In light of our continued positive outlook on gold, Fundamental Research Corp. ("FRC") would like to introduce an up and coming junior gold exploration company with strong potential.
Evolving Gold Corp. (TSXV: EVG) is currently exploring it’s 100% owned, potentially bulk mineable Rattlesnake Hills gold project in central
Wyoming. The 2009 exploration season witnessed the completion of 75 holes for over 30,000 meters of core bringing the total number of holes drilled by
EVG to over 90.
Several positive results released by the company first indicated the discovery and later the expansion of a high grade gold zone at the primary target the North Stock. Drill results also revealed a broader zone of lower grade halo mineralization, as well as a potential porphyry deposit at depth. In a recent discussion with Fundamental Research Corp., Dr. Robert Barker, CEO of Evolving Gold stated that the drill program has “demonstrated the continuity of mineralization along the north stock target, both in the more modest grade and the high-grade that lies within it.”
We feel very positive about the large scale, multi-million ounce potential of the deposit. Our conservative estimate on the property states that we believe the company has thus far delineated a resource of up to two million ounces of gold with significant potential for more, particularly with the expansion of the high grade zone. In our recent discussion, Dr.Barker also expressed that he feels the project on the whole has much greater potential.
FRC’s interest going forward will be on the remaining assay results from the summer program, forthcoming metallurgical tests and an updated technical report that will incorporate a resource estimate slated for completion in Q2 of 2010. The company is in a strong cash position. In addition, in early November 2009, the company announced a bought deal financing (with a syndicate of underwriters led by National Bank Financial Inc. and Scotia Capital Inc.) to raise $10 million.
FRC provides fee based coverage on
EVG and currently has a BUY rating on
the stock with a fair value estimate of $1.40 per share (Risk 5: Highly Speculative).
Vincent graduated from the University of Waterloo in the
interdisciplinary Honours Science and Business program. Vincent has a unique blend of knowledge in technology, science
and business, as well as information technology. His educational
experience also built the backbone for his knowledge in geological research
including regional deposit and structure mapping, sample interpretation
and technical report writing.
Vincent is a popular speaker at investment conferences related to his areas of focus - Mineral Projects and Small Cap companies.
