I was looking for a junior gold exploration company in a stable, developing country and came across Volta Resources listed on the TSX. What are your thoughts about it as a speculative buy? Thanks.
Volta Resources, $2.14, symbol VTR on Toronto (Shares outstanding: 132.7 million; Market cap: $283.9 million; www.voltaresources.com), is mainly focused on exploring its Kiaka gold project, located in Burkina Faso, and moving towards a development decision. Volta was formed from the 2008 merger of Birim Goldfields Inc. and Goldcrest Resources Ltd.
Volta now is now undertaking a drilling program in the central part of the Kiaka project. This program consists of more than 250 holes, for a total depth of about 50,000 metres. The program is designed to further define and expand the deposit, which Volta believes could hold as much as 1.9 million ounces of gold. So far, the drilling continues to reveal strong gold mineralization, and indicates that the boundaries of the deposit still have room for significant extension.
The company holds cash of $40 million, or $0.30 a share, so it has the funds to continue its exploration and development work.
Burkina Faso is very underdeveloped, but Volta’s Kiaka project…
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