Medallion Resources

What a good trading session for Medallion up over 37% on the day. Medallion's Eden Lake project in western Manitoba has brought about a JV partnership with Rare Element Resources and offers Medallion the option to earn a 65% in the property. Their Red Wine heavy rare earth (HREE) project has been set up for exploration on 33.75 sq km in southern Labrador and currently holds a 5 year option to gain 100% of the project should they find attractive targets.

A short term target of $0.48 per share (at the golden ratio 61.8) is within reach and would be a relatively sound profit taking point for me. The higher golden ratio (161.8) is at $0.80 per share and would likely be reached with the help of more QE and further exploration and positive results from Eden Lake and Red Wine. Additionally this would be a 100% retracement of the previous high.