ESGold Corp. (ESAU:CSE; ESAUF:OTCQB; Z7D:FSE) announced the completion of an integrated 3D geological model based on Ambient Noise Tomography (ANT) for its Montauban Project in Québec. Developed by Geomatic World Inc. in collaboration with CAUR Technologies, the model identifies a mineralized corridor extending to approximately 900 meters in depth and over 2 kilometers along strike. These dimensions surpass the limits of historical exploration, which was previously confined to depths of approximately 50 meters, with the deepest drill holes reaching about 250 meters.
According to the company, the mineralized trends outlined in the model remain open and appear to widen at depth. The modeled corridors extend to the edge of the current ANT survey coverage, indicating potential continuation beyond the study area. The company stated that the model integrates ANT seismic velocity data with geological mapping, structural analysis, and geochemistry, outlining lithological and structural corridors comparable to those associated with historical mineralization at Montauban.
Gordon Robb, Chief Executive Officer of ESGold, said in a company news release, "This is the most important technical milestone in ESGold's history. The integrated 3D model has fundamentally changed how we understand Montauban. What is becoming clear is that mineralization extends well beyond the historically mined areas, to depths and along strike lengths that were never previously explored."
André Gauthier, Director and senior consulting geologist, added in the same release, "The ANT and 3D geological modeling provide a coherent, technically robust framework that simply did not exist before. The identification of deep-seated structural corridors, lithological continuity, and coincident geochemical anomalies in areas that have never been drilled is highly encouraging."
The company described the model as the most advanced geological interpretation completed at Montauban and characterized it as a pivotal step in the project's evolution. The system, as interpreted from the model, is structurally controlled and vertically extensive, with features that remain open along strike and at depth. ESGold stated that only a limited portion of its land package has been assessed using ANT to date.
Gold's Long-Term Drivers Remain Intact Amid Volatility
On January 27, Stewart Thomson of Galactic Updates wrote that "a historic breakout occurred last week" in junior mining stocks and stated that it "likely ushers in a multi-decade ‘bull era' for junior miners who are tasked with finding critical minerals, silver, and supreme money gold." Thomson noted that "a myriad of CDNX and OTC-listed juniors are staging glorious ten, twenty, and even one-hundred-bagger action," and concluded that "an awesome bull era for the miners is ready to start now."
Gold and silver markets began to stabilize following a steep correction that unsettled investors. On February 2, Yahoo Finance reported that gold hovered near US$4,700 per troy ounce after falling more than 9% the previous Friday, while silver futures dropped to around US$76 per ounce, down more than 25% over the same period. The sell-off was attributed to President Trump's nomination of Kevin Warsh as the next Federal Reserve Chair, along with forced liquidations and margin calls. Tom Essaye of Sevens Report Research commented that "the dam broke," and said the parabolic moves seen over the prior weeks "were unsustainable." Nancy Tengler, CEO and CIO of Laffer Tengler Investments, described the volatility as "a little bit disturbing" and advised investors "to move aside and wait for things to settle," adding, "I would just stay away from this trade because it turned into a momentum trade."
Adding to the discussion of precious metals market dynamics, Bloomberg's Garfield Reynolds wrote on February 3 that "gold's 3-day plunge was very much a correction waiting to happen," but argued that "the fundamental drivers for its multi-year advance are still in play to argue against a sustained tumble for precious metals." Reynolds noted that demand for physical gold remained evident in Asia, stating that "those queueing up for physical gold regarded the extreme turmoil on precious metals markets as a dip-buying opportunity." He emphasized the long-term mindset of many retail buyers, writing that they "may not have any specific target in mind for gold, but instead look at the yellow metal's longer-term record of mostly solid gains and judge that it is worth buying and holding as a result."
Reynolds added that the act of holding physical gold is a "key plank in the support such purchases offer," a factor that also applies to central banks. He explained that while central bank buying "slowed down for the full year of 2025," it did not hurt prices because "retail buyers snapped up coins and bars in the final quarter of 2025 at the fastest pace in 12 years," amplifying "the impact of rampant ETF demand." Reynolds concluded that "it's likely to take several more severe selloffs like the one we just witnessed to seriously dent underlying demand for bullion," and noted that while buyers may not expect another rapid rally, "a more modest grind higher for precious metals looks likely" given the global monetary policy outlook and lingering geopolitical concerns.
"Mineralization Extending to ~900m and ~2km of Strike," Says Atrium Research
According to a February 3 research report from Atrium Research, equity research analyst Ben Pirie wrote that ESGold Corp. announced results from an Ambient Noise Tomography-based 3D model at its Montauban Project in Quebec that outlined mineralization extending to a depth of approximately 900 meters compared with historical drilling confined to approximately 50 meters, with the deepest historical hole reaching about 250 meters. Pirie wrote that the updated interpretation outlined a strike length of approximately 2 kilometers within the surveyed area and indicated mineralization widening at depth, adding that the model was bounded by the limits of the ANT survey and remained open beyond current coverage.
In the same February 2026 report, Pirie stated, "We are maintaining our BUY rating and target price of CA$1.30/share on ESGold." He wrote that ANT velocity data integrated with historic and modern datasets defined coherent structural corridors comparable to historical mineralization mined at Montauban, and added that significant north-northwest and northeast trending structures were interpreted as first-order controls on hydrothermal fluid flow and mineral deposition.
Pirie also wrote in the February 2026 report that ESGold was advancing exploration plans to expand ANT coverage across the property, integrate additional geophysical datasets to refine targets, and prepare a step-out diamond drill program to test targets outlined in the model. He stated that drilling was expected to commence in early spring 2026 and that drill plans would advance in parallel with efforts to move the Montauban tailings operation toward production, which the report said was expected later in 2026.
Expanded Exploration Plan Follows ANT Breakthrough
ESGold plans to build on the ANT model with a systematic exploration strategy. According to the company, this will begin with the expansion of the ANT coverage area to evaluate the potential extent of the mineralized corridor at a district scale.
The company also intends to integrate additional geophysical datasets to refine structural targets. A step-out diamond drilling program is in development, which ESGold said is designed to test high-priority zones identified by the model. Drilling is anticipated to commence in early spring 2026, subject to permitting, access, and logistics.
These exploration activities are being planned alongside ESGold's existing tailings project, which the company stated is advancing toward production in 2026. ESGold emphasized that any additional mineralization discovered through exploration may be integrated into future mine plans, subject to further evaluation.
Streetwise Ownership Overview*
ESGold Corp. (ESAU:CSE;ESAUF:OTCQB; Z7D:FSE)
The company noted that the ANT-based model suggests mineralization is not limited to previously mined zones. ESGold plans to extend the ANT survey to assess the broader mineralized system and define its scale and geometry.
The ANT-based model was prepared by Geomatic World Inc. using seismic velocity data provided by CAUR Technologies. ESGold described the model as conceptual in nature and said it will be refined as new data becomes available.
Ownership and Share Structure1
60% of ESGold is held by management and insiders, about 5% is institutional, and about 35% is public float.
Top investors include Paul Mastantuono with 2.2%, the CEO, Robb, with 0.55%, and Andre Gauthier with 0.33%.
Its market cap was approximately CA$69 million with 91.44 million shares outstanding. It traded in a 52‑week range of approximately CA$0.19 and CA$1.44.
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Important Disclosures:
- ESGold is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of ESGold.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
