RE:RE:RE:Pending results....ChestRockwell wrote:
Hi Duck. The Virginia Gold analogy is a satisfactory one, but the main reason people held VIA (Virginia's stock symbol at that time) at that time was that they had multiple / active grass roots exploration projects, churning out drill targets, all over that part of Quebec (James Bay and others).
The thinking was back then...... it was only a matter of time before they hit, but for the longest time, it was the most boring stock to hold in the entire sector. I remember it barely traded a nickel on either side of $1.15 for the longest time.
After reporting positive intial trenching results from their Roberto project - trench results that motivated VIA management to maintain 100% of the project, rather than joint venture it out, which was their business model at the time (prospect generator) - VIA hit with the very first holes punched into what soon became known as the Eleonore' deposit. I honestly do not remember a single news release, subsequent to the first set of assays, that didn't exceed expectations. Not only were they hitting high grade, but they were getting exceptional widths, and the gold was contained in multiple rock types. The gold was everywhere on the property.
The stock could be bought at $1.15 pre discovery and a small group of us on StockHouse were pounding the table, averaging up even as it sailed past $6.00 (surprisingly, the Virginia Gold StockHouse board had only a small number of posters....from discovery until buyout). That buyout btw, was rumored to be in-the-works after the 2nd or 3rd news release.
In order for VGD to become Eleonore' #2, they're going to need to hit good grades over decent widths. A few high grades hits over narrow intervals (ie) 30 g/t Au over 1 meter, isn't going to do it....not in this market anyway.
Thanks ChestRockwell...As Martin said, it is early in the game. As the story goes, Andre Gaumond of Virginia Gold Mines found one boulder, the size of a waste basket, in the middle of the jungle & was able to trace the glacier rock train 6 kms away to the source. Ned Goodman was an early backer of some of spectacular mining discoveries such as Diamet, the first diamond mine in Canada, discovered by Chuck Fipke from tracing the glacial diamond indicators train. As for VGD, you almost have to be both lucky and good to find another Eleonore mine. We know the rich boulders just didn't drop from heaven - it is a matter of time.