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On Tuesday, H.C. Wainwright updated its outlook on shares of US GoldMining (NYSE:GLDG) Inc. (NASDAQ: USGO), increasing the price target to $26.50 from the previous $24.00 while maintaining a Buy rating on the company's shares. The revision follows the announcement of positive assay results from the 2024 diamond core drilling program at the Whistler Gold-Copper Project on November 18, 2024.
US GoldMining reported significant findings from the drilling program, including a high-grade mineralization intercept in drill hole WH24-02. The results from this hole showed a main zone that returned 120 meters grading 0.72 grams per tonne gold, 0.16% copper, and 0.83 grams per tonne silver, totaling 1.00 gram per tonne gold equivalent from a depth of 291.0 to 411.0 meters.
The analysts at H.C. Wainwright highlighted the discovery of higher-grade sections within the same drill hole, citing a 40.0-meter intercept at 1.28 grams per tonne gold equivalent and a 20.0-meter intercept at 1.26 grams per tonne gold equivalent.
The total mineralized envelope reached 0.48 grams per tonne gold, 0.12% copper, and 0.86 grams per tonne silver, averaging 0.71 gram per tonne gold equivalent from 227.0 meters to 501.0 meters below the surface.
H.C. Wainwright's analysis praised the management team at US GoldMining for their ability to locate and drill prospective areas within the Whistler Deposit, particularly noting the successful targeting of higher-grade mineralization in the western section of the site. The firm also pointed out that assays for three additional drill holes from the 2024 drilling program, which exceeded 4,000 meters in total, are still pending.
The positive drilling results have reinforced H.C. Wainwright's confidence in US GoldMining, leading to the decision to reiterate the Buy rating and raise the price target. This move reflects the firm's expectation of continued success and value growth for US GoldMining Inc. as it advances its exploration and development efforts.
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