West Point Gold (WPG.V) has released the assay results from an additional 18 holes that were drilled at the Tyro Main and Decimal Hill zones at Gold Chain, its flagship project. This means that in excess of 20,400 meters of the 21,079 meters drilled has now been reported on and the remaining 603 meters where assay results are pending are the Black Dyke target, which is not very relevant for the upcoming resource calculation.
The next drill program that’s being designed for the Tyro Main Zone will include deeper drilling to expand the gold-bearing zone to a similar depth like Northeast Tyro. The entire 1.2 kilometer strike length will be subject to deeper drilling. Drilling will resume mid-September, and we can expect a maiden resource calculation to be published at the end of Q3 or early Q4. That will be an important catalyst for the share price and the company’s valuation as a resource should underpin the company’s market cap and make it easier to compare the Gold Chain resource to similar projects.
Another interesting interpretation based on the data received to date is that although some of the deeper holes did not intersect significant mineralization, the widespread presence of anomalous gold values and ‘upper level’ textures and alteration seems to suggest the potential to have stacked horizons of gold deposition, which indicates the deposit may remain open at depth.
Disclosure: The author has a long position in West Point Gold. West Point is a sponsor of the website. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
