Interesting quandary for the company and the timing is not very good for MGV as they aren't at a stage yet to determine the economics of Lena/BOD + would the market support a back to back CR.
It would be interesting to figure out what resources WestGold currently have to support the mill at Tuckabianna. Some research to do there. I suspect MGV won't be in a position to exercise its pre-emptive rights. If it does it would be a very bullish confidence signal in respect of managements views about the future of the project.
Personally I haven't seen that much coming out of the drilling recently that's got me too excited. The shallow Lena intersections will help support the project but we really needed another couple of wider hits to fire it up or some new hits well outside of the current envelope. We've had a few minor extensions but you also need to look at the number of NSI's we've had as well.
I think the VMS exploration is just a money drain at this stage and an indication that things are not full steam ahead at Lena/BOD. If the project was really going places they would be throwing numerous rigs at it. I'd rather see the money spent on testing the other gold prospects along strike of Lena/BOD and throwing an air-core rig onto the remainder of the interpreted shear zones and doing some work on the lake. Big picture stuff. Come on Rob, don't waste our time and money chasing dreams. Find us more shallow gold resources along strike or throw the money at drilling outside of the current envelop at Lena/BOD to find the game changer.Esh
MGV Price at posting:
7.3¢ Sentiment: Hold Disclosure: Held
