Stronghold Metals (Z – $0.36) is making some serious progress with the 15,000 metres drill program at its Eagle Mountain gold project in Guyana. In fact, they recently passed the 100-drill holes mark.
The Company’s geological team has taken core samples from these holes and shipped them to ACME Analytical Laboratories Ltd. for further analysis. Unfortunately there’s a huge backlog at the lab, so Stronghold hasn’t received any results back yet to report.
So far, results from 30 complete holes and 1 partial hole, totaling 6,017 metres, have been announced by the Company. Very encouraging was the fact that all holes intersected gold mineralization of meaningful widths and grades. It’s clear that when these gold values are also seen in subsequent drill hole results, the current NI 43-101 compliant resource estimate of 733,500 ounces of gold for Eagle Mountain, will be expanded to over 1 million ounces.
The Gold Report
In other news, The Gold Report, an e-newsletter featuring analysts, portfolio managers and newsletter writers covering the commodities market, conducted an interview with Michael O’Brian, the president of private investment firm Nairbo Investments.
When asked what junior gold stocks Mr. O’Brian liked, he named two, one of them… was Stronghold Metals. Mr. O’Brian said “To date, the company has 735,000 proven ounces containing 18 million tons of 1.27 grams per ton gold. The property has great potential and is open in all directions and in depth.”
Lots more drill results will be announced in the coming weeks. I’m confident that many holes will contain gold mineralization, which will considerably increase the current resource.
Stronghold remains significantly undervalued. Our current price target is $0.90, which is 2.5 times today’s stock price. Buy recommendation.
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