Market Overview

Gold Price is on a Resurgence as the Turkish Lira Recovers


Gold Price is on a Resurgence as the Turkish Lira Recovers News Commentary

PR Newswire

NEW YORK, August 15, 2018 /PRNewswire/ --

Gold price rose on Tuesday as concerns over the Turkish currency crisis eased. Gold Spot was traded at USD 1,193.56 per ounce. According to Kitco News, the Dutch bank's senior precious metals and diamond analyst, Georgette Boele, predicts that gold price will rebound at USD 1,225 an ounce at the end of the third quarter and climb to USD 1,250 by the end of the year. One of the factors that may drive the gold price is the record net-short position of speculators, according to Boele, "We think that investors who are negative on precious metals are already short and that there is not much room to increase shorts from here. We expect prices to start bottoming out at current levels." District Copper Corp. (OTC:CAXPF), Golden Ridge Resources Ltd. (TSX-V: GLDN), Sokoman Iron Corp. (OTC:GDNDF), Golden Star Resources Ltd. (NYSE:GSS), Asanko Gold Inc. (NYSE:AKG)

A soaring Dollar had sent gold price lower this year, but the Dutch bank analyst also attributed the declining gold price to the weaker Chinese yuan. According to Kitco News, Boele said, "Gold prices have dropped below USD 1,200 per ounce because a lower Chinese yuan has resulted in fears of lower demand. The Chinese yuan is now the most important driver for gold prices followed by the U.S. Dollar. We expect that Chinese authorities will try to avoid a further sharp weakening of the yuan from current levels."

District Copper Corp. (OTC:CAXPF) also listed on the Canadian Securities Exchange under the ticker (CSE:DCOP). Just earlier today the company announced that, "it has signed an agreement with an arm's length third party to acquire, subject to TSX Venture Exchange approval, a 13,025 ha land package known as the Stony Lake East Gold Project contiguous to, and on strike with, Sokoman Iron Corporation's ("Sokoman") high-grade, low-sulfidation, epithermal-style Moosehead Gold Project ("Moosehead") located in the Province of Newfoundland.


  • A purchase of a 100% interest in and to a 130 sq. km land package consisting of 521 claims (subject to a 2% - 3% net smelter return royalty);
  • The Project boundary is located 2.5 km southwest of Sokoman's high-grade gold discovery drill hole;
  • There are 18 known gold occurrences that exhibit epithermal style alteration and mineralization in bedrock / subcrop with rock grab sample results of up to 15.1 g/t gold; and
  • Soil, till and lake sediment sampling has identified multiple, coincident, large gold geochemical anomalies.

Sokoman recently reported that its first drill hole, MH-18-01, at Moosehead (see Sokoman's News Release dated July 24, 2017) returned 11.9 m of 44.96 g/t gold from 109.0 m to 120.9 m.

Stony Lake East Gold Project is located near Grand Falls-Bishops Falls in central Newfoundland.

District Copper President & CEO, Jevin Werbes comments, "This is a large and highly prospective gold project in a rich geological setting. The land package, notably put together prior to the Sokoman's discovery, was carefully assembled by a well-known and respected Newfoundland geologist and project generator based on data of geological merits identified by past explorers (such as Norada), giving the project significant upside. The fact that Sokoman now has a significant high-grade gold discovery next door to Stony Lake should only accelerate capital markets interest in what is already a very exciting project."

Project Description/Exploration Results: The Stony Lake project covers approximately 27 km of strike length of upper Silurian age sandstones-siltstones. Six large exploration targets have been identified. These areas exhibit a combination of some or all of the following;

  • lower-grade (<4 g Au/t) auriferous alteration zones (argillic and silicification)
  • linear quartz-rich zones with gold concentration ranging from highly anomalous to gold values up to 15.1 g Au/t.
  • mineralization hosted in quartz veins, stockworks and quartz breccia exhibiting crustiform, cockscomb, chalcedonic banding
  • low levels (total sulfide is generally <2-3%) of fine-grained disseminated pyrite, arsenopyrite and sulfosalts; ginguro-style banding occurs at several localities with highly anomalous Au, Ag & Sb values
  • Soil, till and lake sediment sampling has identified multiple, coincident large gold geochemical anomalies
  • Elongated silica-rich structures that exhibit an apparent direct spatial relation to linear magnetic signatures.

The recent announcement by Sokoman, has drawn considerable attention to the gold potential of this area of Newfoundland. It is important to note that the area covered by Stony Lake has yet to have undergone a thorough geological evaluation as a gold environment despite the numerous gold showings and highly anomalous gold geochemical results within and adjacent to the Project area. Historical exploration includes: preliminary regional geochemical sampling, limited prospecting, no diamond drilling except for a small area on the Flyers grid area of the property and partial airborne geophysical coverage. The coincident geochemical anomalies and anomalous to high gold concentrations in rock samples from the six separate zones identified to date attest to the quality of this underexplored and highly prospective Project. The results to date indicate a very high potential for a significant new gold discovery in an area with well-developed infrastructure in a mining friendly region.

Regional Setting: The Stony Lake Property is located within an important regional structural zone striking through Southwest, Central and Northeast Newfoundland. This structural zone controls the distribution of gold mineralization in this part of Newfoundland and hosts Benton Res.-Matador Res. Cape Ray gold deposits, Quadro Resources Staghorn gold zones, Marathon's Valentine Lake gold camp, Antler Gold's recently discovered high-grade gold zones, the Twilight gold zone, the new SIC Moosehead discovery and very likely Stony Lake's gold showings.

Acquisition Terms: The Stony Lake Property is being acquired by District Copper from 1174587 BC Ltd.; (the "Vendor") a private British Columbia Corporation, in consideration of 40,000,000 common shares of District Copper (to be distributed among the Vendor's six shareholders on a pro-rata basis). The Project is subject to an existing 2% Net Smelter Royalty, if the price of gold is US$2000/oz. or less, and 3.0% if the price of gold is above US$2000/oz. As part of the agreement, District Copper has agreed to undertake exploration expenditures of:

  1. $150,000 on or before December 31, 2018,
  2. an aggregate of $1,250,000 on or before December 31, 2019,
  3. an aggregate of $2,500,000 on or before December 31, 2020, and
  4. an aggregate of $4,000,000 on or before December 31, 2021

Elmer B. Stewart, P.Geol., a Director of District Copper, is a Qualified Person as defined in National Instrument 43-101 and has reviewed and approved the technical information contained in this news release. About District Copper: District Copper is a publicly traded Canadian exploration company listed on the TSX-Venture Exchange (TSX.V: DCOP) focused on the exploration and development of porphyry copper-gold-molybdenum deposits in northwestern British Columbia. Additionally, the acquisition of the Stony Lake Gold Project in Newfoundland compliments District Copper's Matachewan gold project located 3 km east of the Young Davidson gold mine in Ontario, establishing the Company as a major land holder in one of North America's most exciting new gold camps."

Golden Ridge Resources Ltd. (TSX-V: GLDN) The Company recently announced a new alkalic Cu-Au porphyry discovery at its Williams Zone prospect, located on the Company's Hank project in BC's golden triangle. The steeply dipping tabular monzonite intrusion has now been intersected in all four holes drilled in the Williams Zone, indicating a strike of at least 200 meters. The Hydracore 2000 drills currently being utilized on the Property have a maximum working depth of approximately 600 meters. The latest hole completed in the Williams Zone, HNK-18-007, ended in mineralized monzonite at 603.50 meters depth. The system remains open along strike in both directions and at depth. Assay results will be released as they are received. 

Sokoman Iron Corp. (OTC:GDNDF) is a discovery-focused company with projects in Newfoundland & Labrador, Canada. Sokoman recently reported that it has received assay results from drilling recently completed at the Moosehead Gold Project in Central Newfoundland. The Company has completed a total of 1970.5 m in 15 holes as proposed in its Phase I program. Assay results have been received for the first three holes and the results confirm that the Company has made a high-grade discovery in an area with little previous drilling. The Company's first hole, MH-18-01, intersected a mineralized zone that has returned the following summarized assays: from 109.00 m - 120.90 m (11.90 m @ 44.96 g/t Au). The intercept reported by Altius was the deepest to date from the property. MH-18-01 was to test the Eastern Trend intercept approximately 50 m vertically above the historical intercept. MH-18-01 cut two separate zones of gold mineralization, highlighted by a 1.35 m quartz vein (core length) that contained a minimum of 50 specks of visible gold and from which assays have subsequently returned 1.35 m grading 385.85 g/t Au. This new vein was encountered at a down-hole depth of 115.25 m (vertical depth of 80 m) approximately 80 m up-hole from the intended target of the drill hole. A second zone, 40 m further down the hole, returned assays of 8.95 m grading 4.20 g/t Au including 1.33 m grading 19.72 g/t Au. Timothy Froude, P. Geo., Interim Chief Executive Officer, stated, "The significance of MH-18-01 lies not only with the exceptional grades of the gold-bearing quartz vein, but that for at least 5 m up-hole and down-hole of the vein, significant assays were also reported. The 17 samples comprising the 11.90 m intercept included nine samples returning greater than 1.0 g/t Au. The area surrounding MH-18-01 will be prominent in our distribution of drill holes in Phase II."

Golden Star Resources Ltd. (NYSE:GSS) is an established gold mining company that owns and operates the Wassa and Prestea mines in Ghana, West Africa. Recently, the Company announced that it has entered into a long-term, strategic relationship with La Mancha Holding S.à r.l., a Luxembourg-incorporated private gold investment company. Proceeds of the transaction are expected to be used as follows: To accelerate underground development and production at the Wassa Underground Gold Mine and the Prestea Underground Gold Mine; To accelerate exploration and Mineral Reserve definition drilling at Wassa Underground, Prestea Underground and the Father Brown satellite deposit; To fast-track the necessary studies and development of the southern portion of the Wassa Underground deposit; Potential future acquisitions and general corporate purposes. Sam Coetzer, President and Chief Executive Officer of Golden Star, commented, "We are delighted to welcome La Mancha as a long-term, strategic investor. We share the vision of building a leading, Africa-focused gold producer and this transformative deal clearly endorses the potential of Golden Star's assets. La Mancha has a strong track record of creating sustainable shareholder value and their previous investments demonstrate their ability to identify compelling growth opportunities at an early stage. La Mancha's USD 125.7 Million investment will allow Golden Star to fast track our exploration and expansion programs at both Wassa Underground and Prestea Underground."

Asanko Gold Inc. (NYSE:AKG) vision is to become a mid-tier gold mining company that maximizes value for all its stakeholders. Asanko recently announced that it has completed the required transactions with subsidiaries of Gold Fields Limited for a 50% joint venture interest in Asanko's 90% interest in the Asanko Gold Mine ("AGM") and its associated properties in Ghana, West Africa. Upon closing of the Transaction, Asanko received USD 165 Million in cash from Gold Fields, with the remaining USD 20 Million receivable in cash upon achievement of an agreed Esaase development milestone but in any event by no later than December 31st, 2019. As previously announced, the Transaction will impact the recognition, presentation and measurement of assets and liabilities associated with Asanko's Ghanaian operations. The Company expects to record a non-cash loss associated with the loss of control of the AGM and associated properties in Q2 2018, which is expected to be approximately USD 0.60 to USD 0.80 per share. Peter Breese, President and Chief Executive Officer, said "Today marks an important milestone for Asanko as we conclude our JV Transaction with Gold Fields and emerge completely debt-free, with a strong partner, a solid long-life production base, competitive cost profile, fully funded organic growth and significant exploration potential.

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