West Point Gold (WPG.V) has announced it has expanded its ongoing and fully funded drill program by 5,000 meters to 20,000 meters. Three rigs are currently on site and completing the remaining 8,000 meters of drilling (just under 12,000 meters of drilling has been completed) will likely take until the end of May.
The company also received the permits for its first Plan of Operations at Gold Chain. This will allow the company to drill deeper holes at the Tyro Main Zone, and to drill below the high-grade zone at Northeast Tyro.
The assay results of this 20,000 meter drill program will then be incorporated in a maiden resource calculation, which should be published by the end of the third quarter of this year. Having a firm resource number in hand should provide West Point with a strong stepping stone to continue to build value on.
West Point will continue to release assay results in the next few months, as results are still pending for 23 holes (for a total of just under 4,100 meters), with of course an additional 8,000 meters of drilling to be completed in the next two months. And with almost C$30M in cash in the bank (and likely completing the drill program with C$25M+ in cash), West Point Gold is in a good shape to advance the project to its maiden resource estimate. And hopefully that initial resource will be strong enough
The share price recently lost about half of its value, but bounced back rather sharply this week.
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.
