newly released data for five holes drilled at its Richmond Hill gold project in South Dakota show all of them "intersected significant mineralization," reported Canaccord Genuity analyst Michael Fairbairn in an April 13 research note.
"Where there's smoke, there may be fire," Fairbairn commented.
The U.S.-based gold explorer is trading at US$3.17 per share, which compares to Canaccord Genuity's US$5 per share price target on it. The financial services firm rates Dakota Gold Speculative Buy.
High-Grade Gold Encountered
Dakota Gold drilled the five holes, just reported, in the Twin Tunnels breccia pipe, one of six on the property and one not previously mined, Fairbairn wrote. The results of these holes confirmed that higher-grade gold mineralization exists in the breccia pipes at Richmond Hill.
Fairbairn presented the highlight intercept of each hole:
RH22C-013: 30 meters (30m) of 5.98 grams per ton gold (5.98 g/t Au), the highest-grade intercept Dakota has encountered so far. This hole was the best of the batch.
RH23C-014: 42m of 1.35 g/t Au
RH22C-009: 5.1m of 1.21 g/t Au
RH22C-011: 15.4m of 1.24 g/t Au
RH22C-010: 5.7m of 0.82 g/t Au. This hole was drilled 762m of the Twin Tunnels West breccia pipe.
"Results to date bode well for the next resource update, with indications that Richmond Hill hosts a substantial high-grade gold ore body," Fairbairn commented.
Dakota Gold continues drilling at Richmond Hill and at Maitland, with two active rigs at each project.
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Disclosures For Canaccord Genuity Corp., Dakota Gold Corp., April 13, 2023
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