Last week, K92 Mining Inc. (TSX: KNT) reported their Judd Vein System drill results, which included 8.51 metres of 49.93 g/t gold equivalent and 3.70 metres of 53.63 g/t AuEq. The results come from 17 different drills and is located 150-200 miles east from the producing Kora deposit and within the mining lease.
Below are the highlights of the results:
- JDD0022: 49.93 g/t gold equivalent (48.56 g/t gold, 47 g/t silver, 0.54% copper) over 6.25 metres true width
- JDD0019: 53.63 g/t gold equivalent (52.27 g/t gold, 39 g/t silver, 0.60% copper) over 3.32 metres true width
- JDD0021: 19.18 g/t gold equivalent (17.87 g/t gold, 28 g/t silver, 0.67% copper) over 5.87 metres true width
K92 Mining currently has 12 analysts covering the stock with an average 12-month price target of $11.44, or a 56% upside. The street high comes in at $13 from Stifel-GMP while the lowest sits at $8.75. Out of the 12 analysts, 4 have strong buy ratings and 8 have buy ratings.
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In BMO Capital Market’s note, they reiterate their $11 price target and Outperform rating saying that this is just scratching the surface. They say that the company is now preparing to begin mining at Judd with longhole stoping to begin in the fourth quarter which is around the time they expect the initial resource analysis to happen for Judd.
Canaccord, who also reiterated their $11.75 price target and buy rating says that these drill results are robust. They write, “Today’s drilling provides confirmation around last week’s press release which outlined high-grade development at Judd on 1265.” They also believe that these results alongside Kora ore should help K92 Mining have a solid second half of the year.
Information for this briefing was found via Sedar and Refinitiv. 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.
