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The Company's Eagle Gold Project in Yukon Canada hosts a National Instrument 43-101 compliant Reserve of 2.3 million ounces of gold.

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Message: New Drilling Priorities For VIT?

New Drilling Priorities For VIT?

posted on Sep 21, 2009 08:42PM

Personally, I believe there is a good chance that VIT will prioritize Cove as one of its next drilling targets. Chad has already indicated that it is one of best discoveries in 20 years by a junior gold exploration company in Nevada.

Recent engineering studies and metallurgical test programs by Scott Wilson, Kappes, Cassidy and Associates at VIT's Cove property revealed indications of another nearby intersection zone with similar characteristics to the Helen Zone.

Should VIT chose to drill this new intersection zone, I believe it would be the kindling that could really spark a fire in VIT's stock - a spark that could very well be the beginning of closing the gap between what VIT's stock current value is based on its gold reserves in the ground and what its competitors are being valued in the market today based their gold reserves in the ground ($15 per ounce vs. $66 per ounce).

Mill Canyon, IMO, would be a top contender for a drill target announcement that could really spark some optimistic speculation in VIT's stock. Mill Canyon's prior drilling results were terrific and were responsible for a large run up in VIT's stock a couple of years ago. The problem at that time was VIT was then under the control of Bema Gold's management - and due to a lack of funds to do additional drilling and different priorities at Bema Gold, our company dropped the ball and did no further drilling there.

Any announcement to commence drilling at Cove in particular, and secondarily "Mill Canyon" will have a positive impact on the price of VIT's stock.

I believe that any drilling announcement will be made before early November when VIT is expected to have completed its its NI 43-101 reserve estimated for Cove's Helen Zone.

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