Author: Atrium Research September 03, 2026
Ben Pirie | Equity Research Analyst | [email protected] | 647-688-9661
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What you need to know:
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ESGold has commenced its 2026 surface diamond drill program at Mountauban, roughly five weeks after announcing receipt of its exploration authorization from Quebec.
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The program is ~5,000m across 29 holes, with a focus on the historic Mountauban mine area.
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This marks a critical milestone as ESAU begins systematically drill testing the district-scale property, while advancing commissioning in parallel.
This morning, ESGold Corp. (ESAU:CSE, ESAUF:OTC, Z7D:FSE) announced the commencement of its 2026 surface diamond drilling program at Montauban in Quebec. The program consists of ~5,000m across 29 proposed holes, with a focus on the historic Montauban mine area. Drilling begins roughly five weeks after the Company received its exploration authorization from Quebec (read our note here) and moves the ESAU exploration thesis from interpretation to physical testing. In tandem, ESAU continues to progress toward first production to deliver upon its two-pronged strategy to generate cash from tailings while simultaneously unlocking exploration upside. We are maintaining our BUY rating and target price of $1.30/share on ESGold.
The program has three stated objectives. The proposed holes are oriented east-west and were designed using the extensive historical drilling and geological data from the mine area, positioned to validate mineralization in areas previously identified as mineralized, test continuity between historical holes and mineralized panels, and investigate extensions into ground that remains insufficiently tested.
We remind readers of the scale the geophysics has already outlined. ESAU’s ANT-based 3D model imaged mineralization to ~900m depth against historical drilling largely confined to the upper ~50m, over ~2km of strike that widens at depth and remains open, with coverage since expanded to ~70km² of the ~130km² package (read our note here).
Figure 1: Drilling Contractor and Drill Rig (Source: Company Documents)
With key milestones being achieved to facilitate first production, exploration now officially advances alongside the reprocessing build. We look forward to initial assay results to come as ESAU defines a district-scale system at Montauban.
Catalysts
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5,000m Drill Program – Ongoing
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Construction Completion/First Production – H2/26
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Cash Flow Generation – 2027
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