DC - Co. Continues High-Grade Gold Streak Near Historic South Dakota Mine | Benzinga
Source: Streetwise Reports 04/08/2024
Dakota Gold Corp. (AMEX:DC) announces it has found three distinct ledges of high-grade Homestake Mine-style gold mineralization at its Maitland Gold Project in the Black Hills of South Dakota. Find out why one newsletter writer calls the company the "real deal."
Dakota Gold Corp.'s stock went up more than 7% on Thursday with its announcement that it has now found three distinct ledges of high-grade Homestake Mine-style gold mineralization at its Maitland Gold Project in the Black Hills of South Dakota.
The historic Homestake Mine, about 3 miles south of Maitland, produced 41 million ounces gold (Moz Au) and 9 Moz silver (Ag) over 126 years.
Dakota noted in a release that it had named the ledges 34 Ledge, 34 Ledge, and 36 Ledge and released assay results from two holes at the project.
The company's stock went up US$0.16 to US$2.45 per share on the news.
"Dakota continues to extend and better understand the high-grade mineralization at Maitland" wrote Canaccord Genuity analyst Peter Bell in an updated research note on Thursday. "These strong intercepts, especially (hole) MA24C-038 with 25.03 g/ t (grams per tonne gold) over 4.4 meters, highlight the prospectivity for a substantial Homestake-style deposit. The continued advancement of Homestake-style targets adds excitement and optionality to the Richmond Hill deposit located to the west."
The other hole released, MA24C-036, returned 9.36 g/t Au over 2.6 meters. Both it and MA24C-38 are in 36 Ledge on the west side of the mineralized gold trend. The company said the mineralization intersections were shallow, about 500 meters down.
"Based on my experience working in the Homestake Mine, at Maitland, we have intersected higher grade mineralization that is shallower than exploration results from the upper portion of the West Ledge system at Homestake, which ultimately produced more than 6 million ounces of gol," said Vice President Exploration James Berry. "In the West Ledge, the best grades were encountered at depths that Dakota Gold's exploration programs have yet to drill test. We, therefore, fully expect to find even better grades and additional ledges as drilling continues."
John Newell of Golden Sky Minerals called the company a "revitalized entity, spearheaded by mining entrepreneurs" predicting targets of US$3.60, US$4.05, and US$6.25 for its shares despite a decline over the past two years (chart ...