Monday, November 27, 2023
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Drilling program. Labrador Gold currently has two drill rigs operating at its Kingsway gold project. One drill is operating at the Knobby discovery, while the other is operating in the Gap Zone between the Big Vein and Pristine targets. A third rig will likely be deployed in early December at the Golden Glove target. Drilling will test the area south of the Big Vein target to the southern boundary of the property which encompasses the Knobby discovery and Golden Glove. Once drilling is completed in the Gap Zone, the number of rigs operating will be two. Knobby is a priority target since the east-west strike crosscuts the regional northeast trend like structures known to host high-grade gold in quartz veins within the district.
Acquisition of the Hopedale property. Labrador Gold fulfilled the requirements of the Hopedale option agreement and exercised its option to acquire 100% of the four licenses covering 695 claims comprising the Hopedale property. Work to date by Labrador Gold has resulted in the discovery of three gold occurrences, which together with the previously known Thurber Dog occurrence, stretch over a 3-kilometer section of the northern portion of the Florence Lake greenstone belt.
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