Shares of Arizona Metals Corp , a Canadian gold explorer, could more-than double, according to analysts at Scotiabank — and their price target is more conservative than most. The investment bank reiterated its bullish stance on the mining company after it released new drilling results from its Kay Mine Project, located 45 miles north of Phoenix, Arizona, in the United States. The results suggest the presence of high-grade copper and gold mineralization within the drilled areas, which could potentially lead to the discovery of a significant mineral resource. Scotiabank believes the company has completed 106,000 meters of drilling on the Kay property and remains well-funded, with $31 million in cash at the end of last year to complete the remaining 53,000 meters of the drill program. “We are positively encouraged by the latest drilling results from Kay as they continue to return high-grade polymetallic intercepts in targets areas adjacent to the Kay deposit, including shallower intercepts trending towards surface which we believe bode well for incremental resource additions at Kay,” said Scotiabank’s Eric Winmill in a note to clients on Apr. 18. Winmill expects shares to rise 114% to 4.50 Canadian dollars ($3.27) from current levels. Investments in mineral exploration companies are often considered to be high-risk. AMC-CA 1Y line The Kay Mine, a wholly-owned gold-copper-zinc exploration-stage project, is Arizona Metals’s flagship mine. The company says minerals have been identified through drilling from 150 meters to at least 900 meters below the surface. Arizona Metals’s stock has a consensus price target of 6 Canadian dollars, representing a potential upside of 185%, according to FactSet data. BMO Capital Markets analyst Rene Cartier has a price target of 6.50 Canadian dollars on the stock, giving it upside potential of 209%. Beacon Securities analyst Bereket Berhe, meanwhile, has set a price target of 10.50 Canadian dollars, suggesting a potential upside of 400%. This makes Scotiabank’s price target the most conservative among analysts polled by FactSet.