The analyst team at Barrenjoey has been poring over some exploration results recently, and has produced new reports on two companies they think have good prospects.
Let's see who they like.
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Turaco Gold Ltd (ASX: TCG)
Turaco shares have increased by more than 60% over the past 12 months, but Barrenjoey believes they have plenty further to go.
The company recently reported new drilling results at its Woulo Woulo deposit at the Afema project in south-east Côte d'Ivoire.
Results from that drilling campaign included 56m at 3.87 grams per tonne of gold from 266m, and 59m at 1.67 grams per tonne from 255m.
The company added:
Latest results continue to confirm the potential for a significant body of broad, higher-grade gold mineralisation, beneath the current 1.7Moz Mineral Resource estimate and Ore Reserve open pit design which has potential to expand both the open pit and support underground extraction.
Further deeper drilling at Woulo Woulo has now started, the company said, while resource extension drilling was also continuing at the Asupiri-Adiopan and Begnopan Deposits, "where recent results have demonstrated substantial high-grade resource growth".
Managing Director Justin Tremain said:
Woulo Woulo is a very large, robust gold system with mineralisation over 3 kilometres and widths of up to 50 metres. We are beginning to define a significant zone of higher-grade gold mineralisation where drilling has delineated a continuous high-grade shoot extending approximately 700 metres along strike and 500 metres down plunge.
Barrenjoey has a price target of $1.25 on Turaco shares compared to 83 cents at the time of writing.
Many Peaks Minerals Ltd (ASX: MPK)
This company has also recently reported good exploration results, saying it had intersected broad gold mineralisation beneath its existing Ouarigue mineral resource.
The results included 188.9m at 3.58 grams per tonne of gold from 633m, and 59.2m at 2.30 grams per tonne from 556.8m.
Many Peaks said it now had enough data for an update to its mineral resource estimate, which was scheduled to be completed in the current quarter.
It also said open-pit study work was advancing, and an integrated economic assessment including a scoping study evaluation of underground development options was under review.
Managing Director Travis Schwertfeger said:
These strong extension drill results again demonstrate the strong continuity of high-grade gold beneath the existing Ouarigue resource and suggest increasing ounces per vertical metre at depth. The results will inform the planned resource update and evaluation of underground development options alongside the ongoing open-pit study work.
Barrenjoey has a price target of $1.60 against the Many Peaks share price of $1.13 at the time of writing.
