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Scottie eyes gold expansion at B.C. project

  VANCOUVER – Scottie Resources Corp. [SCOT-TSXV] CEO Brad Rourke said the latest drill results from its Scottie Gold Mine project in British Columbia…

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This article was originally published by Canadian Investor

 

VANCOUVER – Scottie Resources Corp. [SCOT-TSXV] CEO Brad Rourke said the latest drill results from its Scottie Gold Mine project in British Columbia illustrate the potential for the expansion of the historic resource. He said drill results released on Friday have also revealed the potential of untested targets, notably the P zone, which had seen no drilling prior to the junior’s involvement.

“The Scottie gold mine target continues to deliver as a cornerstone to our primary goal of developing a road-accessible, one million ounce-plus high-grade gold resource at our Scottie gold mine project,’’ Rourke said in a press release.

The formerly producing high-grade Scottie gold mine is located on the Granduc Road, 35 kilometres north of Stewart, B.C., and north of Ascot Resources Ltd.’s [AOT-TSXV, OTVF-OTCQX] Premier project, which is in the process of refurbishing its mill in anticipation of production in the first quarter of 2023. The former Scottie mine is one of four primary targets that were tested during a 14,500-metre program in 2021, which also includes the rapidly advancing Blueberry zone.

Due to the parallel nature of the targeted veins, individual holes were designed to test multiple discreet targets. Highlight intercepts from the reported holes include 11.8 g/t gold over 6.57 metres, 20.6 g/t gold over 2.22 metres, and 37.2 g/t gold over 3.71 metres in the P, O, and M zones respectively.

Rourke said drilling is now returning intercepts comparable to the mined stopes of the past-producing mines.

Scottie shares were unchanged at 18.5 cents Friday and are trading in a 52-week range of 31.5 cents and 15.5 cents.

The Scottie Gold Mine project consists of the Scottie Gold Mine, Bow, Summit Lake and Stock claim groups. The project includes the past-producing Scottie Gold mine, which operated from 1981 to 1985, producing 95,426 ounces of gold from 183,147 tonnes of mineralization.

The Scottie mine was ultimately shut down due to a drop in the gold price combined with high interest rates.

While 13 distinct gold-bearing vein zones have been identified on the Scottie Gold Mine project, mine production was primarily from one vein.

The company said there are over 20 gold and/or silver bearing mineralized zones within the project area, and prior to the 2020 field season, only four had been drill tested.

The majority of historical drilling was done from underground, and therefore consisted of short holes with single targets – with very restricted drill pad locations. Recent exploration by Scottie has used the benefits of drilling from surface to target areas that were inaccessible with underground drill locations, and where possible to test multiple targets with individual holes.

The company is currently focused on expanding the known mineralization around the mine while advancing near mine-grade gold targets, with the purpose of delivering a potential resource.

 


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Alliancebernstein L.P. Increases Stock Position in Royal Gold, Inc. (NASDAQ:RGLD)

Alliancebernstein L.P. increased its position in Royal Gold, Inc. (NASDAQ:RGLD) (TSE:RGL) by 2.5% in the 3rd quarter, according to its most recent disclosure…

Alliancebernstein L.P. increased its position in Royal Gold, Inc. (NASDAQ:RGLD) (TSE:RGL) by 2.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 107,760 shares of the basic materials company’s stock after purchasing an additional 2,624 shares during the quarter. Alliancebernstein L.P. owned 0.16% of Royal Gold worth $10,290,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. Van ECK Associates Corp boosted its stake in shares of Royal Gold by 1.1% in the third quarter. Van ECK Associates Corp now owns 3,525,247 shares of the basic materials company’s stock valued at $336,626,000 after purchasing an additional 39,190 shares during the period. State Street Corp boosted its stake in shares of Royal Gold by 9.3% in the second quarter. State Street Corp now owns 2,497,354 shares of the basic materials company’s stock valued at $284,948,000 after purchasing an additional 212,328 shares during the period. Morgan Stanley boosted its stake in shares of Royal Gold by 1.2% in the second quarter. Morgan Stanley now owns 2,460,285 shares of the basic materials company’s stock valued at $280,720,000 after purchasing an additional 29,307 shares during the period. FMR LLC boosted its stake in shares of Royal Gold by 87.1% in the second quarter. FMR LLC now owns 650,650 shares of the basic materials company’s stock valued at $74,239,000 after purchasing an additional 302,936 shares during the period. Finally, Invesco Ltd. boosted its stake in shares of Royal Gold by 30.1% in the second quarter. Invesco Ltd. now owns 596,213 shares of the basic materials company’s stock valued at $68,028,000 after purchasing an additional 137,840 shares during the period. Institutional investors and hedge funds own 79.40% of the company’s stock.

Royal Gold stock opened at $101.62 on Thursday. The firm’s 50-day moving average is $101.59 and its 200-day moving average is $105.41. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.65 and a current ratio of 3.85. Royal Gold, Inc. has a 1 year low of $92.01 and a 1 year high of $129.69. The company has a market cap of $6.67 billion, a P/E ratio of 25.15, a PEG ratio of 2.49 and a beta of 0.65.

Royal Gold (NASDAQ:RGLD) (TSE:RGL) last posted its quarterly earnings results on Wednesday, November 3rd. The basic materials company reported $1.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.10. Royal Gold had a net margin of 41.31% and a return on equity of 10.26%. The company had revenue of $174.43 million for the quarter, compared to the consensus estimate of $166.16 million. During the same period last year, the firm posted $0.82 EPS. As a group, sell-side analysts predict that Royal Gold, Inc. will post 3.99 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 21st. Investors of record on Friday, January 7th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date of this dividend was Thursday, January 6th. This is a boost from Royal Gold’s previous quarterly dividend of $0.30. Royal Gold’s dividend payout ratio (DPR) is 34.65%.

RGLD has been the subject of several analyst reports. Raymond James upped their target price on shares of Royal Gold from $136.00 to $139.00 and gave the company an “outperform” rating in a research note on Tuesday, January 18th. Zacks Investment Research upgraded shares of Royal Gold from a “sell” rating to a “hold” rating and set a $106.00 price objective on the stock in a research note on Tuesday, October 26th. Bank of America upgraded shares of Royal Gold from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $108.75 to $125.00 in a research note on Monday, November 22nd. Finally, National Bank Financial reduced their price objective on shares of Royal Gold from C$155.00 to C$140.00 in a research note on Friday, January 7th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $133.47.

Royal Gold Profile

Royal Gold, Inc engages in the acquisition and management of precious metal streams, royalties, and similar interests. It operates through the following segments: Acquisition and Management of Stream Interests and Acquisition and Management of Royalty Interests. The Acquisition and Management of Stream Interests segment focuses on metal streams, which are purchase agreements that provide, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced, at a price determined for the life of the transaction.

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Institutional Ownership by Quarter for Royal Gold (NASDAQ:RGLD)

The post Alliancebernstein L.P. Increases Stock Position in Royal Gold, Inc. (NASDAQ:RGLD) appeared first on ETF Daily News.

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Augusta Gold (TSE:G) Given New C$2.75 Price Target at TD Securities

Augusta Gold (TSE:G) (NYSE:GG) had its price target trimmed by TD Securities from C$3.25 to C$2.75 in a research report sent to investors on Wednesday,…

Augusta Gold (TSE:G) (NYSE:GG) had its price target trimmed by TD Securities from C$3.25 to C$2.75 in a research report sent to investors on Wednesday, BayStreet.CA reports.

The firm has a 50 day moving average of C$1.23 and a 200-day moving average of C$1.53. Augusta Gold has a 1 year low of C$1.05 and a 1 year high of C$3.48. The company has a debt-to-equity ratio of 31.44, a current ratio of 46.72 and a quick ratio of 46.66. The firm has a market capitalization of C$78.23 million and a PE ratio of -7.15.

Augusta Gold Company Profile

Augusta Gold Corp., a junior exploration company, engages in the acquisition and exploration of mineral properties in the United States. It primarily explores for gold, silver, and other metals. The company holds interests in the Bullfrog gold project located in the north-west of Las Vegas, Nevada. It also owns, controls, or has acquired mineral rights on Federal patented and unpatented mining claims in the state of Nevada for the purpose of exploration and potential development of metals on a total of approximately 7,800 acres of land.

See Also: Dividend Aristocrat Index

The post Augusta Gold (TSE:G) Given New C$2.75 Price Target at TD Securities appeared first on ETF Daily News.

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Precious Metals

Bravada receives drill permit for Wind Mountain

Bravada Gold (BVA.V) has received the approval for an amendment to its existing drill permit for the Wind Mountain gold-silver project in Nevada. Five…

Bravada Gold (BVA.V) has received the approval for an amendment to its existing drill permit for the Wind Mountain gold-silver project in Nevada. Five additional drill sites have now been permitted allowing for Bravada Gold to (once again) drill-test the higher grade vein system that is believed to be hidden in the Feeder target zone. As you may remember, the company followed up on this drill target in 2021 but the four RC holes that were drilled didn’t reach the target and the new drill sites should help the company to intersect the vein zone from a better angle. In the press release, CEO Kizis elaborated on why he thinks the Feeder target isn’t dead yet.

Due to COVID-related delays all across the mining sector (the Wind Mountain drill permit took much longer than anticipated), the resource update at Wind Mountain has been delayed as well and is now expected to be completed at the end of Q2 or early Q3. Bravada Gold reiterated its expectations to see a higher average grade in combination with a low strip ratio which should confirm Wind Mountain to be a viable heap leach gold oxide project. We think that’s where the main value and definitely the near-term value will come from. Although the Feeder target remains interesting, moving forward with a PEA and PFS on the oxide areas of Wind Mountain could hopefully put the project on the map as a more advance stage Nevada exploration play.


Disclosure: The author has a long position in Bravada Gold. Bravada is a sponsor of the website. Please read our disclaimer.

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