Melkior Resources: Opinion
in response to
by
posted on
Aug 22, 2008 07:42AM
Taken from another site - thought I would post since it feels like my own opinion:
MKR is probably the one stock in all of McFaulds Lake that we hear the least about. However they have two land positions in the proximity of the MTX/WSR discovery. They have a 100% owned property called the East Rim Nickel Project and another called the West Rim Nickel Project that is 50% jv'ed with BOL.
The East Rim property just had a MEGATEM survey that was completed on July 8th and the final report was supposed to be received by August 8th. Drilling date announcement pending.
The West Rim property started doing a MEGATEM survey on July 3rd. I would imagine they should be getting the report back from this one shortly. The total cost of the survey was $300k and once they got the report back they were going to do a ground follow up survey and then they planned on drilling this property, once the ground work was completed. I sent MKR an email with a series of questions over a week ago and still have heard nothing back from them. Just guessing but I would imagine they will be drilling this property late Sept or early Oct.
I first got interested in MKR when they did a bought deal financing with Sprott at $.20 a share. My thoughts at that time was if Sprott thought it was good enough to do a bought deal financing, they must of liked something that the company was showing them. After doing some follow up questioning, I discovered that a well known geologist had done some work in the Ring of Fire and it was his best guesstimate, that the source of the nickel mineralization in McFaulds, had a good possibility of being on MKR's property. I believe this was the reason why Sprott went ahead with the bought deal financing.
Today we received the news that drilling was now completed on MKR's summer drill program on their Timmins West Project. The purpose was to extend the strike length of existing gold mineralized systems previously discovered. With assays pending there is the possibility of good news from this project in the near future.
So we have assays pending on a gold property in Timmins and we are waiting on news from MKR on a drilling date on their exciting McFaulds Lake properties. This is like buying a lottery ticket that is good for 2 draws. If the Timmins property doesn't prove up to be a winner you always have the McFaulds Lake property drilling to fall back on.
I believe MKR is an excellent stock to buy right now, while the share price is still cheap. I have been telling people that read this board that MKR is a good stock to accumulate on share price weakness for months now. I think the potential of their East and West Rim Projects could make this the sleeper stock in McFaulds Lake. Personally I am very bullish on MKR, but this is only my opinion.