NEW YORK, April 9, 2021 /PRNewswire/ -- The gold price grew to cross the USD 1,750 an ounce mark on Thursday on several indicators that the yellow metal is once again in demand as a safe haven asset. According to a report by Kitco, after a pause in central bank gold buying last year, there are signs that demand for gold grows as Hungary tripled its gold reserves. Hungary's central bank increased its gold reserves to 94.5 metric tons from 31.5 tons, citing "long-term national and economic policy strategy objectives." This marked one of the most significant central bank gold purchases in decades. Exploits Discovery Corp. NFLD RNRRF, NovaGold Resources Inc. NG, McEwen Mining Inc. MUX, Equinox Gold Corp. EQX, Gold Fields Ltd. GFI
Typically, gold has played a role as an insurance against market disruption and as a haven asset. The Federal Reserve Jerome Powell indicated during the IMF and the World Bank Group's 2021 Spring Meetings that the Fed views the pace of global vaccinations as a risk to progress. "Our asset purchasers will continue until we see substantial progress towards our goal. We are looking for actual progress — inflation and indicators of maximum employment. We would look at global vaccination as a risk to progress we are making," Powell said. As a result of the pandemic and its implications, there is a need for a strong economic recovery, yet the recovery still remains uneven and incomplete according to the Fed.
Exploits Discovery Corp. NFLD RNRRF announce that it has received the drill permit for 3,000 metres of drilling at its 100% wholly owned Schooner gold project (the "project") located in the Exploits Subzone, Newfoundland. The Company has also expanded its airborne VTEM survey in the southern projects, to include a second helicopter flying the northern projects focusing on the Appleton and Dog Bay Line Fault corridors.
Highlights
Exploits received diamond drilling permits for 12 holes totaling a length of ~3,000 metres at the Schooner Prospect in the Mt. Peyton Gold Project.
The company has expanded its airborne VTEM geophysical survey that was flying on Exploits' southern projects to cover the Mt. Peyton and Dog Bay Gold Projects. A second helicopter has commenced flying these new lines focusing on the Appleton and Dog Bay Line Fault Zone corridors which include the Schooner, Little Joanna Veins, and Quinlan Veins targets.
Tightly spaced (50m) ground magnetometer surveys are underway at Schooner, in addition to the airborne VTEM, to enhance the definition of the target to drill ready scale.
Exploits drilling placement follows on the same targeting techniques used by New Found Gold Corp. at the Keats Zone; targeting secondary and tertiary displacement structures that are permissive for the deposition of gold that has been mobilized up through deep seated structures such as the Appleton or Schooner Faults.
The Company is fully funded for its 12,000m spring and summer drill program with 2 targets permitted and 3 drill permit applications pending.
Michael Collins, President and Chief Executive Officer of Exploits, commented: "The past six months at Exploits has been about prospecting, trenching, consolidating historical information, and prioritizing targets. The spring and Summer of 2021 are about drilling for Discovery. The schooner permit is the second of a minimum of 5 drill permits that we intend to have in place when the snow comes off in the spring of 2021."
About 2021 Diamond Drilling
Exploits has identified 3 discrete targets on the Schooner fault within the company's 100% wholly owned Mt Peyton gold project for drilling. Drill permits have been received for 12 holes (3,000m) at the Schooner prospect in Mt. Peyton, targeting secondary displacement faults stemming from the Schooner Fault, a deep-seated fault zone 3.5 km west and trending subparallel to New Found Gold's Keats Zone along the Appleton Fault. The target has been deemed analogous to the Keats Zone due to the similarities in structural control and both locations being hosted in Davidsville Group sediments.
A tightly spaced (50 metres) ground magnetic geophysical survey has commenced over the highlighted target areas and is expected to be completed in the next couple weeks. The high-resolution data it produces will allow the company to get a detailed image of the Schooner Fault and its associated secondary structures that are not obvious in the regional geophysics that the fault was identified in. This will allow for optimized drill locations to best test the Schooner target.
With the success of the target generation through high resolution airborne VTEM geophysics and GoldSpot Discoveries' ("Goldspot") (TSX.V: SPOT) A.I. and data analysis technologies on Exploits' southern projects, the company has expanded its survey area to cover the Mt. Peyton and Dog Bay Gold Projects. This will include 6,530 line kilometres at 100 metre spacings, focused on covering the Dog Bay Line and Appleton Fault Zone corridors that contain high grade gold in outcrop samples including 194 g/t Au at the Little Joanna Veins and 61.3 g/t Au at the Quinlan Veins respectively. A second helicopter has commenced flying the new lines with the other helicopter finishing up flying the southern projects before moving to the northern projects.
The VTEM geophysical data includes magnetic and electromagnetic data that is uploaded daily for Exploits' team and partner Goldspot to interpret in real time. The addition of the second helicopter will speed up the data collection and analysis processes in preparation for drilling the identified targets this spring/summer, as well as building up secondary targets for future ground exploration…"
NovaGold Resources Inc. NG announced last year that its flagship Donlin Gold project, which NOVAGOLD owns equally with Barrick Gold Corp. ("Barrick"), received the final State Right-of-Way (ROW) authorization for the buried natural gas pipeline, issued by the Alaska Department of Natural Resources (ADNR) on January 17th, 2020. Additionally, ADNR denied an appeal and affirmed the Division of Mining, Land, and Water's original January 18th, 2019 approval of Donlin Gold LLC's Reclamation Plan and its accompanied permit. "We are very pleased to see the issuance of key transportation and energy infrastructure approvals for Donlin Gold," said Greg Lang, President and CEO.
McEwen Mining Inc. MUX reported earlier this year an updated Indicated Resource Estimate of 499,000 contained gold ounces and Probable Reserve Estimate of 302,000 recoverable gold ounces for the Gold Bar Mine in Nevada ("Gold Bar"). See Tables 1-3 for the updated estimates. Gold Bar's estimated after-tax net present value (NPV) discounted at 8% and using a gold price of USD 1,500/oz is in the range of USD 62 to USD 76 Million; while the upside case at a gold price of USD 1,900/oz is in the range of USD 150 to USD 170 Million. Potential mine life is in the range of 5 to 7 years based on currently estimated reserves. In Q1 2020, the Company reported that a significant reduction in contained ounces at Gold Bar was likely. Since that time significant work, as described below, has been completed to determine the extent of the reduction and mitigate it. To provide perspective on the changes that have occurred at Gold Bar, consider that in 2019, when we started mining, the Reserve estimate was 430,000 gold ounces.
Equinox Gold Corp. EQX announced on March 1st, that the Company has entered into an agreement with an affiliate of the Orion Mine Finance Group ("Orion") to acquire 10% from Orion's current interest in the Hardrock Mine Project (the "Hardrock Project") for consideration of USD 51 Million plus certain contingent payment obligations (the "Hardrock Transaction"). Christian Milau, CEO of Equinox Gold, stated: "We are extremely pleased to increase our stake in this world-class Canadian gold deposit located in one of the world's top mining jurisdictions. Hardrock will be a low-cost, long-life gold mine, bringing more than 240,000 attributable ounces of annual gold production to Equinox Gold when in production, with significant upside potential from near-mine exploration and underground development. We look forward to working with Orion to advance Hardrock to production, bringing long-term benefits to all stakeholders of the Hardrock Project and particularly First Nations and other communities in the Greenstone region of Ontario."
Gold Fields Ltd. GFI announced on January 22nd that it has formally started construction of the mining infrastructure at its Salares Norte project, in line with the project's construction schedule announced in February last year. Pre-stripping of the mine and construction of the process plant commenced this month. Construction of the USD 860 Million project is scheduled to be completed in late 2022, with first gold production in early 2023. Once commissioned, the mine will process two million tons of ore per year for the production of doré gold. Max Combes, Director of the project, says Salares Norte is good news for Chile and the economy of the Atacama Region. "A project like Salares Norte generates a very valuable productive chain in the industry and significant economic opportunities in the region."
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