New Placer Dome Gold (TSX-V: NGLD) CEO Max Sali on Recent Trading Activity & 32 Pending Assays from the Bolo and Kinsley Mountain Gold Projects in Nevada
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the founder and CEO of New Placer Dome Gold (TSX-V: NGLD)(OTC: NPDCF), Mr. Max Sali. Max, how are you this morning?
Max Sali: I am very good and very busy. How are you?
Gerardo Del Real: I am well, thank you for asking. Let's get right to it. It appears you have a typical short situation that is underway with New Placer Dome Gold. Of course, we know the cure for that is always success with the drill bit, and you have plenty of drills turning.
Do you want to comment on the recent trading action? The stock has, in my view, pulled back a little more than it should have, let's put it that way.
Max Sali: Yeah. You know, I was expecting the stock to sit in the $0.40 to $0.50 range, but what we see typically happening here is month end you see a lot of guys that run deficits at the start of the month having to cover deficits, which puts the stock under pressure. Then you see the shorts coming to the market this week, because we do have a financing that comes trading on Monday at a lower price. You're expected to have some selling pressure on that.
What we can do is update the market. We put out an update today. We have 32 holes completed. Most of those holes are at the lab. Over 12,000 meters drilled. We have 9 holes from Kinsley at the lab currently, and we should have news on Bolo any day for some more.
It's just been a situation of a lot of mining companies were raising significant dollars and the labs are back up. In a perfect world, we probably would've had some Kinsley results the next few weeks, but we're hoping to get those out probably early November with substantial Bolo results through October.
Gerardo Del Real: Excellent. Max, you once again made mention of visual indications of mineralization in RC chips and drill core and how you're encouraged by that. Does that apply to both Bolo and Kinsley? Are you at liberty to say what you are encouraged by?
Max Sali: Yeah. Kinsley, with the core we are seeing sulfides, which is what we're looking for. We are searching for the deeper sulfide high-grade gold and there's oxide at the top of those holes too. So we have to put that in the press release.
Over at Bolo, we have an X-ray gun, Essentially all the pathfinder elements that indicate gold show up. Again, it's not going to tell you what the grade is, but essentially everything that leads to gold is what we're seeing.
With our first hole, holed two weeks ago, we did have over a gram oxide, which in Nevada, as everybody knows, you can mine economically at 0.3. Bolo is an exciting project to us and for the shareholders I think we're going to see some holes out of Bolo next week we hope.
Over at Kinsley, we have all of our technical guys there. Everyone's been encouraged by the last technical updates we've had. It's just a matter of getting the results out and showing the market what we have.
Gerardo Del Real: Excellent. And 9 Kinsley holes are at the lab, correct?
Max Sali: Correct.
Gerardo Del Real: Wonderful, wonderful. Max, I want to thank you for taking the time and addressing the trading in the stock. Again, the cure for any short situation is success and it looks like at the very least you are encouraged by the potential for some pretty substantial news over the next several weeks.
Max Sali: Yes, exactly. I bought some stock in the markets today and that will be filed. I continue to buy stock when I'm allowed to. I was allowed to buy some after our news this morning. I will continue to support our stock and hopefully some success will make that a win for me and for us and shareholders.
Gerardo Del Real: Sounds good, Max. I look forward to having you back to talk assays. Thanks again.
Max Sali: Thank you very much.