Source: Streetwise Reports
April 12, 2018 (Investorideas.com Newswire) Mick Carew, an analyst with Haywood Securities, shared the findings from recent drilling and next steps for this development-stage firm.
In an April 4 research report, Haywood Securities analyst Mick Carew wrote that Barkerville Gold Mines Ltd. (BGM:TSX.V) with its just released final 2017 drill results, "continues to demonstrate continuity and extensions of mineralized vein corridors on Island Mountain and the Valley zone."
Results are from 18 holes at Island Mountain and eight holes in the Valley zone, which is between the Island Mountain and Cow Mountain deposits.
Drill highlights include:
Carew noted that Barkerville continues to drill at Island Mountain, with seven rigs on site currently. An estimated 120,000 meters of drilling are planned for 2018.
A maiden resource is expected in May, for which the company released information about the geological modeling in progress. "It proposes 50 mineralized vein corridors at the Shaft zone and 17 mineralized corridors at the Valley zone with an estimated horizontal width of 3m and a strike length of up to 300m," Carew described. "They have been defined from surface to a vertical depth of 600m and remain open for expansion at depth and downplunge."
As for Barkerville's Bonanza Ledge mine, the start of full production is "imminent," said Carew. The company aims to produce about 150 thousand tons of ore per year from the underground mine.
Haywood Securities has a rating of Buy and a price target of CA$1.60 per share on Barkerville Gold, whose stock is currently trading at around CA$0.66 per share. Thus, the target price reflects a potential return of nearly 150%.
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Of the companies included in the report the following Important Disclosures apply:
Haywood Securities Inc. has reviewed lead projects of this company and a portion of the expenses for this travel have been reimbursed by the issuer.
Haywood Securities Inc. or one of its subsidiaries has managed or co-managed or participated as selling group in a public offering of securities for Barkerville Gold Mines in the last 12 months.
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