Ironwood Gold Could Present Opportunity
Rangold Resources Ltd. (GOLD), IAMGOLD Corporation (IAG), and Ironwood Gold Corp. (IROG) stand to benefit handsomely from the substantial rise in gold prices. However, Ironwood could be positioned to benefit the most with its recent agreements in Cobalt Canyon.
Ironwood Gold Corp. (IROG), a mineral exploration and development company building a portfolio of prospective properties containing known deposits of precious metals, could see substantial upside from the rise in gold prices after it signed a deal for 22 unpatented claims and three patented claims that define the old Cobalt Canyon project in southeastern Nevada.
According to a technical report on the Cobalt Canyon project, “… the resource could approach 3 million ounces of gold… the potential for discovering 1 million ounces of gold on the project appears to be quite good.” The full N.I. 43-101 Technical Report is available on the company’s website at http://www.ironwoodgold.com/projects/cobaltcanyon.aspx.
With gold prices trading at around $1,100 per ounce, the potential 1.5 million ounces of gold would mean $1.65 billion in value. Dividing this number by the 65.2 million shares of Ironwood stock on the market yields 0.023 ounces of gold for each share of stock. This means that investors would be paying about $32.60 per ounce of gold!
Meanwhile, accounting for 3 million ounces of gold could mean that investors would get more than $50 worth of gold for each share of stock that they bought! And according to the technical report, “If this grade of mineralization extended deeper or farther along the strike, the resource cold approach 3 million ounces of gold.”
To learn more about IROG, please click here.
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