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TICKERS: GGI; GGIFF

Firm to Start Exploration After Survey Results
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The Quick Take

  • Noble Capital Markets has an Outperform rating and a CA$0.95 per share, or US$0.75 per share, price target on Garibaldi Resources.
  • Noble ranks Garibaldi Outperform on news it will commence its 2022 exploration program once it receives the final three-dimensional interpretation of the z-axis tipper electromagnetic, or ZTEM, survey of its Eskay claims, reported Noble Capital Markets analyst Mark Reichman in a Dec. 31 research note.
  • Noble expects receipt of the ZTEM report to potentially move Garibaldi's stock.
  • Garibaldi will start its next phase of exploration work once it has the ZTEM analysis in hand.
  • Drill results from the Casper quartz gold vein target are expected this month.
  • Garibaldi is primarily focused on Casper and E&L, but the company continues to identify additional prospective targets.
  • The explorer just reported its Q3/21 net loss, and it was lower than Noble had expected, at CA$54,086 versus CA$197,988.

What's next for Garibaldi Resources Corp. (GGI:TSX.V; GGIFF:OTCMKTS), according to Noble Capital Markets analyst Mark Reichman, is receiving two sets of data, which it expects soon. One is the final analysis of the z-axis tipper electromagnetic, or ZTEM, survey of Garibaldi's Eskay claim group in British Columbia. The other is drill results from the Casper target.

"Results from the ZTEM survey could be a major catalyst for the equity," Reichman wrote. They will help "define, rank and prioritize deeper conductive anomalies."

With all of this expected information in hand, Garibaldi will embark on its 2022 exploration campaign, which will include drill testing high priority targets, relayed Reichman. Whereas Casper and E&L are at the top of the list, new targets keep emerging, for example at Palm Springs, Triple Faults and Mount Shirley.

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