Latest / Kitco MINING / Gold Chain Resource Nears as 20,000m Drill Program Advances | Derek Macpherson

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Gold Chain Resource Nears as 20,000m Drill Program Advances | Derek Macpherson · Kitco MINING

• 0:07
  SPEAKER_00: Hello and welcome to Kiko Mining with me, Paul Harris.
• 0:10
  SPEAKER_00: Today is Monday the 27th of April and we are talking about gold exploration in the Walker Lane trend in Nevada and Arizona.
• 0:17
  SPEAKER_00: Joining me today is Derek McPherson, president and CEO of West Point Gold, which trades on the TSXV under the ticker WPG.
• 0:25
  SPEAKER_00: Derek, welcome to Kitko.
• 0:28
  SPEAKER_01: Paul, thanks for having me.
• 0:30
  SPEAKER_01: Appreciate the time.
• 0:31
  SPEAKER_00: Now we're going to be talking a lot about drilling, but before we get there, Derek, I want to sort of take a few steps back and let's go back to basics and start with uh I want to ask you about what you know what's the aim or goal of the company?
• 0:44
  SPEAKER_00: Um what are you looking to do?
• 0:47
  SPEAKER_01: Yeah, so West Point Gold is a southwest US gold explorer.
• 0:50
  SPEAKER_01: Um our assets are all on the Walker Lane trend um in Nevada and Arizona.
• 0:54
  SPEAKER_01: Um our our flagship asset is a gold chain project.
• 0:57
  SPEAKER_01: Gold chain has um we've got about uh I guess almost 25,000 meters of drilling to date now in in into gold chain.
• 1:05
  SPEAKER_01: Um we're on track to deliver a maiden resource at the Tyro Main zone there, which I think could be a significant catalyst for the company and a potential significant re-rating.
• 1:13
  SPEAKER_01: Um and uh and and overall, what we're after is to uh, you know, ultimately what the goal is to create value for shareholders, but you know, we're doing it through the through through the drill bit in the Walker Lane trend.
• 1:24
  SPEAKER_00: Okay, so in terms of um generating value for your shareholders, you what's the business plan to achieve that?
• 1:33
  SPEAKER_01: Well, I think you know, each stage, you know, I we're not um we got to advance the project as far as far as as as is reasonable.
• 1:41
  SPEAKER_01: Um and right now we have a team built for exploration, and so our our plan is to to start to prove up resources.
• 1:47
  SPEAKER_01: As we get past that maiden resource, it'll it'll start to be a little bit more of a development story.
• 1:51
  SPEAKER_01: And so then we'll we'll amend the team and adjust and we'll keep we'll grow the team to match that to keep advancing the project.
• 1:58
  SPEAKER_01: Um our objective is to advance the project till someone wants it more, and if someone doesn't want it more before we build it, then we'll build it.
• 2:03
  SPEAKER_01: Um what we're on track to to put together at Tyro is uh Tyro itself is pretty impressive, and that bodes well for the whole gold chain project.
• 2:12
  SPEAKER_00: Okay, fair enough.
• 2:14
  SPEAKER_00: Um, what do you see as the opportunity for the company?
• 2:16
  SPEAKER_00: And how will you define success or how do you define success?
• 2:21
  SPEAKER_01: You know, when we look at success, I I mean, ultimately is ultimately success is, you know, are your shareholders making money as your share price going up?
• 2:29
  SPEAKER_01: However, that's you know, that's not something I control.
• 2:32
  SPEAKER_01: I can't control the share price.
• 2:34
  SPEAKER_01: What can I control?
• 2:34
  SPEAKER_01: Is I could control the work that we're doing on the ground or we're doing quality work.
• 2:37
  SPEAKER_01: Are we communicating that effectively to the market?
• 2:40
  SPEAKER_01: Are we moving the project ahead um through the you know, through your typical stage gates?
• 2:44
  SPEAKER_01: You know, we went from exploration, sort of proving we had something, then we went to um, you know, now we're drilling off a maiden resource and we're back to you know, back to exploring.
• 2:54
  SPEAKER_01: And those are things that we can control.
• 2:55
  SPEAKER_01: And as we deliver on those sort of milestones, in particular the maiden resource, the tyro main zone, um, is there I mean what we're looking for is a mine.
• 3:02
  SPEAKER_01: Um and I think that if we can prove that we have one, I think that makes uh makes a huge difference for that will ultimately lead to uh success in the share price and and shareholders making money.
• 3:13
  SPEAKER_00: Thank you.
• 3:14
  SPEAKER_00: Now let's get more into gold chain with your main project.
• 3:17
  SPEAKER_00: Um, this is at the tail end of the Walker Lane trend, and in Arizona rather than Nevada.
• 3:22
  SPEAKER_00: Um, this is a low sulfidation epithermal gold system.
• 3:25
  SPEAKER_00: What does that mean exactly?
• 3:28
  SPEAKER_01: Um so what makes a low sulfidation epithermal gold unique is is typically um A uh versus say high sulfidation is you have less uh sulfur.
• 3:38
  SPEAKER_01: Um and so uh generally speaking, that is a um uh that's the aspect.
• 3:43
  SPEAKER_01: But you have less base metals, less, less, um uh less other metals.
• 3:47
  SPEAKER_01: So we don't get a lot of silver, we don't get a lot of base metals or anything like that, um, less sort of pathfinder elements.
• 3:53
  SPEAKER_01: So that's what low sulfuration means.
• 3:54
  SPEAKER_01: But as where it differs from, say, like an orgenic gold deposit, which generally go to the center of the earth, um low sulfate so you know, low sulfuration and high sulfuration epithermal systems have a vertical extent, right?
• 4:04
  SPEAKER_01: So there is a there will be a top and bottom of this system.
• 4:07
  SPEAKER_01: Um and you know, I think that that's a that that that's a key element.
• 4:12
  SPEAKER_01: And and you know, one of the things that we're doing at the Tyro Main Zone right now is you know um uh looking for, I guess I say looking for the bottom, but we're dr we're drilling deeper to see to see how deep it goes.
• 4:25
  SPEAKER_00: Okay.
• 4:25
  SPEAKER_00: Now, most people that are familiar with the walk lane trend, most people would assume that that's principally a a Nevada story, but you're you're in Arizona.
• 4:34
  SPEAKER_00: Um, does that give the the project any sort of unique characteristics?
• 4:38
  SPEAKER_01: Well, I think the the simple fact is it's still here.
• 4:41
  SPEAKER_01: Um I think if it was in Nevada, it would have uh it would have been found and mined a long time ago.
• 4:46
  SPEAKER_01: Um and so I think that's that that's certainly an aspect.
• 4:49
  SPEAKER_01: The other thing that's unique about Arizona versus Nevada um uh is has to do with water rights.
• 4:55
  SPEAKER_01: Uh in Nevada, regardless of whether you're on uh private land or or public or federal land, um, you need to you need to uh permit water to draw from uh the the local aquifer or the or the region.
• 5:08
  SPEAKER_01: Um one of the things that's unique about Arizona is that if you have private land, uh that you have subsurface water rights.
• 5:14
  SPEAKER_01: And so we have about 300 acres of patented claims at the core of our project, and that gives us subsurface water rights.
• 5:19
  SPEAKER_01: We're still doing the work to figure out if we have enough water to run a modern mining operation, but I but I think that that's um you know, we're we're a step in the right direction by having those rights.
• 5:30
  SPEAKER_00: Well, that certainly does sound to be a very sort of good advantage to be able to have those water rights without necessarily having to apply for them or compete for other other users for them.
• 5:39
  SPEAKER_00: Now, um I was looking at a few of your you know, through your geological presentation, uh Derek, before we came on the air, and there seems to be a lot going on geologically.
• 5:48
  SPEAKER_00: Uh the Tyro vein system cuts the the banner sheep trail trend.
• 5:52
  SPEAKER_00: Um, how does that help or hinder your exploration efforts?
• 5:57
  SPEAKER_01: Well, I mean it's kind of a double-edged sword, right?
• 6:02
  SPEAKER_01: The the the structural complexity is what provides the open space for uh the deposition.
• 6:08
  SPEAKER_01: And so uh but the structural complexity is what makes it potentially challenging to explore.
• 6:13
  SPEAKER_01: Um I think what we've what we've learned about the system to date in the in the meters that we've drilled is that you know we kind of need a we need a couple factors.
• 6:20
  SPEAKER_01: You need kind of an older to find a deposit, you need older structures.
• 6:23
  SPEAKER_01: Um so the Tyro Northeast is much older, structures much older than say the date of mineralization, as far as we understand it.
• 6:31
  SPEAKER_01: Um and then we also need um but you need so you need that host and and you need that that that open space um to fill in.
• 6:40
  SPEAKER_01: And so what we've you know, and then obviously you need you need the fluids to have flowed through that area.
• 6:46
  SPEAKER_01: Um and so what that's given us is is kind of a template to you know what we've learned at Tyro of being able to play up, apply on other parts of the property.
• 6:54
  SPEAKER_01: And I think the good news for shareholders is that that structural complexity um, you know, is that we've got a lot of targets.
• 7:03
  SPEAKER_01: Um that provides a lot of kind of open space for for for places for us to go and to test.
• 7:09
  SPEAKER_01: And and while we focused on Tyro main zone because it's we have had so much success there, um, and that's where we're gonna working on putting out a main resource, the other parts of the property still need to be tested.
• 7:18
  SPEAKER_01: And I think there's opportunity to add sort of um satellite deposits, and we've we've sort of started testing that thesis this year.
• 7:25
  SPEAKER_00: Okay, well, let's get to the drilling results.
• 7:27
  SPEAKER_00: You've got a 20,000 meter drilling program underway, and you've been putting out regular drill results since September 2025.
• 7:34
  SPEAKER_00: What is the aim of the current drilling program?
• 7:37
  SPEAKER_01: Yeah, so our 20,000 meters of drilling is really focused on two things.
• 7:41
  SPEAKER_01: Um, one is to deliver that main resource of the Tyro main zone, uh, which I think we're on we're on track to do.
• 7:46
  SPEAKER_01: We'll have um and that's the and the objective is to drill it down to 300 meters uh vertical extent.
• 7:52
  SPEAKER_01: Our uh um I suspect uh based on what we're seeing today, um, we'll be open both a long strike and a depth when we we cut the data off for the resource.
• 8:00
  SPEAKER_01: Um but I think that's okay.
• 8:02
  SPEAKER_01: I think we'll we'll we'll get enough material to justify putting the resource out.
• 8:08
  SPEAKER_01: Um the second objective is to make a discovery at one of our was to make a discovery at one of our satellite targets.
• 8:14
  SPEAKER_01: And so we'll we took a systematic approach, those satellite targets, um six or eight drill holes on each.
• 8:19
  SPEAKER_01: Um and we've actually uh made two discoveries so far this year.
• 8:22
  SPEAKER_01: Um one is at a target called Black Dyke.
• 8:25
  SPEAKER_01: Uh put uh got six drill holes out there, um highlight holes about 36 meters at a gram from surface.
• 8:31
  SPEAKER_01: Um and that sort of defined started to find a small area that we think we could put a resource on.
• 8:35
  SPEAKER_01: We're we're drilling some follow-up holes there.
• 8:37
  SPEAKER_01: Second was at a target called Sheep Trail.
• 8:39
  SPEAKER_01: Uh, we did some follow-up drilling there, um, you know, defined a zone, about 100 meters vertical extent, uh about 10 to 20 meters wide of almost almost a kilometer strike length.
• 8:49
  SPEAKER_01: Um, you know, highlight hole there is about 30 meters at a gram.
• 8:52
  SPEAKER_01: So very good, um uh very good results on the discovery side, but we're continuing to work towards the the the resource as well at Tyro Main Zone, which I think is going to be the um the the potential the major catalyst for the stock.
• 9:07
  SPEAKER_00: What what do you think is the potential size of the prize uh when you publish the maiden resource in terms of you know ounces, potential, and and grade potential?
• 9:16
  SPEAKER_01: Yeah, so we've got uh an expiration target to publish.
• 9:19
  SPEAKER_01: We published that in September, um actually with substantially less drilling than we're there than we're gonna have when we put the resource out.
• 9:25
  SPEAKER_01: Um that expiration target was one to three million ounces um at two to three grams a ton.
• 9:29
  SPEAKER_01: Um that only covered about a kilometer of the Tyro Main Zone, um, and it assumed a success down to 300 meters.
• 9:36
  SPEAKER_01: Um, and so we are uh I think we're on track to deliver um something within that expiration target uh right now.
• 9:43
  SPEAKER_01: And so that um the okay, fair enough.
• 9:47
  SPEAKER_00: Um Derek, how does that compare to other deposits in the Walker Lane trend?
• 9:52
  SPEAKER_00: And um, I guess most noticeably the the main deposit people are focused on at the moment is uh Anglo Goldishanti and their Arthur project.
• 10:01
  SPEAKER_00: That's really been generating a lot of headlines uh about the Walker Lane trend.
• 10:05
  SPEAKER_00: Um how does what you're doing, how will that compare and contrast with existing deposits in the Walker Lane trend?
• 10:12
  SPEAKER_01: That uh that deposit is a monster.
• 10:14
  SPEAKER_01: Um the Anglo Shanti's uh uh I I you know if we had if we if we get a third of that, I think we'll be uh we'll we'll we'll be blessed.
• 10:22
  SPEAKER_01: Mother Nature doesn't make a lot of things like that.
• 10:24
  SPEAKER_01: Um, but I think what is unique in the and and in the comparison is uh for us is we really focus on the Tyro main zone because it sticks out of the ground.
• 10:32
  SPEAKER_01: Um and that's gonna be um the main resource.
• 10:36
  SPEAKER_01: We actually have a target on the property that is a very similar setting to what um I guess Silicon Merlin or Arthur Arthur is.
• 10:44
  SPEAKER_01: Um just to the the northeast of the Tyro main zone, there's two sort of uh northwest trending structures that produce the the form of a massive groben.
• 10:53
  SPEAKER_01: That groben is uh four kilometers by 750 meters wide, very similar to Silicon Merlin.
• 10:59
  SPEAKER_01: All you see at surface is is sort of steam heating and geologic alteration.
• 11:03
  SPEAKER_01: You don't see the you don't get gold at surface there.
• 11:06
  SPEAKER_01: Um uh, you know, we've put some holes into it, uh, hit kind of had technical success, not what the market loves, but what you all just need to actually find something, hit some anomalous gold, hit some elevated mercury, which isn't something we'd seen on the property before.
• 11:19
  SPEAKER_01: And so things that, you know, are all pointing the right direction.
• 11:23
  SPEAKER_01: Um, we're in the process of extent uh of extending the Tyro main zone to the northeast towards one of those controlling structures, the Frisco Minefall.
• 11:32
  SPEAKER_01: Um, and we'll have, you know, it by the time this interview is published, we'll have results out.
• 11:37
  SPEAKER_01: You know, we hit 18 meters at six grams gold, um, you know, 150 meters from that groven.
• 11:41
  SPEAKER_01: And so we've got, we're on track to sort of prove that up.
• 11:46
  SPEAKER_01: I I think, you know, unfortunately, I don't have the we don't have the balance sheet of Anglo Ashanti.
• 11:51
  SPEAKER_01: And so we can't go drill 20 or 30 holes out into the Frisco Graven, which is probably what it needs for a good test um right now.
• 11:58
  SPEAKER_01: I I think that sort of post the maiden resource at at the Tyro main zone, create something to underpin the value of the company, we'll be in a position to uh to go chase that bit, that, that really big target.
• 12:09
  SPEAKER_01: And that's something that you know I'm kind of excited about uh when we get there.
• 12:14
  SPEAKER_00: Okay.
• 12:15
  SPEAKER_00: Um the possibility of posting a resource of one to three million uh ounces at two to three grams per ton, that's potentially a very nice and attractive uh open pit.
• 12:24
  SPEAKER_00: Is that um what how you're viewing it?
• 12:27
  SPEAKER_00: Yeah, absolutely.
• 12:28
  SPEAKER_01: Um, you know, one of the things that we're uh, you know, it mineralization comes to surface, the Tyro Main Zone.
• 12:34
  SPEAKER_01: Um you can see the images on our website.
• 12:36
  SPEAKER_01: It's it's you know, there is there is a small historic pit.
• 12:38
  SPEAKER_01: There was a small historic mining operation, created great exposures for us.
• 12:42
  SPEAKER_01: Um and so yeah, that comes to surface, you know, it's the widths are such that we should be able to with with, you know, not light strip, but with with a brazeable strip ratio, should be able to push the pit pretty deep.
• 12:54
  SPEAKER_01: I think you know how it ultimately turns out will depend how deep um the zones go, particularly the northeast zone.
• 13:01
  SPEAKER_01: Um, we've been hitting some spectacular high grades up there.
• 13:04
  SPEAKER_01: Um, you know, we've we've defined a zone now that's kind of 300 meters vertical extent, 400 meters strike length, the you know, 20 to 30 meters wide.
• 13:13
  SPEAKER_01: That zone, you know, has you know zone within it, there's areas that are you know uh true thickness, you know, plus plus 100 gram meters width.
• 13:23
  SPEAKER_01: And so that is an area where you could potentially put underground operation, but I think you know, we'll have to see how deep the tyro may that that part of the zone goes before you start thinking about where that trade-off is between open pit and underground.
• 13:36
  SPEAKER_01: But that'll be driven by the data.
• 13:37
  SPEAKER_01: I think for this maiden resource with everything you know pushed at only pushed at 300 meters uh vertical extent, I think that would be uh it makes sense to uh to stick with the open pit scenario for now.
• 13:48
  SPEAKER_00: And and uh what's the potential date for the release of that resource, that maiden resource?
• 13:53
  SPEAKER_01: We're targeting uh late Q3, early Q4.
• 13:55
  SPEAKER_01: Um we're we'll wrap up drilling here, the date that we'll we'll finish drilling for the resource sort of the end of May.
• 14:01
  SPEAKER_01: Um we'll have drill results out through through through July.
• 14:03
  SPEAKER_01: So we'll get data kind of mid-July, all the data in in July.
• 14:06
  SPEAKER_01: And so the target is really uh late Q3, early Q4.
• 14:11
  SPEAKER_00: And um once you've put that out, what's the sort of drilling plan going forward beyond that?
• 14:16
  SPEAKER_00: What will you look to do at Tyro Main beyond that uh in terms of potential expansion or in fill, or will you be focusing more on chasing some of these uh potential satellite deposits?
• 14:28
  SPEAKER_01: Uh probably the answer to all those questions is yes.
• 14:31
  SPEAKER_01: Um, is we'll do a little bit of each.
• 14:33
  SPEAKER_01: Um, as I kind of said at the beginning, um, Tyro is gonna be open when we put this resource out.
• 14:37
  SPEAKER_01: So we'll be open at depth and probably an open along strike, particularly the northeast towards the Frisco Graben.
• 14:42
  SPEAKER_01: And so I definitely think that you know a portion of any future drill program is gonna be on sort of trying to define the the extent of the system.
• 14:52
  SPEAKER_01: Additionally, um, we're gonna be looking at uh we'll be probably doing some infill.
• 14:58
  SPEAKER_01: We'll have to do some additional drilling for metallurgy, etc.
• 15:01
  SPEAKER_01: You know, start start doing the things that we need to do for uh on development.
• 15:04
  SPEAKER_01: And then yeah, we're gonna we're gonna keep advancing these step-out targets.
• 15:08
  SPEAKER_01: Um, I think that you know there's there's a there's a couple of targets that were untested this year or this this drill campaign um in this 200 20,000 meter program that we'll want to go test.
• 15:19
  SPEAKER_01: Um obviously there's we we have we'll have follow-up to do both at Sheep Trail and at Black Dyke.
• 15:24
  SPEAKER_01: And you know, kind of as we were alluding to, we want to get out there and drill that and drill the Frisco Graben.
• 15:29
  SPEAKER_01: And I think that's a host resource, that's a time to potentially go after it.
• 15:33
  SPEAKER_00: Okay.
• 15:33
  SPEAKER_00: Now, Derek, you mentioned you don't have the the same kind of balance sheet as Angler Gold or Shanti, but elsewhere in your portfolio, you do have access to some uh companies with a bigger balance sheet.
• 15:42
  SPEAKER_00: And of course, I'm referring to uh your partnership with Kim Ross Gold on Jefferson Canyon.
• 15:47
  SPEAKER_00: Uh, what can you tell me about that?
• 15:49
  SPEAKER_01: Yeah, so we um in 2022 we optioned our Jefferson Canyon project to to Kinross.
• 15:55
  SPEAKER_01: Um obviously uh Jefferson Canyon is seven kilometers from the pit at Round Mountain.
• 16:00
  SPEAKER_01: Um and so uh and for for for those don't those of who don't know, Round Mountain's about a 300,000 ounce a year producer for Kinross.
• 16:07
  SPEAKER_01: So an important part of their important op an important operation for them.
• 16:12
  SPEAKER_01: Um and so they're looking for feed in the from the valley, and so obviously the this asset that's right next to them made made a lot of sense to get involved in.
• 16:21
  SPEAKER_01: Um it's been a challenging permitting process there, uh, to say the least, but uh it looks like we're close to the finish line.
• 16:26
  SPEAKER_01: Um, and you know, what I'm hoping is that we get the permits for this year and that they're drilling um in 2026.
• 16:33
  SPEAKER_01: But uh because it has been such a challenging process, difficult to uh difficult to promise.
• 16:38
  SPEAKER_01: And and and thankfully we we outsourced it to them.
• 16:41
  SPEAKER_01: And so that they're um, you know, I think they're eager to drill, and so I'm I'm I'm I'm looking forward to the results when they when they get when they get going.
• 16:50
  SPEAKER_00: Okay, would the in their end game there be that Kim Ross buys the entirety of that project or or will you always retain an interest there?
• 16:59
  SPEAKER_01: So we have uh the way the the way the deal is structured, um after they uh they have to spend a little bit of money on exploration, um, and then after that, they have to write us a check to get an interest in the project.
• 17:10
  SPEAKER_01: And so um it's five million dollars US for 70%, and another five million US for to get to 80%, um, at which point it becomes a traditional joint venture um where we would have to fund our portion or be diluted.
• 17:22
  SPEAKER_01: Um our intent, if they're having success, our intent would be to to as much as we can fund our fund our portion and and retain our interest there.
• 17:31
  SPEAKER_01: Um however, um, you know, uh uh you know Kinross could outspend us in there.
• 17:37
  SPEAKER_01: And if and if that happens, we would get earned out to we could get earned out to an NSR, um, which I think would be uh a 1% NSR, which would be valuable.
• 17:44
  SPEAKER_01: Um but I think where our our our view would be if they're having success, um the the and we have data rights, and so we can tell the market what they're what they're drilling, um I think we would uh we would want to uh uh maintain as long as we could there.
• 17:57
  SPEAKER_00: Okay.
• 17:58
  SPEAKER_00: Well that gives us a nice segue to talk about financing.
• 18:01
  SPEAKER_00: Uh you've raised, what, 33 million Canadian dollars in the past couple of years.
• 18:04
  SPEAKER_00: The latest raise was in January, and that was quite a big one.
• 18:07
  SPEAKER_00: How much of uh those funds are still in the company's treasury once this uh current drilling campaign is ended?
• 18:15
  SPEAKER_01: Yeah, we'll finish um we'll finish this current drilling campaign with about$25 million.
• 18:20
  SPEAKER_01: So that's kind of the end of May.
• 18:22
  SPEAKER_01: Um so well funded for whatever we whatever scale of program we want to do in 2020 in starting it's you know when we when we start drilling back up again at gold chain, um, along with some of the development work and things that we have planned.
• 18:33
  SPEAKER_01: And so um lots of runway from a financial perspective.
• 18:37
  SPEAKER_01: Um and and and and and we have good shareholders, and I think that that's important.
• 18:41
  SPEAKER_01: The other thing that's probably important to note is that we have about$10 million of in-the-money warrants.
• 18:45
  SPEAKER_01: Uh, about six million of that comes due this year.
• 18:47
  SPEAKER_01: And so we will we will be getting uh our expectation is we'll see that money uh all uh come in later this year.
• 18:54
  SPEAKER_00: I was looking at that, Derek, and uh a lot of those warrants are well in the money.
• 18:59
  SPEAKER_00: To what extent or not are you able to accelerate their exercise?
• 19:03
  SPEAKER_01: Uh we've never issued a warrant without an accelerator on it.
• 19:06
  SPEAKER_01: Um so uh right now every uh every warrant uh in our portfolio, uh save the broker warrants, which you can't put an accelerator on, or we didn't put an accelerator on.
• 19:15
  SPEAKER_01: Um every warrant in our portfolio is accelerable.
• 19:17
  SPEAKER_01: And so um we could bring in uh most of that$10 million if if we elected to.
• 19:23
  SPEAKER_01: Um uh but I think that you know we have to be very careful with that decision because it's it is gonna generate a lot of trading, probably about 20 million shares, and so we got to be in a position to absorb that trading as well.
• 19:34
  SPEAKER_00: Okay.
• 19:35
  SPEAKER_00: Um, you did the last financing in January.
• 19:38
  SPEAKER_00: How difficult has it been to finance for a junior gold explorer in this market?
• 19:43
  SPEAKER_01: In this market?
• 19:44
  SPEAKER_01: Well, I I guess it depends what you have, right?
• 19:46
  SPEAKER_01: Um, you know, I'm glad really glad that we financed in January.
• 19:50
  SPEAKER_01: Um, you know, the market, the wheels kind of came off the market the end of uh the end of February with the start of the Iran war.
• 19:56
  SPEAKER_01: And so, you know, uh for us, you know, we did um$1.10, straight share, four-month-hold uh financing, which you know you don't really see anymore.
• 20:07
  SPEAKER_01: Uh most of them, especially in Canada, are mostly are life deals.
• 20:09
  SPEAKER_01: Most a lot of them have to come with a half warrant.
• 20:11
  SPEAKER_01: Um we were pretty intentional about how we structured it.
• 20:14
  SPEAKER_01: Um, you know, we went out for uh we went out for uh$20 million.
• 20:19
  SPEAKER_01: We announced$20 million.
• 20:20
  SPEAKER_01: We ended up taking$25, but we had over$50 million in demand uh for the financing.
• 20:25
  SPEAKER_01: And so our um, you know, so it's been easier for sure.
• 20:32
  SPEAKER_01: Um, I think that changed uh probably March 1st.
• 20:35
  SPEAKER_01: Um and like I said, I'm really really pleased that we actually have capital um and because we're not we're not outchasing it, uh we're not outchasing it right now.
• 20:42
  SPEAKER_01: And that really lets us, you know, do the work that creates value for shareholders, which is going out and drilling holes and proving up this maiden resource at Tyra without worrying about where the share, where the the day-to-day fluctuations are that on the share price are.
• 20:55
  SPEAKER_00: Okay, well, congratulations there.
• 20:56
  SPEAKER_00: I'm not a big advocate for taking money when it's available and not trying to get too cute play in the market.
• 21:02
  SPEAKER_00: And as you say, once the Iran conflict started, things changed rapidly in terms of the financing window shrinking.
• 21:08
  SPEAKER_00: Um we've covered a lot of ground in our conversation, Derek.
• 21:11
  SPEAKER_00: Um let's end with uh uh a recap of some of the key catalysts or highlights that our viewers can expect from the company uh for the remainder of this year.
• 21:20
  SPEAKER_01: Yeah, so uh I think first and foremost is drill results.
• 21:23
  SPEAKER_01: Um we have uh close to uh 5,000 meters of holes that are drilled that are unreleased, and we have another three to four thousand meters left to drill.
• 21:32
  SPEAKER_01: Um so eight thousand meters of drilling to come for for assay.
• 21:37
  SPEAKER_01: So you get you'll get uh drill results from us typically every two to three weeks from now till the middle of July, uh roughly.
• 21:44
  SPEAKER_01: On top of that, obviously that's gonna culminate in the maiden resource at our uh at Tyro, um, as as we talked about late Q3, early Q4.
• 21:54
  SPEAKER_01: Um, additionally, uh it is not it's not up and coming, but just occurred.
• 21:58
  SPEAKER_01: We just put up some metallurgy results.
• 22:00
  SPEAKER_01: So that's that's certainly a uh a positive and de-risky event.
• 22:03
  SPEAKER_01: And we're gonna be doing more of that work in the back half of the year.
• 22:06
  SPEAKER_01: Um, and you know, I think the the other thing is that our at our satellite projects uh or at our Nevada projects, the other assets of the portfolio, which are all pretty good assets, all 100-plus drill holes with economic grades in them.
• 22:17
  SPEAKER_01: Um we're doing a little bit of work at our Baxter Spring project to get it ready to drill.
• 22:21
  SPEAKER_01: Haven't made the decision to go pursue it.
• 22:22
  SPEAKER_01: And then obviously we're hoping that uh Kinross drills it uh at Jefferson Canyon as well.
• 22:28
  SPEAKER_00: Excellent.
• 22:28
  SPEAKER_00: Well, I wish you the best of luck uh for the rest of this year.
• 22:31
  SPEAKER_00: Once again, West Point Gold trades on the TSX V under the ticket WPG.
• 22:36
  SPEAKER_00: Derek McPherson, thank you very much for joining me today.
• 22:39
  SPEAKER_01: Thanks, Paul.
• 22:40
  SPEAKER_01: I really appreciate it.
• 22:41
  SPEAKER_00: And of course, to our viewers, if you like what you see, don't forget to hit that subscribe button.
• 22:46
  SPEAKER_00: I'm Paul Harris, and this is Kitco Mining.