First Berlin Equity Research has published a research update on Klondike Gold Corp. (ISIN: CA4989033010). Analyst Ellis Acklin reiterated his BUY rating and maintained his CAD 0.75 price target.
News flow has picked up of late highlighted by Gay Gulch results from the 2023 exploration campaign. Seven drill holes testing the target assayed mean Au of 2.26 g/t and an average interval of 12.4 metres. The mean g/t metric compares favourably to the maiden resource estimate published last November comprising 0.47 Moz Au indicated at 0.68 g/t and 0.11 Moz Au inferred at 0.54 g/t. Moreover, these are the first results stemming from work that benefitted from the expertise shared by Messieurs Goldfarb and Frieman. The two renowned gold authorities joined the KG team this summer for portions of the exploration work. The gold explorer also announced plans to raise up to C$750k via its well-established financing instrument that blends flow-through and non-flow through shares in a private placement. We are Buy-rated on Klondike Gold with a C$0.75 TP.