FinancialBuzz.com News Commentary
New York, NY (2/2/2021) – The value of gold is difficult to predict, as it depends on many economic-related factors such as dollar strength and decisions such as the ones made by the federal reserve. Gold prices held on to their gains on Monday, but are seeing little reaction to the slowing momentum in the U.S. manufacturing sector, according to the latest data from the Institute for Supply Management (ISM). The ISM reported on Monday that its nonmanufacturing index showed a reading of 58.7% for January, down from December’s reading of 60.7%. According to a report by Kitco, the data was much weaker than expected, as consensus forecasts were calling for a reading of 60%. Some analysts, however, indicated that gold prices are being led higher by a massive surge in silver prices, which have rallied to an eight-year high. Falcon Gold Corp. (TSX-V: FG) (OTC: FGLDF), Avino Silver & Gold Mines Ltd. (NYSE: ASM), Great Panther Mining Limited (NYSE: GPL), McEwen Mining Inc. (NYSE: MUX), New Gold Inc. (NYSE: NGD)
To reduce the impact of the pandemic on the economy, various measures have been taken, such as near-zero interest rates and economic stimuli for business and individuals. Such measures also impact the price of precious metals. Horizons ETF’s portfolio manager Nick Piquard explained to Kitco News that “the U.S. dollar system has worked so far. But we’re getting to the point where there’s so much debt in the world and with this new crisis, there’s even more debt… People are figuring out that maybe they will have to make some changes to how the U.S. dollar acts as a reserve system… After all that money has been spent, it’s not like you’re going to be able to raise taxes to get that money back, or it’s not going to be easy to raise rates.”
Falcon Gold Corp. (TSX-V: FG) (OTC: FGLDF) just announced breaking gold sector news that, “is pleased to make its first report of 2021 with this update on its fall drilling program at the Central Canada gold mine. The Company completed its 2020 fall drilling program at the Central Canada Gold mine near Atikokan, northwestern Ontario, with drill holes CC20-08 to CC20-17 producing a total of 1,890 meters (“m”) of core. Through its two drill campaigns in 2020, Falcon has drilled seventeen drill holes for a total of 2,942.5m of core and has shipped 780 samples for analyses and assays.
In addition, the Company is pleased to report on the significant mineralized intersections from CC 20 -08 and 20-09 (see Table One). The geology logged in these holes was previously reported in our news release dated November 18th, 2020. Highlights of the drill intersections for the two holes are as follows:
• CC20-08 intersected the Central Canada main mine trend from 30.6m to 41.7m and intersected secondary gold bearing zones @ 61.7m-63.6m, 96m and 101m;
• CC20-09 intersected the mine trend at 131.0m to 165.6m. This zone contains several intervals grading up to 7.46 g/t Au; and,
• With the intersections reported today, and the intersections of drill holes CC 12-01 and CC20-01, Falcon has traced the Central Canada gold mineralization from surface to a vertical depth of more than 161m and the zone remains strong and open to continue beyond that depth.
The Central Canada gold zones in drill holes, CC20–08 and –09, comprised core lengths up to 35m, variably mineralized with pyrite, arsenopyrite and pyrrhotite in silicified and chloritic units and quartz veins. The host rock lithologies include metamorphosed quartz feldspar porphyries, felsic pyroclastic units and mafic volcanic flows. However, due to the intensity of alteration, identification of the host was at times difficult to ascertain. The veins commonly contain contorted bands of quartz and tourmaline with pyrite, arsenopyrite and fine grains of chalcopyrite.
Falcon’s hole, CC20-08 was drilled just approximately 30m west north west of the shaft and was targeting the main gold zone approximately 30m above the gold intersections in CC20-01. Hole CC20-01 reported two principal gold zones: (i) high-grade gold mineralization over a 3 m interval of 10.17 g/t Au at 67m depth; and (ii) a new auriferous quartz vein untested by previous operators at 104 m depth, which sampled 18.6 g/t Au over 1.0m. As mentioned above, CC20-08 penetrated the main mine trend at 30.6m and returned anomalous gold of 345 ppb over a length of 11.1m. A second zone was intersected at approximately 62m and averaged 606 ppb Au over 1.9m and may be the same vein found in CC20-01 running 18.6 g/t Au over 1.0m.
The main zone of mineralization in CC20-09 was intersected from 131.0m and continued to 165.0m. Individual samples within this zone included; 1.1m @ 3.11 g/t Au, 0.8m @ 7.46 g/t Au, 1.0m @ 6.74 g/t and the deepest interval 1.2m @ 3.2 g/t Au (see Table One). This wide and strong zone is highly encouraging for the Company’s geological team as it is indicative of significant depth potential for the Central Canada gold mineralization…
Mr. Karim Rayani, Falcon’s Chief Executive Officer commented, “These first results from Falcon’s fall drill program have delivered more evidence for a mineable deposit at this historic mine site. With our geologists developing an understanding of the gold mineralization styles from repeated drilling of the zones, Falcon can better proceed with its plans to define an economic gold resource. We have already submitted hundreds of samples for analyses and will have many more assays to come. Our shareholders can expect to have more news on the developments on our Central Canada mine project over the coming weeks.”
Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Falcon Gold Corp., the Central Canada Gold Mine Project, and Jack Lake Trend
Falcon is a Canadian mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas. Falcon’s flagship project, the Central Canada Gold Mine, is approximately 20 km south east of Agnico Eagle’s Hammond Reef Gold Deposit which has Measured & Indicated estimated resources of 208 million tonnes containing 4.5 million ounces of gold. The Hammond Reef gold property lies on the Hammond fault which is a splay off of the Quetico Fault Zone (“QFZ”) and may be the control for the gold deposit. The Central Gold property lies on a similar major splay of the QFZ…
Avino Silver & Gold Mines Ltd. (NYSE: ASM) reported on January 13th an updated mineral resource estimate for the Company’s Avino Property located near Durango in west-central Mexico. Increase in gold and copper grades by 6% and 11%, up to 0.67 g/t and 0.41%. The updated include: an increase of 60% in silver equivalent ounces, up to 75.9 million ounces, and an increase in gold and copper grades by 6% and 11%, up to 0.67 g/t and 0.41%. Avino President and CEO, David Wolfin commented: “We are thrilled to have successfully gone over and above replacing mining depletion since the previous report, by adding significant additional measured and indicated resources at the Avino property. The updated mineral resource estimate provides us with a robust long-term outlook. With several areas on the property that have yet to be explored, there is a strong in-situ potential for further potential resource extension. Many thanks to our hard-working operation team in Mexico for their hard work over the years to more fully understand the extent of mineralization at Avino. The drills will be active again during the first quarter and the 2021 exploration program will continue to build on the success of our past operations.”
Great Panther Mining Limited (NYSE: GPL) reported last week 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.”
McEwen Mining Inc. (NYSE: MUX) reported earlier last month an updated Indicated Resource Estimate of 499,000 contained gold ounces and Probable Reserve Estimate of 302,000 recoverable gold ounces for the Gold Bar Mine in Nevada (“Gold Bar”). See Tables 1-3 for the updated estimates. Gold Bar’s estimated after-tax net present value (NPV) discounted at 8% and using a gold price of USD 1,500/oz is in the range of USD 62 to USD 76 Million; while the upside case at a gold price of USD 1,900/oz is in the range of USD 150 to USD 170 Million. Potential mine life is in the range of 5 to 7 years based on currently estimated reserves. In Q1 2020, the Company reported that a significant reduction in contained ounces at Gold Bar was likely. Since that time significant work, as described below, has been completed to determine the extent of the reduction and mitigate it. To provide perspective on the changes that have occurred at Gold Bar, consider that in 2019, when we started mining, the Reserve estimate was 430,000 gold ounces.
New Gold Inc. (NYSE: NGD) reported fourth quarter and annual operational results for the Company as of December 31st, 2020, achieving the mid-range of the revised annual production guidance. Total production for the fourth quarter was 120,567 gold equivalent1 (gold eq.) ounces (83,096 ounces of gold, 199,428 ounces of silver and 18.5 million pounds of copper). For the year, production was 437,617 gold eq. ounces (293,139 ounces of gold, 636,952 ounces of silver and 72.1 million pounds of copper), achieving mid-range of the revised annual production guidance. The Rainy River Mine produced 68,241 gold eq. ounces (66,734 ounces of gold and 127,390 ounces of silver) for the quarter. For the year, production was 233,201 gold eq. ounces (228,919 ounces of gold and 361,862 ounces of silver), achieving the higher end of the revised annual production guidance.
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