RE: WKG- WestKam Gold Corp. Sure, there seems to be some positive change. but the real deal is what is the value here? and why cant they seem to raise a petty few million for this "drill program"?
All sorts of expenses, drilling tunnelling, etc, tens of millions spent. NOw we have an entire market cap of ~7-8 M.
more importantly, what are peers valuations in this market? peers meaning that they have some "showings" and exposed viens, some historical mining bulk sampling but no actual 43-101 resources ( in other words, nothing real, or as some would call moose pasture)
these peers are trading for a fraction even of what this stock is trading at. take HSR, they have over 1 M actual ounces of gold equivalent in the ground, and are trading for a total of 4 M, or half of what this POS trades for.
other exploration co's in the same boat, region as WTG, are AEX, GLB, AA, VQA, DUN, PEX, etc etc the list goes on, of companys that are trading for 1/2 or 1/4 of WTG but have better properties, and many with actual real resources.
(A further FYI, Bulk sampling is not to be confused with production, since the viens can be high graded, and sorted in order to send for processing to max out the "perceived grade" something that is not generally economic or logistical for actual sustainable production) and even yet there is no real evidence that material actually had that grade. The last management was a complete sham and liars, why would anyone beleive anything or any of the historical information about the property that they touted?
despite all these expenditures drilling, and assays, when is an actual resource statement going to be put out?
This is the reality check you should all be waiting for.
with out this, there is only sheer speculation, grounded by the fact that it would only cost about 30 to 50 grand for a geologist or engineer to calculate one from the drill core and assays, yet they still cant get one done. why if they can spend 10 M destroying shareholder value on tunnelling can they not get this petty task done?
this and the delay is a massive red flag, since there have been hundreds of claims that when the drilling is actually analyzed, it turns out there are specs and flashes of HG gold or PMs, but that there is no continuous structure or orebody on which to mine something economicially, and hence no basis for a resource or a reserve.
I would be willing to bet that any geo or engineer who has looked at this simply has just failed to put out any real 43-101 resource calculation.
The upside in this stock is for low grade porphyry system that would need several million ounces to capitalize a pit, something like the blackwater, or similar. narrow viens only pay if they are wicked high grade and there's continuity, and theres enough material there.
there is better value in the market right now. this thing is arguably doubly over priced IMO.