With MIL Resources (MGK.ASX) having bedded down its issue and raised $5mil. I have bought back into this stock. They have fallen to an important support, and with funds raised, and months of trenching under their belt, we can expect a drilling program ahead, and I think this will be a precursor to a JV partnership to fund any further development. I am expecting positive drilling results from this project given the appealing grades from trenching, as well as the extensive occurrences of gold/copper. I believe they are on to a Highlands Gold style deposit (high grade fissure deposits) rather than massive, disseminated porphyry-copper targets. This will auger well for a faster development, but a shorter mine life unless they can find repetitious structural controls....which is not far-fetched. Its still early days, but its a good trading opportunity.
I am comforted by the strong rally on Wall Street overnight, as well as the strong gold price.
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