I've watched this a few times now. It was very similar to the presentation given about three weeks back but with some updated information and added confidence.
Takeaways: 85% of funds go into the ground! Nice. Too often it's less than half, with corporate and administrative costs chewing through sh money. Goal: Prove up another 'Fingle' type deposit, where six or so satellite deposits makes up a cluster of about 2Moz. The hard pan (?) makes geophysics difficult and can hide what's underneath. Gold across the Yigarn characterised by significant vertical continuity. Opportunity to discover repetitions of Starlight / White Light lodes. Fourth rig onsite this week specifically to target the 18 possible repetitions. 5000m program starting next week There will be deeper drilling down to 350m.
Once the four rigs are drilling, they will be spending about $1m a month. They have $9m in the kitty. So far no decision about funding at board level. Min 18 months to production > Update resource > Feasibility > Permitting > Funding for a stand alone operation. Can fast track to 12 months via tolling option. JV with EVN started drilling last week (outside the 100% owned MGV tenements).
For the fourth time now I've heard the M&A comment. I agree with @LawyerTrader that EVN would make the most logical suitor. What shape that may take is anyone's guess at this stage. EVN third largest developer in Australia.
Oh, and the picture of the gold! 2kg/t over 1m looks like this Giddy up!
MGV Price at posting:
76.0¢ Sentiment: Hold Disclosure: Held
