MGT Resources (ASX:MGS) has announced more drill results from its Pyramid gold project where it has discovered 15 meters of 5.63 g/t gold and 14 meters of 1.66 g/t gold. Those are pretty good results, and it looks like the strike length seems to have increased to 300 meters with a width of 100 meters. That’s already interesting and as the mineralization starts at surface, an open pit scenario at Pyramid is very likely.
As of at the latest financial filings, MGT Mining had a negative working capital position, so we would not rule out a capital raise in the very near future.
Disclosure: The author holds no position in MGT Resources. Please see our disclaimer for current positions.