Price movement suggests interest in possibly 3 things:
1. Takeover speculation (Metals Exploration LTD) 2. Court case involving WGR vs SBM 3. Drilling program
What interests me the most is this piece from page 5 of WGR's annual report:
The drilling at Explorer 142 has confirmed continuity and thickness of the strong copper mineralisation over a minimum of 120 metres of strike length and over 50 vertical metres, and has shown an intimate association with massive magnetite alteration as seen in many classic “Tennant Creek Style” ore bodies. Geophysical modeling indicates the bulk of the magnetite body at Explorer 142 extends at depth beyond the limit of current drilling.
A programme of diamond drilling targeting along strike potential at Explorer 108 and depth extensions to the Explorer 142 copper mineralization is planned to commence in October 2006.
The Explorer 108 prospect demonstrates that the Rover Field has potential for significant lead-zinc mineralization. Westgold plans to use geophysical techniques including detailed gravity and IP to delineate high priority drilling targets in the vicinity of Explorer 108.
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So imo the results from the depth extensions at Explorer 142 should be very interesting.
Things are looking a lot more positive.
Cheers
WGR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
