Co. Discovers Tertiary Age Gold Mineralization at US Asset
Research Report

Source: Peter Bell (8/24/24)

This is a second style of mineralization present at this exploration project in South Dakota, noted a Canaccord Genuity report.

Dakota Gold Corp.'s (DC:NYSE American) new drill results from the Unionville zone at its Maitland project in South Dakota revealed "Tertiary bonus intercepts," reported Canaccord Genuity analyst Peter Bell in an Aug. 22 flash update.

"Dakota benefits from shallow Tertiary-aged gold, similar to Coeur Mining Inc.'s (CDE:NYSE) Wharf mine, and deeper mineralization of the style of the historical Homestake mine," Bell wrote.

183% upside potential

Following the news, Canaccord reiterated its $6.25 per share target price on the Canadian explorer, trading now at about $2.21 per share, noted Bell.

The target reflects a 183% potential return for investors.

Dakota Gold remains a Speculative Buy.

Two types of mineralization

The new drill results are for four holes that tested shallow gold mineralization in the Unionville zone, reported Bell. Highlight results of two holes, MA24C-053 and MA24C-047, showed such mineralization exists and it is of a different type than that already discovered. This new style is shallow Tertiary age gold mineralization, and it sits above Homestake-type mineralization present at depth.

"This is a benefit, having two target types over the whole property," the analyst wrote.

Notable intercepts in this batch of drill results are:

13.7 meters (13.7m) of 2.85 grams per ton gold (2.85 g/t Au) from 0m downhole and 23m of 1.44 g/t Au 28.8m downhole, encountered in hole MA24C-053
3.6m of 4.73 g/t Au from 933.3m downhole, encountered in hole MA24C-047

To date, Bell reported, Dakota has tested and confirmed the Unionville mineralization extends at least 2,000m and could continue another 1,000m based on results of rock chip samples.

Bell pointed out that along with the current drill program at Unionville, Dakota is drilling deeper high-grade gold mineralization in the JB zone at Maitland. At Richmond Hill, the company is doing infill and stepout drilling to update the existing resource estimate.

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