gold system within the Keats-Baseline Fault Zone (KBFZ) that includes Keats, Iceberg, and Iceberg East – a corridor that now spans 1.9 km in strike length.

The Iceberg-Iceberg East discovery remains open in all directions and drilling is ongoing to expand along strike and to depth with several intervals currently pending assay results.

CGX Energy Inc. (TSXV:OYL) has seen a major bump in Bullboard activity in making news this week upon its major discovery at the Corentyne block, 200 km offshore from Georgetown, Guyana.

The Toronto-based energy company and Frontera Energy Corp. (TSX:FEC), its majority shareholder and joint venture partner discovered oil at the Wei-1 well.

The Wei-1 well encountered 64 metres of hydrocarbon bearing sands in the Santonian horizon. The joint venture acquired wireline logs and extensive core samples from the Santonian, however, due to a tool failure downhole and a new tool not being available, oil samples were not obtained.

The well is located 14 km northwest of the joint venture’s previous Kawa-1 light oil and condensate discovery and will be drilled in water depth of about 583 metres to an anticipated total depth of 6,248 metres.

In the coming months, results will integrate into the geologic and geophysical models for the purpose of an updated view of the northern region of the Corentyne block.

The CGX Energy and Frontera Energy joint venture is also expected to be the next conglomerate moving oil exploration projects in Guyana into development.

They said it was ‘too big to fail’, but Canopy Growth Corp. (TSX:WEED) stock has continued its slide even further after reporting its Q4 and fiscal year 2023 financial results.

The Ontario-headquartered cannabis business reported a net loss of C$648 million in Q4, C$59 million more than the company sustained a year earlier. It attributed much of the loss to C$164 million in asset impairment and restructuring costs.

Its net revenue for the fiscal quarter ending March 31 totalled C$88 million, 14 per cent lower than a year ago. WEED stock has burnt more than 98 per cent of its value since 2019.

Several law firms are now appealing to shareholders in a securities fraud class action lawsuit, claiming that Canopy Growth issued materially false and / or misleading statements and / or failed to disclose there were material weaknesses in the company’s internal controls over accounting and financial reporting.

Buzz on the Bullboards will be back next week, a shorter week due to the holidays on both sides of the border, but the discussions on the Bullboards are always ongoing. They give members and visitors a chance to celebrate, speculate, and when necessary, vent about the companies you care about the most.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.