After yesterdays morning news release, Canaccord Genuity increased their price target from C$12 to C$15 and reiterated their speculative buy on Great Bear Resources (TSXV: GBR). The morning news release indicated that the gold miner intersected an impressive 30.51 g/t gold over 12.40 m in hole BR-133 at there 100% owned project in Red Lake.
The intercept included two higher grade sub-intervals of 103.56 g/t gold over 1.10m and 67.85 g/t gold over 8.70m. Canaccord notes that hole BR-127 is of importance, which intersected 10.28 g/t gold over 3.90m. They say that this lower grade intercepted in a shallower testing, the result helps provide support for the continuity of higher grades to the northwest.
Alongside other intercepts including 14.48 g/t gold over 4.00m BR-109, 14.97 g/t gold over 1.00m BR-108 and 20.20 g/t gold over 1.00 BR-128, Canaccord believes these results are highly positive having to say that “we continue to view the LP Fault Zone as an open exploration target, with longer term underground potential” and that combined with the established mining capacity within the camp, the potential synergies that the adjacent Limb and Hinge zones present to multiple local operators for near-surface, high-grade feed sources. They say “To reflect the widening scope of the Dixie project, we have updated our valuation to reflect 4M oz exploration target” their exploration target was previously 3M oz of gold.
Great Bear Resources last traded at $12.03 on the TSX Venture.
Information for this briefing was found via Canaccord Genuity and Great Bear Resources. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
3 Responses
Ya according to those specs should be multiples price target.
If they think there is 4M oz of gold, a $15 share price with 55M shares is $200 an ounce for in ground gold.
Congratulations Great Bear-Bill