The gold market held steady at a USD1,760 – USD1,840 trading range. Additionally, there is news that the U.S inflation data from June is indicating that gold prices may benefit from the current economic environment. Going forward, inflation is expected to play a major role in deciding the future of gold. According to a report by Kitco, Commerzbank analyst Carsten Fritsch explained that inflation “could make market participants focus more on gold’s role as an inflation hedge again. This at least would be the case assuming that the expectations of Fed rate hikes do not increase at the same time.” In addition, the ongoing pandemic and the growing threat of the Delta variant will continue to weigh on the U.S. labor market, which is a critical element to the Federal Reserve’s plan to reduce its monthly bond purchases.
Earlier this year, gold prices have also received some support from the European Central Bank (ECB). The President of the ECB, Christine Lagarde, repeated previous remarks that the Bank is not ready to look at tightening its monetary policy anytime soon. Lagarde testified before the European Parliament’s Committee on Economic and Monetary Affairs, where she explained that the ECB will continue to maintain its ultra-loose monetary policies as it is prepared to see through current inflation pressures. “While partly reflecting improved economic prospects, a sustained rise in market rates could translate into a tightening of wider financing conditions that are relevant for the entire economy. Such a tightening would be premature and would pose a risk to the ongoing economic recovery and the outlook for inflation,” Lagarde indicated, according to Kitco.
Clarity Gold Corp. (CSE: CLAR) (OTC: CLGCF) just announced breaking news that, “a crew has been mobilized to carry out an exploration program (the “Program”) at the Company’s Empirical Project located in southern British Columbia.
The Company has mobilized a crew to the Empirical project to conduct additional grassroots exploration work, focusing on historic areas of known alteration and mineralization to satisfy work requirements for claims renewals and the original Option Agreement to earn 100% of the Empirical Project. This year’s program will be an approximately 10-day field program comprised of mapping, prospecting and channel sampling.
About the Empirical Project
The Company’s gold-copper-molybdenum porphyry project, the Empirical Project, is located 12 km south of Lillooet, British Columbia, and covers 10,518 ha. The Empirical Project is situated in the Cordilleran Continental Arc which hosts 26 significant porphyry deposits, including Imperial Metal Corporation’s historic Huckleberry Mine and Noranda’s historic Babine Porphyry camp.
Between 1981 – 1986, six out of fifteen diamond drill holes intersected gold mineralization, including hole DD81-4 which assayed 3.67 g/t gold over 21 m from 36m. Previous exploration focused on molybdenite without an understanding or aim of targeting a larger porphyry system. For more information on the Empirical Project, please see the Company’s National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) Technical Report on the Empirical Project filed on SEDAR on March 24, 2020…
About the Company’s Flagship Destiny Project
Clarity Gold also anticipates additional results from their continued exploration efforts on the flagship Destiny Project. The company recently completed a 10,826 m drill campaign, with samples currently being processed by Bureau Veritas and are anticipated shortly.
The Destiny Project is located in the prolific Abitibi Greenstone Belt where more than 190 million ounces of gold have been produced historically along major structural breaks within the assemblage of Archean-age volcanic, sedimentary and intrusive rocks. The Destiny Project lies along the approximately 400 km long Chicobi Deformation Zone, a major structural break which is largely underexplored in the Abitibi Greenstone Belt…