Author: Atrium Research September 17, 2026
Ben Pirie | Equity Research Analyst | [email protected] | 647-688-9661
Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314
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What you need to know:
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A2Gold reported first-phase RC results from the McIntosh Target at Eastside, highlighting a new gold mineralization zone ~370m southwest of the current resource (Hole ES-347: 0.23 g/t Au over 65.5m).
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A second hole extended known McIntosh mineralization ~86m to the southeast (Hole ES-342: 0.20 g/t Au over 32.0m).
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Both intercepts sit on the margins of magnetic-low anomalies, the same signature that hosts the existing resource, supporting the Company’s geophysical targeting model for finding new structures across the district.
This morning, A2Gold Corp. (AUAU:TSXV, AUXXF:OTC, RR7:FRA) released assays from the first phase of RC drilling at the McIntosh Target on its district-scale Eastside Gold-Silver Project in Nevada. The program delivered two notable intercepts. Hole ES-347 returned a new zone of gold mineralization ~370m southwest of the current McIntosh resource, while hole ES-342 stepped out from known McIntosh mineralization by ~86m. We are maintaining our BUY rating and our target price of $2.10/share on A2Gold.
Two hits at McIntosh. Hole ES-347 returned 0.23 g/t Au over 65.5m from 253.0m downhole, the first hole to intersect gold along the ~1.5 km north-to-northwest trending magnetic low, ~370m southwest of the current McIntosh inferred resource (1.1Moz at 0.55 g/t Au). Hole ES-342 returned 0.20 g/t Au over 32.0m from 214.9m downhole, extending known mineralization ~86m past the current resource boundary to the southeast, confirming that the mineralization carries beyond its existing boundary and provides additional follow-up targets for drilling.
Gold in both holes occurs along the edges of magnetic-low features, mirroring the relationship seen within the existing McIntosh resource. This supports magnetic-low margins as an effective targeting tool for finding further mineralized structures elsewhere within the broader Eastside district.
Next Steps. Further drilling will be required to gauge the scale and continuity of the new southwest zone, but the Phase 1 program advances A2Gold’s wider Eastside plan of growing the known resource while also testing the structural and geophysical targets that could host higher-grade zones within the epithermal system. Future McIntosh drilling will be ranked against the Company’s other Eastside targets based on geology, geophysics, and higher-grade potential.
Our Take Today’s results are an encouraging step in expanding the mineralized footprint at McIntosh, with drilling both extending mineralization and identifying a new zone outside the existing resource. As mentioned above, Hole ES-347 was the first drill test of a 1.5km-long magnetic low anomaly and intersected broad low-grade mineralization. AUAU believes magnetic-low features will continue to contribute to future target identification across the broader Eastside district.
While the grades in today’s release were modest and additional drilling is required to establish continuity and scale, we believe the results add to the exploration upside at McIntosh and provide several follow-up targets for future drilling.
Catalysts
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Eastside RC & Diamond Drill Program – H2/26
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Taylor Project Drilling & Exploration Work – H2/26
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