The “gold rush” in penny stocks is on and one particular junior miner, Coyote Resources, Inc. (OTC: COYR), looks like, it too, could capture some sparkle moving forward into April. Prepared to begin developing their Tonopah Mine property in Nevada, COYR stock looks as if it could wind up as a “Top Pick” among all the small-cap gold/silver exploration stocks. While their Golden Trend Property is another possible gem for the Company, the recent funding agreement for $200,000 all but guarantees we are about to see some action happen here soon.
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COYR Stock Quote
Market Cap: 33.95M
Last: 0.73 ▲ 0.12 (+19.67%)
Issued and Outstanding: 46,502,120
14-Day Rel Strength:66.15%
14-Day Stochastic: 61.42%
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Situated in Esmeralda and Nye Counties of Nevada, Coyote Resources has less than 3 years left on their 5 year lease agreement for the Tonopah Extension Mine and Golden Trend Properties. If all goes well, both COYR stock investors and Earl Abbott (see here) will be raking n some dough based on the estimates and similarities the two properties hold.
Coyote’s 958-acre Tonopah Mine Property once produced gold and silver and currently is estimated to have 800,000 tons of mineral-rich tailings deposits on-surface, another 43 million ounces of below-surface silver and an estimated 430,000 ounces of below-surface gold. At today’s gold/silver prices, the below-surface in-ground estimates alone translate to approximately $1.3 billion in silver and $683.7 million in gold.
Coyote’s Golden Trend Property, roughly a 5 hour drive (300 miles) N.E. of their Tonopah Mine property is a 2,230-acre project sitting in Nevada’s bountiful Battle Mountain/Eureka Trend. Just a 2 minute drive away is Barrick Gold Corp.’s (NYSE: ABX) Cortez Hills and Pipeline Deposits – one of the largest and richest gold discovery zones on the planet. Barrick’s Cortez Hills deposit alone is estimated to contain 14.1 million ounces of gold (or around $22 Billion at current gold prices).
While COYR stock has not been the most actively traded gold explorer on the OTC in recent months, bear in mind that this is very early-stage since the Company really hasn’t laid out their exploration plans for the Golden Trend Property. While funding is already in play to move on their other property, the Tonopah Mine Property, it looks like its time to get to know COYR and start tracking it.
About COYR Stock
Coyote Resources, Inc. is an exploration stage company engaged in the exploration and development of mineral properties which may include gold, silver, platinum, copper, zinc, and other mineral elements or compounds.
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Bottom Line: COYR doesn’t look like a penny stock worth tracking based on the chart and recent trading history. But, if you look at the recent $200,000 note agreed on and the chances of there being sizable quantities of recoverable silver and gold on the Tonopah Mine mill tailings and mine dumps, a healthy enough cash flow could make COYR stock attractive to some big players if they can validate the underground precious metal reserves.
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