National Bank of Canada on Wednesday maintained an outperform rating and $15.00 price target on the shares of Snowline Gold (SGD.V), following the company's announcement of a new reduced-intrusion related gold system (RIRGS) discovery and an update on its 2025 field program.

Snowline Gold on Wednesday said it discovered a reduced-intrusion related gold system (RIRGS) named "Celestic" on its Cynthia Project in the Yukon, roughly 27 kilometers southwest of its Valley gold deposit on the adjacent Rogue Project.

The company also said that its broader 2025 field program is advancing ahead of schedule, with over 11,000 meters drilled to date on three targets alongside an "expanded development-focused program to support future technical studies and permitting."

According to the bank, the company is an "attractive M&A target for Senior players looking to add a world-class deposit (Valley) with credible upside on a district-scale exploration play, in a safe Canadian jurisdiction where it can stand apart from more challenging assets in Africa, Latin America or elsewhere."

The bank further added that its rating considers the "high quality" of exploration results to date, an "impressive resource" of 8.8-mllion ounces with a high-grade, low-strip starter pit, heightened M&A appeal due to the rarity of large-scale gold discoveries in safe jurisdictions and management's "first-mover positioning" for further discovery potential in the large, 100%-owned district.