Strikepoint Gold Inc. (SKP:TSX.V; STKXF:OTCQB) has announced in a press release that it has acquired a permit from the Bureau of Land Management to start drilling on the Cuprite gold project, located in Nevada between several prominent gold projects.
The company’s drill plan encompasses approximately 5,000m and ten drill sites on the Cuprite project and intends to target mineralization structures on the Stonewall caldera. According to the report, Strikepoint expects that a rig will be ready to begin drilling on the property by the end of February.
Michael G. Allen, the CEO and president of Strikepoint Gold, commented, "After acquiring the Cuprite gold project in early 2023, we’ve added significant value to the project. We have more than doubled the footprint of the property itself and completed comprehensive geophysical and geological mapping programs on the property. We are excited by the results we’ve received and are looking forward to our inaugural drill program on the Cuprite gold project."
The company also stated that it will be present at the Metals Investor Forum on January 19, 2024, and open a booth at the Vancouver Resource Investment Conference on January 21, 2024.
2024, The Year for Gold
Egon von Greyerz reviewed the gold market on January 14, 2024, and said, "If you have never been a goldbug, this is the time to become one." According to Greyerz, gold is set to perform well in 2024 due to a weakening U.S. dollar.
Alasdair Macleod with Goldmoney concurred with this assessment in an article from December 28, 2023, as he believes that 2024 may be the year to turn to gold as a safe haven investment.
According to Macleod, "To support this thesis, the relative price volatility for commodities and energy in dollars and gold are compared. Gold wins hands down as the objective value in commodity transactions."
Strong Opportunity for Investors
In February of 2023, Thibaut Lepouttre with Caesars Report reviewed the company and identified it as an excellent opportunity for investors. After Michael Allen became CEO of the company, Lepouttre reports, StrikePoint Gold has focused on acquiring new projects and strengthening its share structure.
According to Lepouttre, "It effectively is a low-cost acquisition with almost no cash to be paid to the optioner."
The company has a number of catalysts to report, according to its investor presentation, including the expected drill program.
Streetwise Ownership Overview*
Ownership and Share Structure
Reuters provided a breakdown of the company’s ownership and shares structure, where management and insiders own approximately 0.86% of the company.
According to Reuters, Executive Chairman Shawn Khunkhun owns 0.55% of the company with 1.17 million shares, President and CEO Michael G. Allen owns 0.14% of the company with 0.30 million shares, Director Ian Richard Harris owns 0.13% of the company with 0.28 million shares, and Director Adrian Wallace Fleming owns 0.04% of the company with 0.08 million shares.
Reuters reports that institutional investors own approximately 16.42% of the company, as 2176423 Ontario, Ltd. owns 13.96% of the company with 29.84 million shares, while U.S. Global Investors, Inc. owns 1.29% of the company with 2.75 million shares, and Sprott Asset Management L.P. owns 1.17% of the company with 2.50 million shares.
According to Reuters, there are 213.78 million shares outstanding with 182.1 million free float traded shares, while the company has a market cap of CA$6.37 and trades in the 52-week period between CA$0.04 and CA$0.09.
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- Amanda Duvall wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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