To expand on my last post, I got into Nexus because of the Walker Ridge Project in Nevada. With all the discoveries made in Nevada over the last 50 years, the state looks like a giant pin cushion. Walker Ridge was an untested target only a few miles from the Jerritt Canyon roaster. The geology was similar to that of Barrick's Gold Strike which contains over 50 million ounces. To me, Walker Ridge was a once-in-a-lifetime opportunity to get in on the ground floor of a major discovery.
For all the money raised, Nexus drilled only one hole in it. God only knows what they did with the rest of the money, but I invested with the hope of seeing Walker Ridge get tested. When I heard that Nexus was abandoning Walker Ridge, my interest in Nexus disappeared. Fortunately, the stock had a run-up in March and I was able to exit with a profit. I'm keeping my eye on Walker Ridge. If a publicly traded company gets it, I'll likely put the proceeds from my Nexus stock into that.
There are also aspects of Nexus behaviour that turn me off. They published the results of high-grade grab samples early in the year (something that should've gotten them a 'knock that crap off' letter from the BCSC), but won't release the results of drilling that took place over two months ago. That kind of selective reporting erodes trust in management, and if you can't trust management why would you ever invest?
As far as Burkina Faso, there are gold-bearing shear zones mined by artisanal miners all across west Africa. While the artisanal miners can make a good living with 1 gpt Au, anything averaging less than 10 gpt Au isn't going to get put into production at these prices. I haven't seen anything to indicate that Nexus is close to achieving that. 90% of all exploration ends in failure so the trick is finding exploration projects you believe in. On the risk versus reward continuum, there are more attractive investments.
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