Copy of Research Report-A BUY!(Last summer)
Golden Hemlock Explorations (GHE : VSE
$1.00 : Issued 19.0M; 23.5M f.d. : Discounted Au in-situ 352,000 ozs.), like the majority of junior mining stocks, have been under significantpressure. For Golden Hemlock, this also coincided with the conclusion of the first phase of drilling and thus a lack of exploration results. On May 15, Golden Hemlock concluded the purchase of a 100% interest in the a 550-ha concession which hosts the Purisima, La Union, Tres Amigos, and Gossan targets in Mexico. More importantly, though, exploration is set to resume with an initial program of airborne geophysics. Also, an 8,000 m drill program is set to be underway by the first of June with initial focus directed at the Tres Amigos target where previous drilling yielded up to 21 m grading 14 g/t Au. The program will focus on depth and strike
extension with wide spaced holes (100 m centres). Golden Hemlock has
also hired an independent consultant to overview the program's progress and methods. We maintain our SPECULATIVE BUY recommendation, noting the project's potential for multiple gold zones which could host a geologic resource in excess of 1M ozs. in situ.
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