Solid Drill Results Total silver demand this year is expected to reach 1.15B Oz which makes it the second highest-level of demand ever second only to last year’s 1.24B Oz. This has caused some analysts to estimate prices will hover around the $23 USD/Oz mark with upside depending on inflationary measures that the fed takes as inflation still remains at an elevated level.
https://www.kitco.com/news/2023-02-08/Silver-prices-on-pace-to-average-2023-around-23-Silver-Institute.html
Research Capital recently released a report updating the company with $2 price target (because of the recent raise dilution) representing a near 200% return for the stock due to the recent raise and drilling results.
- $14M cash position, strong management, and $0 in debt.
- The Queen’s Vein was extended in all directions with all but one hole intersecting significant resources.
- Results included: 16.6m at 445 g/t AgEq (3.00 g/t Au and 207 g/t Ag) including 9.9m at 640 g/t AgEq (4.26 g/t Au and 306 g/t Ag)
- 17.8m at 339 g/t AgEq (2.46 g/t Au and 143 g/t Ag) beginning at 344.6m including 2.1m at 1,233 g/t AgEq (1,002 g/t Ag and 12.9 g/t Au)
With 3 rigs still drilling on the property, they will be in operation until the end of the month which provides another potential catalyst as these results are beginning to prove that there’s a significant amount of extremely high-grade resources underneath their project especially with the current work only representing just 1% of the total vein structure.