The Gold Report - Tue, Jan 15, 2019

Metals Explorer's Upcoming Catalysts Offer 'Significant Upside' on 'Top-Pick'

Echelon Wealth Partners reviewed the activity investors should expect from this Vancouver-based company in a 'pivotal' Q1/19.

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In a Jan. 8 research note, analyst Ryan Walker reported Echelon Wealth Partners again chose Pure Gold Mining Inc. (PGM:TSX.V) as a Top Pick for Q1/19, a "pivotal quarter for the company with several catalysts in the offing."

Echelon's "positive view on the company's shares reflects Madsen's high-grade nature, potential for solid near-term, high-margin production and substantial exploration potential (supported by recent Wedge drill results)," the analyst added.

Events that could impact the share price include completion of an updated resource estimate for the Madsen project, including an initial resource estimate of the satellite Wedge deposit. The latter will incorporate all assays from drilling at Wedge, Russet South, Fork and Madsen done before Sept. 1, 2018.

Results from the Wedge drilling showed increased continuity and extension of the high-grade mineralization vertically, down to more than 500 meters (500m). Two highlight holes are PG18-540, which demonstrated 354 grams per ton (354 g/t) gold over 1m (from 372.4m downhole) and PG18-564, which showed 18.3 g/t gold over 1m (192.9m) and 53.6 g/t over 1m (243.7m).

Currently, Madsen has 1.74 million ounces at 8.73 g/t of Indicated resources and 296,000 ounces at 7.89 g/t of Inferred resources.

A definitive feasibility study also is expected in Q1/19, along with a preliminary economic assessment of the Russet, Fork and Wedge satellite deposits. All of those should be followed by a production decision for Madsen.

Echelon has a Speculative Buy rating and a CA$1.20 per share price target on Pure Gold, whose stock is currently trading at around CA$0.69 per share.

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