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On Tuesday, Scotiabank reaffirmed its Sector Outperform rating for Foran Mining Corporation (FOM:CN) (OTC: FMCXF) with a steady price target of Cdn$4.50. The latest assay results from Foran Mining's Tesla (NASDAQ:TSLA) drilling project were cited as a positive indicator for the company's stock.
Foran Mining announced significant findings from hole TS-24-30 at its Tesla site. Notable intercepts included 3.4 meters with a copper grade of 4.29%, a zinc grade of 8.21%, and additional silver and gold, amounting to a copper equivalent of 6.64%.
A particularly high-grade section of 0.8 meters yielded 7.61% copper and 9.11% zinc, plus silver and gold, equating to a copper equivalent of 9.92%. Moreover, an extensive 31.2-meter section showed 2.40% copper and 0.48% zinc, with silver and gold, for a copper equivalent of 2.72%, including a 4.1-meter subsection with 4.68% copper and 0.56% zinc, plus silver and gold, resulting in a copper equivalent of 5.18%.
The bank highlighted the continuity demonstrated in the Tesla project's latest infill drilling results as a positive development for Foran Mining's share value. The results suggest a promising trend, and additional assays from the Tesla drilling are still forthcoming. The company is also preparing for a more extensive drilling campaign during the winter at the Tesla location.
Scotiabank's outlook on Foran Mining shares remains optimistic, as the firm continues to monitor the progress of the Tesla drilling project and its potential impact on the company's valuation. The maintained price target of Cdn$4.50 reflects the bank's confidence in the mining corporation's ongoing operations and future prospects.
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