I don't know, but let me offer this. Firstly, Hay Mountain was drilled once before and returned very high grades of gold. Hang onto that!

If you wish to disregard that program because it ended early and was not compliant with current reporting standards, the advent of ZTEM has become a game changer for the industry. However, it is so new that it is not as yet well accepteded by those who would provide funds for development. Also, it is best employed only under certain predefined geotechnical conditions that can only be confirmed by drilling. Other than that, I've heard that graphite can offer false suggestions in remote sensing.

Speaking of graphite, which used to be worth very little late in the last century, it is now the flavor of the month in exploration activity, given outsided price increases in recent years. So, even if we come up with graphite, which I doubt, we could still have an economic deposit at Hay Mountain.

One of my favorite newsletter writer/analyst once described this point in prospecting as having the company either on top of "elephant snot", or riches - "elephant" being a description for a large deposit, and "snot" being exactly what you would think it is, and worth as much.

http://www.saintjeancarbon.com/graphite/prices/

Hope this is helpful. Maybe someone who knows more can chime in here.

VP