Westkam Gold Corp V.WKG

Did some digging on WKG

[MiningMasterAu]

Kind of a sad situation here. This company spent tens of millions of a property and don't even have a 43-101 indicated resource report to show for it. There's still value in the property, but without that report, they can't get a great price for it. Given that it's at half a cent with 260 million shares and no money left, I see a 10:1 rollback coming and then a $500k+ financing after that. Only thing that makes sense at this point other than selling the asset to someone and moving on. I checked SEDAR and a 43-101 was filed in August, but it's only a technical report, has no indicated or inferred resource. In a sense, kind of a waste of money, unfortunately it is what it is.

From the last MD&A:

Company Activity During the nine months ended July 31, 2019, the Company incurred $62,569 in exploration expenditures on its Bonaparte project to further explore targets on mineralized structures to guide future exploration work. The Company is also completing an updated technical report in accordance with NI 43-101. Bonaparte Gold Property – Kamloops, British Columbia In fiscal 2011, the Company acquired a 75% interest in the Bonaparte Gold property located in the Kamloops mining district in British Columbia. To acquire its 75% interest, the Company paid $8,001,550, issued 3,250,000 common shares with a value of $4,750,000, and incurred certain expenditures on the property. On January 24, 2012 the Company acquired a 100% right to a portion of land adjacent to the Bonaparte property. The rights were received in exchange for settlement of prepaid exploration costs of $501,627. In fiscal 2014, the Company entered an option agreement to acquire an additional 17% interest on its existing claims of the Bonaparte Gold property for consideration of 6,500,000 common shares (issued at a value of $350,000) and payment of $150,000 in cash (paid). Additionally, the Company acquired the remaining 8% interest in the Bonaparte Gold property through the issuance of 10,950,000 common shares valued at $547,500, bringing the Company’s interest in the Property to 100% of all claims. As at July 31, 2019, the Company had $25,000 in advances (2018 - $nil) to certain venders for future exploration costs. The Company has also issued reclamation bonds of $100,000 (2018 - $100,000) for future reclamation work on the Bonaparte Gold property. During fiscal 2018, the Company recognized a reclamation obligation of $41,000 (2018 - $41,000). The undiscounted amount of estimated cash flows was estimated at $41,000. The liability was estimated using an expected life of five years and net discount rate of 0.64%