Market Overview

Gold Price Rises as U.S. and Mexico Reach NAFTA Breakthrough


Gold Price Rises as U.S. and Mexico Reach NAFTA Breakthrough News Commentary

PR Newswire

NEW YORK, August 29, 2018 /PRNewswire/ --

The gold price hit its highest level in two weeks during early trading Tuesday, as the Dollar weakened after the United States and Mexico reached an agreement on a trade deal. However, gold gave up its gains during the day and fell from its two week-high. Gold Spot was trading at USD 1,201.42 per ounce during the Tuesday trading session while U.S. Gold future for December delivery was trading at USD 1,201.90 per ounce. On Monday, the U.S. and Mexico reach a deal to revise the North American Free Trade Agreement. The deal between U.S. and Mexico pushed the Mexican peso higher against the U.S. Dollar. Sixty North Gold Mining Ltd. (OTC:SXNTF), B2Gold Corp. (NYSE:BTG), IAMGOLD Corporation (NYSE:IAG), Aben Resources Ltd. (OTC:ABNAF), Yamana Gold Inc. (NYSE:AUY)

Gold price is sensitive to the U.S. Dollar as a weaker Dollar makes it cheaper for other currency holders to buy gold. An agreement between the U.S. and Mexico could help ease the concerns over the global trade tensions. However, analysts warn the ongoing U.S.-China trade fiasco may still weigh on the gold price. According to Reuters, Commerzbank analyst Daniel Briesemann said: "The main trade dispute, meaning U.S.-China conflict, is still going on so this NAFTA deal is just a small aspect."

Sixty North Gold Mining Ltd. (OTCQB:SXNTF) also listed on the Canadian Securities Exchange under the ticker (CSE: SXTY). Just earlier this morning, the company announced breaking gold sector news that, "it has received assay results from 282 rock samples collected across its Mon Property, Yellowknife Gold Belt, NWT, Canada. The two established gold trends have been further defined from this work. In addition, 155 biogeochemical samples have been collected and analysed. Further results are pending.

West Mafic Trend - One hundred and two rock grab and chip samples were collected from the West Mafic Trend (WMT). The highest assay of 52.4 gpt gold (fire assay 30gm gravimetric finish) with the average grade of 2.67 gpt is within the 3,300 m long trend across the property. Twenty-two of the samples include continuous chip samples where exposures would permit. The historic WXY Zone within the WMT returned 7.22 gpt gold over 6.0 m in Trench #4 with only minor quartz observed. Trench #5 located 30m on strike from trench #4 returned 2.18 gpt gold over 5.4 m. Exposure limits further sampling in this area. All mineralization is structurally controlled, occurring in discrete schistose domains +/- quartz, cross-cutting mafic to intermediate volcanic rocks intruded by gabbro. Readers are cautioned that grab samples are by their nature selective and are not necessarily indicative of the general geology of the property.

Forty-seven samples focused on a 450m long well-mineralized portion of the WMT 1,800m south of the WXY Zone. Grab samples of rocks hosting structurally controlled quartz and sulfide-rich schist zones up to 70 m wide (50% schists) contain the high value of 52.4 gpt and an average of 4.64 gpt gold.

In addition, a 1,500 m long splay of the WMT was tested by 39 rock grab and chip sampling contained a high assay of 45.5 gpt gold (fire assay 30gm gravimetric finish) (58.32 gpt gold by ICP) and an average grade of 2.12 gpt gold. The highest values occur proximal to a 57 m wide zone of structurally controlled quartz veins cross-cutting intermediate to felsic volcanic rocks tested by a 7m long historic trench.

East Mafic Trend - The East Mafic Trend (EMT) can be traced for 3,700 m across the property, includes the past-producing A-Zone and has been tested in another location by another five samples. These average 11.96 gpt gold with a high value of 37.5 gpt (fire assay 30gm gravimetric finish).

All rock grab and chip samples were collected by hand and were located by hand-held GPS, bagged and tagged with certified blanks and standards inserted at 1 in 7 to 1 in 10 intervals, sealed, delivered to Bureau Veritas Laboratories in Yellowknife and processed at their ISO/IEC 17025:2005 and ISO 9001:2015 certified laboratory in Vancouver. Bureau Veritas is independent of the Company. All samples were crushed and pulverized using PRP 70-250, analysed for 53 elements by ICP-MS using AQ251 and fire assay gold FAA 330 with all over limit golds analysed using fire assay gold FAA 550. The laboratory also runs duplicate and repeat analyses of every 15 to 25th sample, as well as internal blanks and standards which are reported to the Company.

Biogeochemical Sampling - The first spruce bark (SB) sample program on the Mon Property has confirmed and extended the known trends and identified additional target areas as shown on the attached map.  

1. The EMT can be shown to host the only five biogeochemical samples with anomalous gold values (out of 155 samples) including the most anomalous sample which is coincident with the high-grade past producing A-Zone. Materially, this defines and extends the favourable trend for over 1,800 m towards the high-grade gold values sampled rocks in the EMT. It is significant that there is no bedrock exposure except at the A-Zone and at the south-end of the anomaly. Follow-up work is recommended.

2. There is an extensive (3,700m long) biogeochemical anomaly dominated by copper, zinc, and silver with minor antimony and mercury that broadly coincides with the top of a thick felsic tuff in contact with metasedimentary rocks.  This is consistent with what would be expected within a volcanogenic massive sulphide (VMS) environment.

3. There is a well-defined western biogeochemical anomaly dominated by mercury and antimony with minor copper arsenic and silver. Some gold showings with values up to 4.49 gpt occur in quartz with chalcopyrite and malachite cross-cutting mafic volcanic rocks. Follow-up work is recommended.

Ronald Handford, CEO of Sixty North Gold, reports, "The follow-up rock sampling has identified areas that should be examined in more detail. The WMT sampling demonstrates both size and grade potential in rocks similar to those that host the gold deposits in Yellowknife (past production: 14 million ounces of gold). Additional sample results are pending, but the Company will immediately follow-up these exceptional results with a trenching program to collect representative samples across a number of these prospective zones."

"The biogeochemical program identified portions of the EMT where spruce trees have similar biogeochemical characteristics as those at the past-producing A-Zone. This extends the prospective A-Zone horizon for over 1,800 m through areas that have very limited or no bedrock exposure. Follow-up work on this anomaly will be conducted."

"The VMS horizon will be examined in more detail in the future. The Sunrise Lake VMS deposit located 130 km east-northeast of Yellowknife, owned by Silver Standard Resources Inc. reported a Mineral Resource Estimate of 1.5 million tonnes of Indicated Mineral Resource grading 2.39% lead, 5.99% zinc, 0.08% copper, 262 gpt silver and 0.67 gpt gold and 2.6 million tonnes of Inferred Mineral Resource grading 1.92% lead, 4.42% zinc, 0.07% copper, 169 gpt silver and 0.51 gpt gold (Roscoe, W.E., and Wallis, C.S., 2003), open for expansion. The VMS horizon is a viable target on the Mon Property." Readers are cautioned that mineralization hosted on the Sunrise Lake VMS deposit is not necessarily representative of the mineralization hosted on the Mon Property.

Mr. Handford further reports "Crews have been on the property since June assessing all historic showings and identifying new zones. Additional sample results are being received and will be released upon completion and confirmation by our QP."

Dr. D.R. Webb, Ph.D., P.Geol., P.Eng. is the Qualified Person for this release within the meaning of NI 43-101 and has reviewed the technical content of this release and has approved its content.

About the Company - The Company is engaged in acquisition, exploration and development of mineral properties. Its principal target is the exploration for gold on the Mon Gold Property, 40 km north of Yellowknife, NWT. The Mon Gold Property consists of 11 contiguous mining leases and 3 mineral claims, comprising an aggregate 1,536.92 acres, located in the South MacKenzie Mining District, NWT. For more information, please refer to the Company's Prospectus dated January 19, 2018 available on SEDAR ( ), under the Company's profile."

B2Gold Corp. (NYSE:BTG) is the world's new senior gold producer. B2Gold Corp. recently announced that the Malian Council of Ministers and the President of Mali have approved the participation of the State in Fekola SA for a total interest of 20%. Fekola SA is a 100% owned subsidiary of B2Gold which holds the Company's interest in the Fekola Mine. Fekola is B2Gold's largest mine, representing approximately 45% of the Company's projected consolidated 2018 gold production. For the first half of 2018, Fekola produced 226,786 ounces of gold, above budget by 11% with cash operating costs of USD 293 per ounce, USD 71 per ounce below budget, and all-in sustaining costs ("AISC") of USD 466 per ounce, USD 138 per ounce below budget. Based on the positive exploration results to date, the Company's in-house technical team is conducting engineering and other technical studies to ascertain the potential to expand the current Fekola Mine and mill facilities, and increase tonnage throughput, thereby increasing annual gold production, if, as expected, a larger open-pit resource is confirmed by the current exploration and in-fill drilling. Results of these studies are projected to be available by year-end 2018.

IAMGOLD Corporation (NYSE:IAG) is a mid-tier mining company with four operating gold mines on three continents. IAMGOLD Corporation recently announced assay results from the 2018 winter drilling program completed at its Monster Lake joint venture project. The project is located 50 kilometers southwest of Chibougamau, Quebec, Canada. The Company is reporting the final assay results from all 26 drill holes, totaling 8,282 meters, completed as part of the initial 2018 program. Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated: "We continue to be impressed with both the continuity and the high grades demonstrated by infill drilling of the 325-Megane Zone. Although confirming resource extensions and expanding additional areas of mineralization has proved to be challenging for our exploration team, this style of mineralization remains an attractive exploration target. As I have said before, we believe the structural setting suggests favourable potential for the occurrence of additional mineralized shoots along the Monster Lake structural corridor and we continue to evaluate this setting for additional zones of mineralization."

Aben Resources Ltd. (OTCQB:ABNAF) is a Canadian gold exploration company developing projects in British Columbia's Golden Triangle, the Yukon, and Saskatchewan. Aben Resources Ltd. recently provided an update on its exploration drill program currently underway at the Forrest Kerr Property in BC's Golden Triangle. The Company has intersected mineralization 1.5km south of the North Boundary Zone in a newly discovered area called the South Boundary Zone. Aben has now completed 4,850 meters of drilling in 16 holes at Forrest Kerr in 2018. The majority of drilling has taken place at the North Boundary area where high-grade precious and base metal mineralization was discovered in 2017 drill holes as well as in the first reported drill hole of 2018. The ongoing drill program has been expanded and will continue well into the Fall. Of the sixteen holes, three holes (1,150m) have been completed on the southwest side of the valley at the "South Boundary" target, located 1.5km south of the strong gold and copper mineralization intersected at the North Boundary Zone. Drilling in this area targeted a prominent soil geochemical anomaly (Au, Cu) that trends southward over 2km. Jim Pettit, President and Chief Executive Officer of Aben Resources, stated, "This new discovery of mineralization 1.5km south of the North Boundary Zone is a major development for the Company and further highlights the robust discovery potential at the Forrest Kerr Project. The mineralizing system at the property is apparently widespread and well-developed with high-grade mineralization being discovered at shallow depths over a large area. We believe we have only just scratched the surface at the newly discovered North and South Boundary Zones and an expanded drill program is currently underway with assays pending for most of the holes drilled to date."

Yamana Gold Inc. (NYSE:AUY) is a Canadian-based gold producer with significant gold production, gold development stage properties, exploration properties, and land positions throughout the Americas including Canada, Brazil, Chile and Argentina. The Company recently announced the declaration of commercial production at Cerro Moro, a high-grade gold and silver mine in Santa Cruz, Argentina. Cerro Moro is expected to deliver on 2018 production guidance with modest production in the second quarter of 2018 and nearly all of the expected 2018 production to be delivered in the second half of the year. With the declaration of commercial production, the focus is now on optimizing the operation and ensuring operating costs reach guidance levels. Jason LeBlanc, Yamana's Senior Vice President, Finance and Chief Financial Officer, commented, "Cerro Moro is expected to generate a disproportionate amount of cash flow and free cash flow relative to the comparatively small-scale nature of the operation. With the planned reduction in expansionary capital spending and the anticipated strong margin to metal prices at Cerro Moro, per prior guidance the step change in cash flow we have planned is expected to begin in the second half of 2018 and be more pronounced beginning in 2019."

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