As previously reported, Canaccord yesterday morning initiated coverage of Contango Ore with a Buy rating and $32 price target. Contango is a gold producer through its 30% interest in the Peak Gold joint venture, which operates the Manh Choh mine in Alaska, the analyst told investors in a research note. The firm said the company also holds a portfolio of three 100%-owned gold and silver development projects in Alaska and northwestern British Columbia. Canaccord believes Contango offers a self-funded, multi-asset growth pipeline. The company's assets are in established mining regions with experienced workforces and regulatory frameworks, adds Canaccord.
