In a March 25 research note, analyst Joe Reagor reported ROTH Capital Partners raised its target price on Corvus Gold Inc. (KOR:TSX) to CA$5 per share from CA$4.50, versus CA$2.06, the current share price.
The raise came after the gold explorer and developer released additional strong results from its Mother Lode deposit in Nevada, the succession of positive assays suggesting the company could be "outlining the beginning of an underground high-grade extension," Reagor wrote. "We also believe continued drilling can lead to further resource expansion."
The most recent Mother Lode findings were from three holes, the analyst explained. One, ML19-104, intersected 126.49m of 1.85 g/t gold and, also, near its bottom, hit three intervals of mineralization with a thickness of greater than 10m and a gold grade higher than 4 g/t.
Reagor highlighted that Corvus keeps expanding Mother Lode to the northwest and as such, "is poised to demonstrate a significant resource estimate increase."
"We also believe that a significant resource expansion should drive significant improvements in project economics," Reagor added.
ROTH reiterated its Buy rating on Corvus Gold.[NLINSERT]
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Disclosures from ROTH Capital Partners, Corvus Gold Corp., Company Note, March 25, 2019
Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
Shares of Corvus Gold Corp. (OTC: CORVF) may not be eligible for sale in one or more states.
Shares of Corvus Gold Corp. (OTC: CORVF) may be subject to the Securities and Exchange Commission's Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities.
Within the last twelve months, ROTH has received compensation for non-investment banking securities-related services from Corvus Gold Corp. (OTC: CORVF).
ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.