BacTech Environmental Corp. (BAC:CSE;BCCEF:OTCQB;OBT1:FRA) came out with the big news on Friday after the market closed that it has filed an expanded provisional patent application for its application of the bioleaching process for millions of tons of tailings to create zero waste using green technology and power.
The company's newest intellectual property (IP) retains the bioleaching approach to recovering metal values and producing multiple commodities from low-grade mine wastes but now introduces novel innovations to selectively convert soluble iron into iron metal for green steel making and produce ammonium sulfate fertilizer from the sulfur which is converted to acid during bioleaching.
We were a little early recommending the stock on February 11 at $0.06 as it went on to drop a little more before stabilizing at a slightly lower level ahead of Friday's break higher, but it is often better in this game to be early than late, especially as, in this case, the release of the news after the market closed means that investors will only be able to start reacting to it on Monday, and it is reasonable to presume, given how positive this news is, that the stock will advance further once trading resumes this week.
On the latest 6-month log chart, we can see that the price already broke out of the downtrend on Friday on good volume, a development that marks the start of a new uptrend, and we can also see that the improving Accumulation line and momentum (MACD) telegraphed this development ahead of time. Given how significant this news is, it is thought likely that the stock will initially run at least to the resistance level in the 9 to 10 cent area, and with respect to the longer-term outlook, you are referred back to the longer-term charts shown in the original February article.
It is hard to overstate the significance of the technology BacTech has developed for the mining industry and the environment worldwide. There are hundreds of millions or even thousands of millions of tons of these tailings lying around all over the world, which are a nuisance and a pollutant – just as an example; there are estimated to be 80 – 100 million tons of them in Sudbury basin Ontario alone.
BacTech's technology has the capacity to convert all of this waste into profitable assets and clean up the mess at the same time. This is why, given that BacTech has patented its processes and technology, its stock has such huge potential upside.
We, therefore, stay long, and BacTech Environmental stock is rated as a Strong Buy for all timeframes.
BacTech Environmental's website.
BacTech Environmental Corp. (BAC:CSE;BCCEF:OTCQB;OBT1:FRA) closed at CA$0.07, $0.053 on April 5, 2024.
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