Initiating Coverage
We are initiating coverage of Pasofino Gold Ltd. (TSXV:VEIN) with a BUY rating and C$1.85/sh target price. Pasofino is a gold exploration company that holds an option to acquire up to a 100% interest (prior to the issuance to the Government of Liberia’s 10% carried interest) in the Dugbe project in Liberia. Dugbe is host to two deposits including Dugbe F and Tuzon, but also has several other potentially significant targets within the area. In our view, VEIN has a strong management team that is well-positioned to advance its robust Dugbe project in an underexplored jurisdiction.
