It has been a pattern of this stock for a long time. Most rallies get sold into.
The 15 June 2018 Lake Austin announcement said
“The regional drilling program consists of a combination of aircore and shallow RC drill holes to identify new gold mineralisation by testing 10 new near-surface targets. The 12,000m program is approximately 95% complete and is expected to continue for another two weeks, with approximately 60% of assays received to date. The next batch of assays are expected in two weeks, with further assays expected through to late July.”
It also said
“Gold focused aircore/RC drilling program now approximately 95% complete. Drilling is expected to continue for another two weeks with further drill assay results expected from early July.”
The regional program was broader than just Lake Austin and they released the Numbers and Lena extension result on 5 July 2018 which was within the two weeks promised. We are now expecting the assays from the remaining regional program of 151 drill holes for 13,325m (RC and AC). As per these announcements the results are expected through late July but I’m not sure where the remainder of results are expected to be coming from.
The 5 July 2018 announcement said follow up RC drilling would start in August. It’s this deeper RC drilling that I’ll be really interested in, considering how many holes drilled along the sheared granodiorite-mafic contact ended in mineralisation.
As far as the prospects of monetising BOD/Lena under the WGX arrangement I’ll only start to get excited by that once we see a binding agreement emerge. At that stage we can probably start counting a few chickens. Esh
MGV Price at posting:
7.0¢ Sentiment: Buy Disclosure: Held
