At first glance, Kaminak Gold (TSXV:KAM) and Roxgold (TSXV:ROG) don't appear to have much in common. After all, while they're both junior gold exploration and development companies, the former's flagship project is in the White Gold District in Canada's Yukon Territory, while the latter's key asset is located in Burkina Faso, West Africa. However, yesterday the companies both received the good news that analysts at Raymond James believe they have strong potential. Here's a look at what those analysts said about Kaminak and Roxgold, as well as what prompted them to speak positively about the two companies. Kaminak updates mineral resource estimate As those following Kaminak likely already know, last week, after being silent since the beginning of December, the company put out an updated NI 43-101 mineral resource estimate for its Coffee gold project, located in the Yukon. The highlight, according to the company's press release, is a 73-percent increase in oxide gold ounces. Specifically, at a base case cut off of 0.5 grams per tonne (g/t) gold for oxide and transitional material and a 1 g/t gold cut off for sulfide material, the indicated resource comes in at 14 million tonnes grading 1.56 g/t gold for 719,000 ounces, including 480,000 ounces classified as oxide; the inferred resource sits at 79 million tonnes grading 1.36 g/t gold for 3,434,000 ounces of gold, including 2,078,000 ounces classified as oxide. Based on the update, a Raymond James report written by David Sadowski recommends investors "bolster positions in Kaminak." That's because "[w]hile grades have dipped slightly, total contained metal has grown considerably — particularly within the shallow and fast-leaching oxide facies — and some material is now in the indicated category, providing better confidence." The upshot is that the new numbers underline "Coffee's potential to host a low cost, heap leach gold mine."