GMD recently acquired a parcel of ground which abuts the Ulysses Project to the south called the Kookynie Gold Project for $13.5m in cash and a 1% NSR royalty capped at $5m. GMD recently completed a $19.5m capital raising at $0.042 per share. The acquisition increases GMD’s resources to 17Mt @ 2.34g/t Au for 1.28Moz. Importantly, this acquisition cements GMD’s status as a standalone developer and Argonaut has now created a conceptual mining scenario using the 2018 Scoping Study as a basis. The greater Ulysses project has excellent exploration upside along the Ulysses-Orient Well Shear corridor with widespread near-surface gold anomalism and limited deep drilling. A large majority of the current Ulysses and Kookynie resources are open at depth. We maintain our Spec Buy recommendation and price target of $0.10.
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