RBC initiates coverage
From Canaccord's Morning Coffee:
North Country Gold* (NCG : TSX-V :
.92), Net Change: 0.02, % Change: 2.22%, Volume: 382,100
Big Bank likes North Country Gold. The company announced further drill results from its Three Bluffs Gold project in
Nunavut. Results from the western end of Three Bluffs included 9.59 gAu/t over 18.00 metres in hole 11TB122, and 6.65 g/t Au over 4.00 m inhole 11TB124, which have traced a high-grade zone for at least 600 malong strike and 100 m down dip. At Antler, four holes (including 4.99g/t Au over 13.00 metres) have delineated a strike length of 1,000 m andtested to 150 m depth, where high-grade mineralization is controlled bysteep east plunging shoots, which the company suggests remains open todepth with potential high-grade underground resources. Commenting on theresults, John Williamson, President and CEO of North Country Gold,noted, “These latest results from the Three Bluffs and Antler zonescontinue to demonstrate the continuous nature of the high-grade goldzones along the Walker Lake Trend.” Importantly, he also noted, “NCG hasalso determined that the Three Bluffs and Three Bluffs West zones areone continuous zone of mineralization which extends for at least 1,500metres along strike.”
Additional drill results from Three Bluff West remain pending. Visuals of core, (some holes contain VG) suggests
the potential for additional favorable results. A Bay Street analystcommented that drill results from the 2011 season suggest that the ThreeBluffs and Three Bluffs West area hosts the strongest mineralization inthe Walker Lake trend. He believes the best potential for expansion ofmineralization remains in the vicinity of Three Bluffs especially atdepth. Peripheral zones like Antler are in our opinion likely to provideincremental additional gold resources on the Walker Lake trend atCommittee Bay.
There remains excellent exploration potential in the Committee Bay belton numerous Au targets that have had limited work completed to date.Separately, a Bay Street analyst initiated bullish coverage on NorthCountry on Thursday, noting that he does not believe the market is pricing in the full potential of this project.