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Marathon Gold (OTCQX:MGDPF) +5.4% in Thursday's trading after completing a Canadian federal environmental assessment for the Valentine gold project in Newfoundland and Labrador, which allows development to proceed based on applicable permitting.
The news comes more than three years since the start of formal environmental assessment of the Valentine project.
Permitting is ongoing for initial construction activities such as tree clearing, quarrying, earthworks, accommodation camp installation, road upgrades and culvert installations.
If Marathon Gold (OTCQX:MGDPF) continues to explore and find the indicated amount of gold, future free cash flow would justify a fair price of ~US$2.20, Chatool Investment writes in a bullish analysis posted recently on Seeking Alpha.