Market Overview

Gold Price Fluctuates While Trade Tensions Grow Between U.S. and China


Gold Price Fluctuates While Trade Tensions Grow Between U.S. and China News Commentary

PR Newswire

NEW YORK, August 30, 2018 /PRNewswire/ --

The price of gold climbed during the Wednesday trading session as Gold Spot rose 0.37% to USD 1,205.4 per ounce, while U.S. Gold future for December delivery fell 0.16% to USD 1,212.50 per ounce. The price of the yellow metal hit its two-week high of USD 1,214.28 on Tuesday, but it closed 0.8% lower as the U.S. Treasury yields rose higher. The U.S Dollar and the pace of rate hikes are the main factors that affect gold prices in recent months. Increasing tensions of trade issue between U.S. and China are also a factor to consider in the near future. Sixty North Gold Mining Ltd. (OTC:SXNTF), Sibanye-Stillwater (NYSE:SBGL), NovaGold Resources Inc. (NYSE:NG), Kinross Gold Corporation (NYSE:KGC), Harmony Gold Mining Company Limited (NYSE:HMY),

According to Kitco News, John Hathaway, Senior Portfolio Manager at Tocqueville Asset Management, said in his report, "As painful as it has been for long-term investors in precious metals, hang in there! In our opinion, the extreme condition of market structure and investor sentiment suggests that, at the very least, a trading low is at hand, while broad macro- and gold-specific microeconomic fundamentals suggest a resumption of the uptrend in metal prices from the December 2015 low."

Sixty North Gold Mining Ltd. (OTCQB:SXNTF) also listed on the Canadian Securities Exchange under the ticker (CSE: SXTY). Yesterday, the Company announced breaking 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 analyzed. 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, analyzed for 53 elements by ICP-MS using AQ251 and fire assay gold FAA 330 with all over limit golds analyzed 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.'"

Sibanye-Stillwater (NYSE:SBGL) recently announced that all outstanding conditions required to complete the gold and palladium stream agreement with Wheaton Precious Metals International Ltd have been fulfilled. Sibanye-Stillwater previously secured USD 500 Million upfront cash payment through a streaming agreement with Wheaton Precious Metals International Ltd, a wholly-owned subsidiary of Wheaton Precious Metals Corp. In return, Sibanye-Stillwater has committed to deliver a percentage of gold and palladium produced from its United States Platinum Group Metals operations (comprising its East Boulder and Stillwater mining operations). The Transaction is effective from July 1st, 2018. Chief Executive Officer, Neal Froneman commenting on the Transaction, said, "The streaming transaction is further delivery on our strategic commitments and validates the value we identified in the Stillwater assets. Importantly the transaction results in a significant reduction in Group leverage, improving flexibility and reducing financing costs and risk. We are extremely pleased to have secured this competitively priced financing arrangement with a company of the quality of Wheaton International."

NovaGold Resources Inc. (NYSE:NG) is a well-financed precious metals company focused on the permitting and development of its 50%-owned Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. The Company recently announced that the transaction with Newmont Mining Corporation (NYSE:NEM), in which NovaGold agreed to sell its 50% interest in the Galore Creek project, owned by the Galore Creek Partnership (GCP) for total consideration of up to USD 275 Million, announced on July 26th, 2018, has closed. As contemplated by the Share Purchase Agreement, NovaGold has received USD 100 Million and transferred its interest in the Project and the Copper Canyon property to a subsidiary of Newmont. The Company anticipates applying the proceeds from the sale toward the development of its 50%-owned Donlin Gold project in Alaska.

Kinross Gold Corporation (NYSE:KGC) is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana. Kinross Gold Corporation recently announced that it is proceeding with the initial Gilmore expansion project at its Fort Knox mine in Alaska. The initial Gilmore project is expected to extend mining at Fort Knox by six years to 2027, and leaching to 2030, at a low initial capital cost of approximately USD 100 Million, and increase life-of-mine production by approximately 1.5 Million Au eq. Oz. The project is expected to generate an internal rate of return (IRR) of 17% and net present value (NPV) of USD 130 Million based on a USD 1,200/oz. gold price, and an IRR of 26% and NPV of USD 239 Million based on a USD 1,300/oz. gold price. J. Paul Rollinson, President and Chief Executive Officer, made the following comments in relation to the Gilmore expansion: "We are pleased to proceed with the initial Fort Knox Gilmore project, a low-risk, low-cost brownfield expansion that is expected to extend mine life to 2030 at one of our top performing operations and contribute 1.5 Million gold equivalent ounces to strengthen our long-term U.S. production profile.

Harmony Gold Mining Company Limited (NYSE:HMY), a world-class gold mining and exploration company, has operations and assets in South Africa and Papua New Guinea (PNG). Harmony Gold Mining Company Limited recently announced its operational and financial results for the year ended June 30th, 2018. Key features of FY18 include: Embedding our safety culture through our various training and awareness campaigns; Production guidance achieved for third consecutive year; produced 1.228Moz of gold at an all-in sustaining cost of R508 970/kg (USD 1 231/oz). "Our growth aspiration to produce 1.5 Million ounces and improve the quality of our asset portfolio was realized with the re-investment in Hidden Valley (FY17) and acquisition of Moab Khotsong (FY18). These operations will increase annual production by 450,000 to 500,000 ounces at an average life of mine all-in sustaining unit cost of USD 950/oz. In addition, our successful hedging strategy has generated cash flows of R 3.6 Billion (USD 276 Million) since implementation in FY16, securing cash flow margins and enabling Harmony to repay debt and fund our quality growth strategy. Harmony has delivered," said Peter Steenkamp, Chief Executive Officer of Harmony.

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