The Gold Report - Mon, Aug 27, 2018

High-Grade Gold Zone Discovered at Nunavut Project

A BMO Capital Markets analyst reported on this company's latest exploration news at its Nunavut project.


In a research note dated Aug. 20, analyst Andrew Kaip with BMO Capital Markets reported that Sabina Gold & Silver Corp. (SBB:TSX; RXC:FSE; SGSVF:OTCPK) made a new high-grade gold discovery at its Back River gold project and reported results from a single hole there. "We usually don't comment on single hole releases, but the broad intercept of above-average grade from the newly identified Nuvuyak target is worthy of mention," Kaip added.

Hole 18GSE545 intersected 11.58 grams per ton gold over 39.5 meters (39.5m), noted Kaip. "Sabina indicated there was abundant visible gold."

The new discovery is called the Nuvuyak gold zone. It is located about 850m along strike to the west of Goose, the main deposit, and about 1,000m down plunge. It remains open in all directions. "Geologically, the Nuvuyak gold zone looks to have the right combination of controls that host other zones like the Umwelt Vault zone," Kaip indicated.

Based on these exploration results, the minerals exploration company expanded its summer drill program to encompass an additional 2,000m.

BMO has an Outperform rating and a CA$3 per share target price on Sabina. The stock is trading at around CA$1.44 per share.

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