Plain and simple, Milestone is very early in it's exploration. It appears to be low grade which will require a lot of tonnage before the market recognises any value. 5,500 metres have been drilled so far with 10,000 planned.
Osisko had 55,000 metres of historic drilling and had 3 drill phases complete and had a market cap of (22 million) at the end of 2005, similar to what we have here ... no surprises.
The value of OSKs malartic deposit increased shortly after that as they started to hit higher grade and then when they completed their initial resource estimate.
Phase 1 was quite spred out and would not give any indication of what's there ... simply that there is a decently long strike length. Judging by the proposed drill locations for phase 2, KXL is hoping to have some better grades and is more focused than phase 1. One thing is certain, with lower grade high tonnage deposits it take a lot of time and drilling to define a minable resource. Let's wait and see.
