May 24, 2012 (Investorideas.com Mining stocks newswire) - eResearch Corp reports Vatic Ventures Corp. (TSX-V: VCV) is about to embark on an exciting phase of its brief history. It has recently significantly expanded its footprint by signing a strategic Option Agreement to buy Yamana Gold’s La Silla gold property in Mexico.
This is an enormous coup for little Vatic Ventures. Yamana has done considerable work on the property, having drilled 99 holes and identified 31 gold-bearing veins. The property’s drilled-inferred resource inventory is almost 500,000 oz Au.
We believe that Vatic could be sitting on a resource of at least 1.5 million oz Au because: (1) the property is less than 50% explored; (2) the unexplored areas exhibit gold mineralization that is similar to mineralization in explored areas; and (3) drilling at the explored veins has been insufficient.
Still, the Company has its work cut out to prove up the resource, as it is required to spend $8 million on exploration over a four-year period following the closing of the Agreement in order to gain ownership of La Silla. If Vatic is successful in this endeavour, the shares should be in for a good ride.
Vatic Ventures Corp. is engaged in the exploration of its La Silla and La Silla West gold-silver properties in Sinaloa, Mexico, and its BM gold-silver property in British Columbia, Canada.
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