Shares of Arizona Metals Corp, a Canadian gold miner, could more than double — and their price target is more conservative than most, according to analysts at Scotiabank. The investment bank reiterated its bullish view on the mining company after announcing new drilling results from the Kay Mine Project, located 45 miles north of Phoenix, Arizona, USA. Results indicate the presence of high-quality copper and gold minerals in the areas drilled, which could potentially lead to the discovery of a significant mineral resource. Scotiabank believes the company has completed 106,000 meters of drilling in the Kay area and remains well funded, with $31 million in cash late last year to complete the remaining 53,000 meters of the drilling program. “We are positively encouraged by Kay’s latest drilling results as they continue to return high-grade polymetallic deposits in target areas adjacent to the Kay deposit, including shallower intercepts that tend to towards surface which we believe bodes well for incremental resource additions at Kay,” Scotiabank’s Eric Winmill said in a note to clients on April 18. Winmill expects shares The bond will increase 114% to 4.50 Canadian dollars ($3.27 USD) from current levels. Investing in mineral exploration companies is generally considered high risk. AMC-CA Line 1Y The Kay Mine, a gold-copper-zinc exploration stage project wholly owned by Arizona Metals, is Arizona Metals’ flagship mine. The company said the minerals were identified through drilling from a depth of 150 meters to a depth of at least 900 meters below the surface. Arizona Metals shares have a consensus price target of C$6, which represents a potential upside of 185%, according to FactSet data. BMO Capital Markets analyst Rene Cartier has a C$6.50 price target on the stock, giving it 209% upside potential. Meanwhile, Beacon Securities analyst Bereket Berhe has set a price target of C$10.50, suggesting upside potential of 400%. This makes Scotiabank’s price target the most conservative among analysts polled by FactSet.