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Globe says new coverage rates Amex Exploration "buy"
2022-11-24 08:04 ET - In the News
The Globe and Mail reports in its Thursday, Nov. 24, edition that Haywood Securities analyst Pierre Vaillancourt has started coverage on Amex Exploration with a "buy" recommendation and share target of $4. The Globe's David Leeder writes that analysts on average target the shares at $3.44. Mr. Vaillancourt concedes the market for junior miners is "volatile." He thinks Amex, however, "offers attractive upside on the strength of its high grade resource and district potential." Amex is developing the Perron project within the "underexplored" Chicobi belt of the Abitibi region of Quebec. It is completing a multiyear drilling program with the plan to release an initial resource by the middle of 2023 followed by a preliminary economic assessment. Mr. Vaillancourt says in a note: "Results to date have been impressive, including a number of multi-ounce gold intercepts. The initial resource is planned for mid-2023, which we believe could reach in excess of 2Moz, with potential to grow considerably larger. We look for a strong initial resource with considerable expansion upside, complemented by base metal potential. We believe interest by producers will be high, providing an attractive takeover opportunity."