Analyst Clive Maund says the outlook on White Gold Corp. stays very constructive after a dip in latest weeks.
Information Flash, Feb. 10: White Gold Corp. introduced Thursday that it has intersected 6.94 g/t gold over 19.50 meters and 1.36 g/t gold over 18.50 meters on its Ulli’s Ridge goal within the Yukon.
Seven holes have been a part of the maiden diamond drilling program in 2021. They examined a 550-meter strike size, encountering 4.67 g/t gold over 6.10 meters and 1.35 g/t gold over 21.33 meters. All holes intersected gold mineralization with vital outcomes, the corporate stated.
“Our 2021 program was very profitable in figuring out and increasing new areas of gold mineralization with the potential to extend White Gold’s vital useful resource base,” White Gold Chief Government Officer David D’Onofrio stated. “I congratulate our group on making one other new discovery on this prolific and underexplored district and sit up for following up on these thrilling outcomes.”
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White Gold Corp. (WGO:TSX.V; WHGOF:OTCQX; 29W:FRA) has continued to consolidate for quite longer than we anticipated after we final checked out it in a Market Pocket book replace posted on Dec. 12, however no actual hurt has been finished as it is just a shade under the place we purchased it once more then. We’re nonetheless properly up on our earlier buy simply earlier than its large breakout transfer early in November, as we are able to see on its newest six-month chart proven under.
What has occurred since we final checked out it’s that it has continued to consolidate inside what now appears to be like like a basic bull pennant, which has allowed its earlier overbought situation to completely unwind and its transferring averages to swing into higher alignment. With the converging boundaries of the pennant now beginning to shut up and quantity persevering with to dwindle to a now low degree, every thing is in place for renewed advance. The comparatively buoyant on-balance quantity line and the proximity of fairly sturdy help make it unlikely that it’s going to break decrease from right here.
The seven-year chart exhibits us the massive image. After an amazing run up through the second half of 2016 and the primary half of 2017, which resulted in huge positive aspects for anybody lucky sufficient to purchase through the previous pan base, White Gold has principally been reacting again inside a big triangular sample with the help degree proven coming into play repeatedly to convey a halt to the downtrends with the final of those downtrends ending in October. With the higher boundary of the sample, the purple pattern line, now dropping in direction of assembly this help, we’re going to see decision of this sample both with a break to nonetheless decrease ranges. That is hardly doubtless, provided that it might’t drop a lot additional as it could grow to be nugatory and provided that the corporate has come out with a string of constructive drilling outcomes and gained the arrogance of Agnico Eagle Mines Ltd. (AEM:TSX; AEM:NYSE), or with a breakout above this pattern line which is prone to set off a dynamic development section which the constructive fundamentals simply talked about make more likely. With regard to the final information announcement, it’s tempting to assume that Agnico-Eagle is silly to pay means above the market value for the non-public placement inventory, till you issue within the tax write-offs ensuing from the transaction.
The conclusion is that the outlook for White Gold stays very constructive and after the dip of latest weeks finest seen on the six-month chart above, we’re at one other favorable purchase spot, so new purchases or additions to positions are so as right here. A part of the explanation for this dip will be the market becoming bored with ready for extra outcomes from the sooner drilling, however it’s suspected that extra drilling outcomes are prone to be forthcoming shortly. White Gold trades in affordable volumes on the US OTC market.
White Gold’s web site.
White Gold Corp, WGO.V, WHGOF on OTC, closed at CA$0.67, $0.53 on Feb. 4.
Posted on CliveMaund.com at 5:40 pm EST on Feb. 5.
Clive Maund has been president of www.clivemaund.com, a profitable useful resource sector web site, since its inception in 2003. He has 30 years’ expertise in technical evaluation and has labored for banks, commodity brokers and stockbrokers within the Metropolis of London. He holds a Diploma in Technical Evaluation from the UK Society of Technical Analysts.
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The above represents the opinion and evaluation of Mr Maund, based mostly on knowledge accessible to him, on the time of writing. Mr. Maund’s opinions are his personal, and aren’t a suggestion or a suggestion to purchase or promote securities. Mr. Maund is an impartial analyst who receives no compensation of any form from any teams, people or firms talked about in his stories. As buying and selling and investing in any monetary markets could contain severe danger of loss, Mr. Maund recommends that you simply seek the advice of with a certified funding advisor, one licensed by acceptable regulatory companies in your authorized jurisdiction and do your individual due diligence and analysis when making any sort of a transaction with monetary ramifications. Though a certified and skilled inventory market analyst, Clive Maund isn’t a Registered Securities Advisor. Due to this fact Mr. Maund’s opinions available on the market and shares can solely be construed as a solicitation to purchase and promote securities when they’re topic to the prior approval and endorsement of a Registered Securities Advisor working in accordance with the suitable rules in your space of jurisdiction.