Analyst Reports From Nesbitt Burns:
Nesbitt Burns:
The results from the Wolverin Lake project in the Yukon continue
to be very positive, and indicate economic grades over mineable
widths. Based on the work completed to date, we are estimating
a geological resource at Wolverine Lake of between 4.5 and 5.5
million tonnes grading 1.2% copper, 1.4% lead, 11% zinc, 1.6 g/t
gold and 324 g/t silver. This translates into a gross metal value
of C$298.49 per tonne. Payable metal would be approx. 70% of gross
metal value, or C$208.94 per tonne. The Lynx deposit remains open
to the south, west and north. Atna is rated a speculative BUY with
a 12-month target price of $8.00.
The latest round of results is from the the newly discovered Lynx
Zone. Based on the drilling completed to date, we are estimating
a geological resource of between 4.5 and 5.5 million tonnes grading
1.2% copper, 1.4% lead, 11% zinc, 1.6 g/t gold, 324 g/t silver.
With further drilling, it is possible that the Wolverine Lake
project could host a geological resource approaching 7.0 to 8.0
million tonnes.
Conclusion: The positive drilling results from Wolverine Lake lead
us to maintain a speculative buy rating on Atna with a 12-month
target price of $8.00. |
