As a result of adding a new analyst, we are transferring coverage of the following companies. As a result of a reallocation of resources, Red Cloud is discontinuing coverage of the following companies.
Due to the departure of the covering analyst, we are moving coverage of the following companies to Under Review.
Northern Shield announced confirmation of its discovery of a low sulphidation epithermal (LSE) system at its Shot Rock property in Nova Scotia by its maiden 2,189m drill program. The company released all assays from the eight-hole drill program. One hole hit high-grade gold and four reported anomalous gold values. This discovery validates our thesis that the company was on the verge of confirming what we believed was an LSE discovery. We view this new discovery as a positive development for Northern Shield, as it demonstrates the ability of the company to generate exploration success in an overlooked region. Our view – shares of Northern Shield should re-rate with ongoing drill success.
We are launching coverage on Northern Shield Resources, an early stage explorer with two epithermal projects (Shot Rock and Root & Cellar) in Atlantic Canada. As Northern Shield advances these two projects through the crucial stages of a maiden drill program (~2,250m at Shot Rock H1/20 and ~2,250m at Root & Cellar H2/20), we expect the stock should re-rate as early drill results at Shot Rock look like they are on the verge of a low sulphidation epithermal discovery.