Tag: Blue Star Gold Corp.
Blue Star Gold announced the closing of a ~C$8.4M non-brokered private placement through two tranches, along with the conversion of C$4.1M in debt and cancellation of 7.85M warrants. The company had also reported last week the completion of a share consolidation. In our view, the company’s capital structure is more attractive than ever, and, with ~C$8.4M added to the bank, Blue Star is fully funded to carry out its 2021 exploration program across its district-scale Ulu, Hood River, and Roma projects in Nunavut. We are maintaining our BUY rating and updating our price target to C$1.30/sh (was C$0.30/sh) after accounting for these changes to Blue Star’s capital structure.
From March 3-5, Red Cloud hosted its annual Pre-PDAC Mining Showcase, featuring over 70 presenting companies and 80+ speakers, attracting over 1,500 registered participants. This included keynote speakers Matt Watson, Director, Precious Metals Commodity Management LLC; and Steve Hanke, Professor of Applied Economics – Johns Hopkins University. We provide a quick recap of the highlights from the conference within this report for those who were unable to attend the live event.
Blue Star Gold announced the final assay results comprising of 17 holes from its 2020 exploration program at its 100%-owned, Ulu and Hood River properties located in Nunavut. We believe these results have continued to demonstrate Ulu’s significant resource growth potential, which we expect is likely to increase by 20-30% and has highlighted the importance of continuing to drill the high priority target areas at Hood River that could yield new discoveries.