August 18, 2022
West Mining Corp. (CSE:WEST, BUY (S), C$0.65 target, Taylor Combaluzier) announced completion of the initial phase of 2022 diamond drilling at the Gold Mountain zone of its 100%-owned Kena Au-Cu project in southeastern BC. Prior high-grade results from the Gold Mountain zone included 29.84 g/t Au over 2.0m and 240.07 g/t Au over 1.23m, and hole 01GM-08 which ran 172.10 g/t Au over 2.0m and 13.82 g/t Au over 2.0m (see our initiation report). In our view, this step out drilling could potentially expand the Gold Mountain zone, which remains open. The initial phase of 2022 diamond drilling, comprised of nine diamond drill holes (2,400m) is now complete, and core is currently being logged and sampled. The Kena project hosts ~3.3M oz Au in I&I resources and currently trades at an EV/oz Au of US$0.12 versus peers at US$16.13. We believe that West Mining is an overlooked story and is considerably undervalued given the size of its resource. Positive drilling results may lead to a re-rating of the stock. Read more
