FinancialBuzz.com News Commentary
New York, NY (2/3/2021) – Gold markets fell during the trading session on Tuesday, losing roughly 1.5% from Monday’s highs. However, the value of the yellow metal stabilized on Wednesday. The decline in gold prices appears to be following silver’s prices, after an allegedly attempted short-squeeze in the silver market had failed, at least for now. According to a report by Kitco, the squeeze is failing because the move into silver is not as coordinated as Reddit’s GameStop play. Many Reddit users have published posts against silver, calling it a distraction from GameStop. One of the Reddit community’s concerns in regards to the attempted silver squeeze is that Citadel Advisors LLC, which diverted cash into Melvin Capital amid the GameStop short squeeze, is also a significant holder of SLV and could benefit from the precious metal’s rally. Falcon Gold Corp. (TSX-V: FG) (OTC: FGLDF), Yamana Gold Inc. (NYSE: AUY), Alamos Gold Inc. (NYSE: AGI), Hecla Mining Company (NYSE: HL), NovaGold Resources Inc. (NYSE: NG)
Another factor to consider is the anticipated gold miners’ production rebound in 2021. Kitco reports that the top 20 gold miners are projected to lose about 5% of their total 2020 gold output primarily due to the pandemic and related restrictions. However, in 2021, gold production is likely to rebound. “Based upon mid-point outlook projections, production will be ~6% more than a revised,” post guidance for 2020.
Falcon Gold Corp.
(TSX-V: FG) (OTC: FGLDF) announced breaking gold sector news today that, “it has entered into an agreement to purchase a large, prospective gold property, the Gaspard Claims in central British Columbia. The Claims are reported to cover similar geology to and may be an extension of the Spences Bridge Gold Belt (the “SBGB”) that hosts several significant developing gold deposits such as Westhaven Gold Corp.’s Shovelnose gold project.
Chief Executive Officer, Karim Rayani stated. “The Gaspard Gold project has tremendous potential adding to our BC holdings, having high grade soil and stream sediment samples over a 1.8 km distance shows we are in the right district. The claims look to be an extension of the Spences Bridge Gold Belt that hosts several significant developing gold deposits such as Westhaven (WHN.V) Shovelnose gold project.”
The Property
The Gaspard Property comprises 3 mineral claims, covering 3,955 hectares (“ha”) in the Clinton Mining District of central British Columbia. The Property has year-round, all-season road access with a good network of active logging roads. The City of Williams Lake located 60 kilometers (“km”) northeast of the Property is a regional supply centre for mining, logging and ranching.
The SBGB forms a northwest trending belt of Eocene-age, volcaniclastic and sedimentary rocks more than 430 km long and up to 24 km wide extending to the north east from town of Princeton. The volcanic units are dominated by dacitic to rhyolitic volcaniclastic rocks, breccias and domes that are well known to host significant gold occurrences. The volcanic sequence observed on the Gaspard claims includes a low-dipping dacitic flow unit overlain by a central volcaniclastic rhyolitic unit capped by basalts. The Property is located immediately east of the northernmost mapped limit of the Spences Bridge Group, in an area that is presented on regional BC geological maps as unnamed Eocene-age, intermediate to felsic volcaniclastic rocks bearing remarkable similarity to the Spences Bridge Group.
The closest gold deposit to the Property is located approximately 26 km to the south and is the Blackdome gold mine project. The Blackdome reportedly has resources of 144,500 tonnes (“t”) Indicated grading 11.29 grams per tonne (“g/t”) gold and 50.01 g/t silver, and 90,600 t Inferred grading 8.79 g/t gold and 18.61 g/t silver (as currently reported by Tempus Resources Ltd.) The Blackdome mineralization is characterized as volcanic- hosted epithermal gold and silver class and may represent the target-type for the Gaspard Claims.
The Gaspard Claims are mostly covered by unconsolidated glacial deposits with only about 3% outcrop exposures. Historical work has included both stream sediment sampling and soil sampling in the northern part of the claims group that successfully discovered gold geochemical anomalies. Discovery Consultants Ltd. was hired during the 1990 field season to collect eleven (11) heavy mineral stream sediment samples. This survey covered four creek drainages on the current Gaspard 3 claim from the base to headwaters. A follow-up survey consisting of 212 “B-Horizon” soil geochemistry samples was also completed. Anomalous grades of the stream sediment samples returned from 94 ppb Au to 5,910 ppb Au within 4 adjacent streams, defining a continuous gold anomaly over an upstream distance of 1.8 kilometers. Anomalous B-Horizon soil samples assayed by standard fire assay ranged up to 1127 ppb Au and confirmed the findings of the stream sediment survey. In combination, the gold anomaly defined gold anomaly is defined over a surface area of 1800 m x 1200 m and much of the claims to the south east remain to be tested…
Next Steps for the Gaspard Claims
In an internal report by the vendor, the next recommended steps include an initial high-resolution helicopter-borne magnetic survey to provide further definition over the claims area, including 320 kilometers of flight lines, with a flight line spacing of 150m along East-West oriented flight lines, with N-S oriented tie-lines. The E-W oriented flight lines are optimal for the delineation of both northeast and northwest trending structures. Also, a further 60 regular and 60 heavy mineral stream sediment samples are required over the areas of deep overburden cover across the remaining Gaspard Property. In addition, more prospecting, mapping and sampling of the brecciated rhyolite with quartz vein stockwork is needed to determine the source (or sources) of the gold stream and soil anomalies. The same report suggested that these next steps would require a budget of approximately $250,000 and should result in well-defined gold mineralization drill targets.
Qualified Person
The technical content of this news release has been reviewed and approved by William Yeoman, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. “
For our latest “Buzz on the Street” Show featuring Falcon Gold Corp. recent corporate news, please head over to: https://www.youtube.com/watch?v=aGAB_vSHVHk
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.
Alamos Gold Inc.
(NYSE: AGI) reported back in August results of the positive internal economic study completed on its fully permitted La Yaqui Grande project located in the Mulatos District in Sonora, Mexico. Given the project’s strong economics and its proximity to the existing Mulatos operation, the Company is proceeding with construction of the project starting in the second half of 2020. Average annual gold production of 123,000 ounces per year starting in the third quarter of 2022. This will replace higher cost production from the main Mulatos pit, keeping combined production at approximately 150,000 ounces per year.
Hecla Mining Company
(NYSE: HL) announced last year preliminary silver and gold production results for the fourth quarter and full year 2019 as well as a significant reduction of net debt and an increase in cash position. The Lucky Friday Union workers have ratified the collective bargaining agreement, reversing the result of the vote held in early December, and many of the workers are expected to return to work. “2019 marked a year of higher metal production and in the second half of the year, strong cash flow generation and an improved balance sheet,” said Phillips S. Baker, Jr., Hecla’s President and CEO. “While gold & silver prices have increased, Greens Creek’s record silver production combined with the most gold production in Hecla’s history were the primary reasons for the cash flow strength.”
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.
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