RE: IfWell, sadone, I suppose it does come down to "if." But, heck, that is always true in a junior explorer. It's always a risk/reward analysis, at the core of things (pun intended). I agree with smilewithme and tooclassy, et al, that the potential is there to bring the 43-101 resources, and agree with you that we might not find any more gold, either. It's a matter of probabilities and one's willingness to accept risk, in exchange for out-sized returns.
As I said in an earlier post today, it's true that the McLean lode has actually not been drilled that much by the type of drilling that produced the current 43-101 resource. And, even when GSM has "missed" with other holes at Monte Cristo, they still have found SOME gold. So, we know gold is there, and we could be just getting started with outlining the resource.
We also know that prior operators failed to assay for silver, which could a VERY big component of value in the deposit. After all, the geology is similar to the Comstock lode, which at the then extant prices, was more valuable for it's silver than gold. It's only because silver is now so undervalued (another conversation...) that we're only talking about the gold in Monte Cristo.
Frankly, I think the market is pricing GSM as if there is nothing more at MC. I don't know... if one believes that there is any more gold and silver there, the risk/reward ratio is probably best right now.