Exploration Firm Generates ‘Positive Recovery Tests’ at Flagship Gold Project26th February 2019
By The Gold Report
Source: Streetwise Reports 02/23/2019
A ROTH Capital Partners report discussed this and two other asset-related highlights.
In a Feb. 20 research note, ROTH Capital Partners analyst Jake Sekelsky reported that interim recovery test results at First Mining Gold Corp.’s (FF:TSX) cornerstone asset, the Springpole gold project, are “encouraging.”
Notably, flotation tests yielded recoveries of 90.6% gold and 95.1% silver, which exceed the estimates in the project’s existing economic study of 80% and 85%, respectively. These improved recoveries are due to leaching of the flotation tails.
“Given that Springpole is one of the largest undeveloped gold projects in Canada, we believe the ability to increase recovery rates relative to those outlined in the existing preliminary economic assessment could have an outsized impact on the economics of the project,” Sekelsky commented. However, further information is needed regarding revised operating costs resulting from the changed flow sheet.
Another advantage First Mining has is the potential of its portfolio of assets, including Pickle Crowe, Cameron and Goldlund, to provide further leverage to the gold price while simultaneously derisking Springpole. These assets encompass a gold resource of 7 million ounces (7 Moz) in the Measured and Indicated category and 5 Moz in the Inferred.
Finally, First Mining could also create value through exploration of one of those very portfolio assets, Goldlund, at which drilling last year returned high-grade results. The 2019 drill program at Goldlund will likely aim to extend mineralization along strike and delineate additional targets across the property.
ROTH has a Buy rating and a CA$1.20 per share price target on First Mining, whose stock is currently trading at CA$0.38 per share.
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Disclosures from ROTH Capital Partners, First Mining Gold, Company Note, February 20, 2019
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( Companies Mentioned: FF:TSX,
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