Gold prices ended up higher on Tuesday, as recent economic data revealed that U.S consumer prices rose in March for the fourth month in a row. In addition, the data also indicates that the pace of inflation has reached its highest level in about two and a half years. According to the economic report, the consumer-price index jumped 0.6% in March, mostly due to the rising oil prices. Fawad Razaqzada, market analyst at ThinkMarkets, explained according to a report by MarketWatch that “inflation will probably pick up further and the numbers for the next few months may appear abnormally large as base effects from the 2020 lockdowns skew the data… The Fed expects inflation to then settle down after a temporary acceleration. However, the key risk is if their assumption turns out to be wrong, and price pressures remain elevated.
The economic conditions seem to be appropriate for gold, and various news reports around the world indicate strong demand for the yellow metal. For example, Hungary’s central bank recently increased its gold reserves to 94.5 metric tons from 31.5 tons, citing “long-term national and economic policy strategy objectives.” Additionally, New York City real estate mogul Kent Swig has secured a minimum of USD 6 Billion in gold reserves to back his new cryptocurrency, according to Bloomberg.
Exploits Discovery Corp. announced breaking news that, “the Company has received full permitting from the Newfoundland and Labrador Government for drilling the Little Joanna Vein prospect within the Dog Bay Gold Project (the “Project”), Newfoundland.
Exploits has received diamond drilling permits for nine holes totaling ~2,250 metres at the Little Joanna Vein prospect at the Project.
The drill program will focus on intersecting mineralization in the subsurface coinciding with high grade visible gold at surface (up to 194 g/t Au) in quartz veins and associated fault structures identified through analysis of geophysical data.
The Company is fully funded for its 12,000m spring and summer drill programs and has received drill permits for three targets, True Grit, Schooner, and the Little Jonna prospect, with two applications pending for the Quinlan Vein prospect and Jonathan’s Pond project.
Michael Collins, President and Chief Executive Officer of Exploits, commented: “Exploits continues to deliver drill permit approvals on high priority targets that we have developed in the Exploits Subzone Gold Belt. I am impressed with our team’s ability to generate these gold targets so quickly and look forward to getting a drill turning quickly this spring.”
About 2021 Diamond Drilling
Exploits has identified discrete drill targets at the Little Joanna Vein prospect within its Project and has received drill permits for nine holes (~2,250m). To date, the Company has now received three drill permits, including True Grit, Schooner, and Little Joanna (Figure 1), totaling 33 holes (8,000 metres). The drill holes at Little Joanna will target quartz veins with abundant fine and coarse visible gold that are situated structurally within a secondary fault highlighted by GoldSport Discoveries’ geophysical analysis of regional airborne magnetic geophysics to be associated with, and sub-parallel to, the interpreted Dog Bay Line Fault Zone (Figure 2). The Little Joanna quartz veins have been exposed for up to 20 metres along strike before diving under thick overburden at both ends and are 20-50 cm wide massive quartz. These veins occur across a width of 20m perpendicular to the strike. 16 samples from outcrop and subcrop at the Little Joanna Veins were taken in late 2020, with five samples with visible gold returned assays of 194, 133, 123, 119, and 118 g/t Au.
Analysis of the fault structures interpreted by GoldSpot geophysicists and the Exploits team both demonstrates the relationship of the Little Joanna fault within a kink in the regionally extensive Dog Bay Line fault and indicates there is a second, unexplored subparallel fault west of the Little Joanna fault that also has potential to host gold mineralization. These faults and intersecting structures are important in producing the open spaces required for the deposition of large gold deposits and provide another high priority drill target at the prospect. A high resolution airborne VTEM geophysical survey has commenced flying in the area and will cover the Little Joanna Vein prospect to enhance the definition of the fault structures in the target area and provide additional information for step-out drill targeting…”
Osisko Gold Royalties Ltd reported earlier this year that the Canadian Malartic Partnership (the “Partnership”), comprising Agnico Eagle Mines Limited (“Agnico”) and Yamana Gold Inc. (“Yamana”), have approved construction of the Odyssey underground project (“Odyssey”) at the Canadian Malartic mine (“Canadian Malartic”). Sandeep Singh, President and CEO of Osisko commented, “The construction decision for the Odyssey underground project by Agnico and Yamana secures the Canadian Malartic mine as Osisko’s flagship asset for decades. It is difficult to over emphasize the importance of this catalyst for Osisko as Canadian Malartic will continue to provide sustainable production until at least 2039, with significant upside beyond. We commend the Partnership for the exploration and engineering efforts that have led to this announcement.”
B2Gold Corp. announced last year that its entire inventory of limited-edition Rhino Gold Bars have been sold, generating approximately USD 1.7 Million to support community-backed black rhino conservation efforts in northwest Namibia. All dollar amounts are in United Sates Dollars unless otherwise indicated. The Rhino Gold Bar initiative began in early 2020 when B2Gold announced the ground-breaking donation of 1,000 ounces of gold produced from the Company’s Otjikoto mine in Namibia to support the preservation of the black rhino population in the country and the communities that protect them. Commenting on the Rhino Gold Bar initiative, B2Gold President and CEO Clive Johnson said: “We are mining gold that was deposited in Namibia over 500 million years ago and using it to save an animal that has been roaming the planet for 50 million years. This is a whole new way of looking at conservation financing—creative conservation for the future of our planet.”
Coeur Mining, Inc. reported back in February its 2020 mineral reserves and resources, and provided an update on its 2020 exploration programs at its Palmarejo and Kensington operations, following its mid-year update on August 11, 2020. Coeur also highlighted new drilling results at the recently-discovered C-Horst zone at the Crown exploration property in southern Nevada. The drilling campaigns at the Company’s Rochester and Silvertip mines as well as Crown and Sterling exploration properties were discussed during Coeur’s Investor Day on December 17, 2020. “2020 was the largest and most effective drilling campaign in the history of Coeur, and we plan to build on this momentum over the next few years,” said Hans J. Rasmussen, Coeur’s Senior Vice President of Exploration. “Results are just beginning to demonstrate the quality and potential of our assets with record-setting reserve growth at Rochester, significant additions at Palmarejo and Silvertip, new discoveries in southern Nevada as well as wider portions of mineralization found in upper Kensington. On the back of these excellent results, and with a larger budget in hand, the site teams are preparing for another aggressive year of aiming to continue growing reserves and resources from our inventory of drill-ready targets. We have already mobilized 21 drill rigs at our six sites with the goal of making 2021 even more successful than 2020.”
Fortuna Silver Mines Inc. reported last year the first gold pour from its Lindero Mine located in the Province of Salta in Argentina. The pour took place today, on Tuesday, October 20, 2020, and produced 728 ounces of gold. Jorge A. Ganoza, President, CEO and Director, commented, “The first gold pour at Lindero, our third mine in the Americas, is a significant achievement for the Company as we advance the mine’s ramp-up phase towards commercial production in the first quarter of 2021. Lindero is a mine with reserves for a projected life of thirteen years and is a pillar in Fortuna’s asset portfolio.” Mr. Ganoza continued, “I want to take this opportunity to commend our Salta based team’s commitment and hard work in achieving this milestone, especially in the context where COVID-19 related restrictions continue to pose multiple limitations.” Mr. Ganoza concluded, “If conditions permit, we look forward to hosting an on-site inauguration ceremony of Argentina’s newest gold mine with provincial and federal authorities early next year.”
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.