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Volcanic Gold Mines Inc ( (TSE:VG) ) just unveiled an update.
Volcanic Gold Mines Inc. announced a non-brokered private placement financing of $1.5 million to resume exploration activities at its Holly Property in Guatemala. The funds will support drilling efforts to expand and define the mineral resource, which currently stands at 410,000 ounces gold equivalent. With drill permits and social license in place, the company aims to enhance the confidence level of its mineral resource, potentially impacting its market position and stakeholder interests.
Spark’s Take on TSE:VG Stock
According to Spark, TipRanks’ AI Analyst, TSE:VG is a Underperform.
Volcanic Gold Mines Inc faces significant financial hurdles with zero revenue and increasing losses, which are critical concerns. However, positive corporate developments in exploration and favorable technical indicators provide some optimism. Despite this, the high-risk valuation due to unprofitability and unstable financial health keeps the overall score low.
To see Spark’s full report on TSE:VG stock, click here.
More about Volcanic Gold Mines Inc
Volcanic Gold Mines Inc. is a mining and exploration company focused on building multi-million-ounce gold and silver resources in underexplored countries. The company aims to become a leading gold-silver company through strategic acquisitions and effective exploration and drill programs.
Average Trading Volume: 33,048
Technical Sentiment Signal: Buy
Current Market Cap: C$7.06M
See more data about VG stock on TipRanks’ Stock Analysis page.