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Desoto Resources Ltd. ( (AU:DES) ) just unveiled an announcement.
DeSoto Resources has reported assay results from ten reverse circulation and diamond drill holes totaling 4,388 metres at its Spectrum Project in the Northern Territory, confirming the presence of gold, copper and rare earth element mineralisation within the broader Fenton Shear Zone. However, with the latest assays returning only limited anomalous grades despite intersecting significant sulphide widths, the company has concluded that the results do not justify further exploration spending there and will now prioritise its Siguiri Basin Projects in Guinea while seeking joint venture or divestment options to realise value from its Northern Territory portfolio.
The most recent analyst rating on (AU:DES) stock is a Hold with a A$0.12 price target. To see the full list of analyst forecasts on Desoto Resources Ltd. stock, see the AU:DES Stock Forecast page.
More about Desoto Resources Ltd.
DeSoto Resources Ltd. is an Australian exploration company listed on the ASX that focuses on gold and rare earth element targets. Its portfolio has included projects in the Northern Territory, notably within the Fenton Shear Zone, and it is increasingly concentrating its efforts on its Siguiri Basin Projects in Guinea, West Africa.
Average Trading Volume: 766,825
Technical Sentiment Signal: Sell
Current Market Cap: A$34.28M
For an in-depth examination of DES stock, go to TipRanks’ Overview page.