FinancialBuzz.com News Commentary
NEW YORK, March 3, 2021 /PRNewswire/ -- The gold market is holding steady at around USD 1,730 an ounce on Tuesday. Earlier last month, the Federal Reserve Chair Jerome Powell had indicated that the Fed sees no need to alter its ultra-low interest rate policies anytime soon. "The economic recovery remains uneven and far from complete, and the path ahead is highly uncertain," Mr. Powell said in testimony to the Senate Banking Committee. Gold prices are influenced by current economic concerns, a result of protective measures taken to help fight the pandemic. Currently, traders take into consideration the outlook for economic growth and the low interest rates, which will also have an impact on the precious metal's price. Interest at near zero rates eliminates the 'opportunity cost' associated with owning precious metals. Exploits Discovery Corp. (CSE: NFLD) (OTC: RNRRF), NovaGold Resources Inc. (NYSE: NG), Great Panther Mining Limited (NYSE: GPL), Yamana Gold Inc. (NYSE: AUY), Harmony Gold Mining Company Limited (NYSE: HMY)
The value of gold is difficult to predict, as it depends on many economic variables as well as on decisions made by the Federal Reserve. In addition, gold is often viewed as a safe haven in a time of economic and political uncertainties. According to Kitco News, Fahad Tariq, a precious metals analyst at Credit Suisse, explained that gold could get a boost if Jerome Powell talks about the potential to implement a yield curve control program to cap rising bond yields. "Overall, the real rate environment and Fed stance remain supportive of gold prices, but key to watch will be if yields continue to rise and of course, if the U.S. Fed does, in fact, change its dovish stance - we think this is unlikely based on recent commentary highlighting higher employment as the priority vs. preventing inflation," Tariq said.
Exploits Discovery Corp. (CSE: NFLD) (OTCQB: RNRRF) just announced breaking news that, "the Company has submitted drill permit applications for 4,500 metres of drilling at the Little Joanna and Quinlan Vein prospects within the Dog Bay Gold Project, Newfoundland.
- Exploits has planned and submitted diamond drilling applications for 18 holes totaling a length of 4,500 metres across the Little Joanna Veins and Quinlan Veins prospects.
- 9 holes (2,250m) at the Little Joanna Veins, 9 holes (2,250m) at the Quinlan Veins prospects.
- The diamond drill applications are in addition to the applications submitted at the Schooner and Jonathan's Pond prospects, totalling 10,500m over 33 holes across 4 prospects.
- Exploits drilling placement follows on the same targeting techniques used by New Found Gold Corp. in the discovery hole at the Keats Zone (19m of 94g/t Au) targeting secondary and tertiary displacement structures that are thought to be responsible for gold mobilization and concentration in the Exploits Subzone*.
- *sampling on adjacent properties may not be representative of results from Exploits claims.
- Exploits inaugural drilling programs are to commence pending approval in Spring 2021.
Michael Collins, President and Chief Executive Officer of Exploits, commented: "The successful sampling campaign Exploits conducted in late 2020, coupled with the efforts of our inhouse team and partner GoldSpot Discoveries, has doubled our tier one drill targets to four across our projects in the Exploits Subzone. The Exploits team is excited to refine each high value target for drilling programs as we drive towards discovery in 2021."
About 2021 Diamond Drilling: Exploits has identified 2 discrete targets, in addition to the 2 targets previously announced on February 2nd, within the Dog Bay Gold Project that are nearing drill ready status. These targets are the named the Little Joanna Veins and Quinlan Veins prospects. Drill permits have been submitted for each prospect totalling 18 holes for a combined length of 4,500 metres. 9 holes (2,250m) have been applied for at the Little Joanna Veins, targeting quartz veins with visible gold at surface that assayed up to 194 g/t Au. These veins are interpreted to be structurally controlled by a regional secondary, sub-parallel to the deep-seated Dog Bay Line fault zone, and an approximately 2 km long tertiary displacement fault, named the Little Joanna Fault. 9 holes (4,500m) were applied for at the Quinlan Vein prospect, targeting quartz veins with visible gold at surface, returning assays of up to 61.3 g/t Au and 189 g/t Ag. These veins are also interpreted to be structurally controlled by a regional secondary fault structure, stemming from the deep-seated Appleton Fault zone. Additional targets are located at the interpreted intersection of the aforementioned faults, testing possible structural dilations suitable for the deposition of gold. Both the Little Joanna Veins and Quinlan Veins targets are deemed analogous to New Found Gold's Keats Zone due to the similarities in structural control and lithological host units.
While the permitting applications are being reviewed, Exploits plans to refine each target with follow up field work. Ground geophysics, outcrop mapping, and trenching are being planned to fine-tune each target to be drill ready once the permits have been approved.
The Little Joanna Veins and Quinlan Veins are located within a series of claims optioned from Eddie and Roland Quinlan, (the "Quinlan Option"), on August 20, 2020 where Exploits can earn a 100% interest by paying or issuing property by paying an aggregate of $220,000 cash and issuing a further 2.5 million common shares and $560,000 in either cash or common shares.
Quality Assurance - Quality Control ("QA/QC")
All rock samples are collected by company personnel and bagged in the field with a sample tag for identification. The bags are sealed with tape and kept secure at a company facility until they are transported directly to the lab by Exploits staff.
All rock samples are analyzed at Eastern Analytical of 403 Little Bay Road, Springdale, NL, a commercial laboratory that is ISO/IEC 17025 accredited and completely independent of Exploits Discovery Corp. Eastern Analytical pulverized 1000 grams of each sample to 95% < 89 µm. Samples are analyzed using fire assay (30g) with AA finish and an ICP-34, four acid digestion followed by ICP-OES analysis. All samples with visible gold or assaying above 8.00 g/t Au are further assayed using metallic screen to mitigate the presence of the nugget effect of coarse gold. Samples in this report were run for Ore Grade Assay when with multi-acid digestion with AA finish for samples above detection limit for silver."
NovaGold Resources Inc. (NYSE: 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 18, 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.
Great Panther Mining Limited (NYSE: GPL) reported last month that it has filed the "Technical Report on the 2020 Mineral Reserves and Mineral Resources of the Tucano Gold Mine, Amapa State, Brazil" ("Technical Report"). The Technical Report supports the Company's updated Mineral Reserve and Mineral Resource estimate ("MRMR") for Tucano announced by news release on December 15th, 2020. "Our 2020 exploration programs were successful in extending the existing open pit mine life at Tucano and adding significant resources to our mineral inventory for the Guanajuato Mine Complex", stated Rob Henderson, President and CEO. "2021 will represent a significant increase in our exploration efforts with a planned record of 90,000 metres of drilling representing a $13 million investment. Our key objectives will be to continue to extend the Tucano open pit mine life, further prove up the underground with a view to extending the high-grade zones, and make meaningful inroads into key targets in the expansive Tucano regional land package. Building on our 2020 exploration success in Mexico will also be a key focus for this year."
Yamana Gold Inc. (NYSE: AUY) provided recently the 2021, 2022, and 2023 production guidance, 2021 cost guidance, and its 10-year production overview. The Company looks at production within a normal range of +/- 3%, and the guidance values noted below reflect the mid-point of this production range for the 2021-2023 period. The production profile for 2021 to 2023 shows sequential growth in gold production. Several growth opportunities are available, and in the near and medium-term the Company remains focused on optimizing the existing portfolio of five operating mines while also advancing studies for various expansion projects and longer term development assets.
Harmony Gold Mining Company Limited (NYSE: HMY) announced back in October third quarter 2020 financial results, including revenue of $229.7 million, cash flow from operating activities of $79.5 million and GAAP net income from continuing operations of $26.9 million, or $0.11 per share. On an adjusted basis, the Company reported EBITDA of $90.8 million, cash flow from operating activities prior to changes in working capital of $57.4 million and net income from continuing operations of $38.2 million, or $0.16 per share. Gold production increased 23% to 95,995 ounces driven by improved operational performance at Palmarejo, Rochester and Wharf, while silver production of 2.6 million ounces was 58% higher largely due to positive results at Palmarejo.
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