Homestake Ridge - British Columbia

In 2011, Homestake Resource reported an updated mineral resource estimate, (NI43-101 compliant) of 191,000oz gold and 1,350,000oz silver indicated plus 530,000oz gold and 13,470,000oz silver inferred at a 3.0 g/t AuEq. cut-off in two separate deposits.

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Message: The scoop on BVG

The scoop on BVG

posted on Oct 01, 2009 08:32AM

For a while now I've been repeatedly contradicted by the way BVG moves. This is because the basic assumptions I was making about what the current exploration program is about were wrong. I had a long talk with IR (Jay) and this is what I was told.

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BVG is not drilling the same ore body that yielded the 52 meters of 20g/Ton in 2008. Management is satisfied that that ore body has been satisfactorily defined.

The current program is a search for additional, separate ore bodies nearby the initial discovery. A survey conducted this summer indicated multiple targets similar in structure to the initial find; many of those targets have been drilled and results are pending.

It's possible but unlikely that the 20g/T hole will be duplicated at any of these additional targets but any additional ore discovered is icing on the cake since majors are already interested in buying out the 900,000 ounces already proved.

Based on what they've come up with in the current program management feels that a little more clarification is necessary before they start talking a deal with interested buyers. This measns BVG has to come up with another $Million; this in turn means another financing, which is being worked out now and will be announced shortly.

The visible contents of the cores pulled so far are encouraging but , of course, not definitive. They may indicate new minable ore; they may not - toss a coin.

The reason for the recent separation of Homestake from the other properties is to allow BVG to sell Homestake as an independent entity without having to throw in the additional properties as a freebie.

Whether Homestake will be an out-and-out sale, a JV, or royalties deal has yet to be worked out.

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If what I was told is accurate then it would seem BVG has some downside potential but should have a floor based on the ore already proven and attracting buyers. If the drill results start coming in indicating excellent new hits we're into a different ball game. The drill results are slow coming back; I suspect that's because management wants to conclude the financing before releasing drilling news ( yes, I suspect they may be sitting on some results ).

Apologies to all if all of this was already discussed on earlier posts.

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