UBS Covers Alcoa; Dakota Gold, U.S. GoldMining Reports Drilling Success; Idaho Strategic At Industry Events
Top Stories for Jan. 16, 2024:
1. UBS Group initiated coverage on Alcoa Corporation (NYSE:AA) with a Sell rating and price target of $29.
2. Dakota Gold Corp. (NYSE:DC) reported additional drill results from its Richmond Hill Gold Project in South Dakota.
The recent drilling results from the Turnaround Breccia Pipe show significant gold mineralization at various depths, with intersected values such as 0.033 oz/ton over 97.1 feet, suggesting extensive gold presence deeper in the pipe.
Additionally, new drilling beneath previous holes near the Richmond Hill open pit mine confirms the continuation of gold mineralization, indicating potential for expanding the known resource areas, though these results are not included in the current resource estimation for the company's upcoming resource report.
Vice President Exploration of Dakota Gold James Berry said, "The Richmond Hill mineral system just keeps getting bigger. These exploration drill holes have expanded the Richmond Hill gold mineralization and further demonstrate the importance of the Tertiary-aged breccia bodies as a primary host rock for gold mineralization. Additional exploration to identify and expand mineralization in three known breccia pipes on the property will be incorporated in our future exploration drill program."
"In addition, we are reviewing the ongoing resource estimation work, that does not include these new results, to identify areas which present opportunity for additional inferred mineralization that could be added to future resource estimates," he added.
3. U.S. GoldMining Inc. (NASDAQ:USGO) announced assay results from its 2023 drilling program at the Whistler Gold-Copper Project.
According to its findings, the drilling results from the Whistler Deposit show promising gold equivalent grades, with notable intersections indicating a continuous high-grade mineralization core extending to the surface.
Highlights:
- 547 meters at 1.06 grams per tonne (g/t) gold equivalent (AuEq), including 176 meters at 1.55 g/t AuEq.
- 241 meters at 0.60 g/t AuEq, including 118 meters at 0.74 g/t AuEq.
- 142 meters at 0.51 g/t AuEq, including 22 meters at 1.10 g/t AuEq
The deposit remains open for further exploration along strike and at depth, with 12 untested targets in the area, and the company plans to start a significant 10,000-meter drilling program in the 2024 field season.
Chief Executive Officer Tim Smith said, “We are very pleased with the results from our first round of drilling at the Project, which supports the robustness of our geological model, demonstrates improved continuity of high-grade mineralization and has successfully confirmed the presence of additional porphyry intrusions beyond the existing defined deposits.”
4. Idaho Strategic Resources (NYSE:IDR) announced that members of its management team will participate in the Vancouver Resource Investment Conference (VRIC) from Jan. 21 to Jan. 22 and the Idaho Mining Day at the Capitol on Feb. 1.
Idaho Strategic's President and CEO John Swallow said, "Our approach to industry events has been conservative in the past - which I believe is the right approach when starting small and proving ourselves. That being said, our Company and our team are now at a point where it makes sense to increase our awareness within the industry."
"The strategic combination of our production-based exploration strategy, and our Company's unique positioning to give investors exposure to both gold as a store-of-value and critical minerals essential for decarbonization and supply chain security is a business plan that I think will resonate well with those willing to listen. I am excited to participate in these events and look forward to increasing Idaho Strategic's awareness in 2024," he added.
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