NEW YORK, March 24, 2021 /PRNewswire/ -- Gold prices fell slightly on Tuesday as a result of the dollar rallying to a two-week peak, offsetting a dip in U.S Treasury yields. Nevertheless, gold prices remained above the USD 1,700 per ounce mark. Spot gold fell 0.6% to USD 1,727.31 per ounce at around 4 p.m. ET. U.S. gold futures settled 0.8% lower at USD 1,725.10. Overall, the sentiment regarding gold remains optimistic, as some of the more significant drivers of gold price are sovereign and private sector debts, deficits, and ultra-loose monetary policies, all of which highly relevant due to the pandemic. Exploits Discovery Corp. (CSE: NFLD) (OTC: RNRRF), Hecla Mining Company (NYSE: HL), Eldorado Gold Corporation (NYSE: EGO), Fortuna Silver Mines Inc. (NYSE: FSM), Kinross Gold Corporation (NYSE: KGC)
According to a report by Kitco, CPM Group explained that after a record year, gold is bound to see more gains in the medium and long-term. This is attributed to the pandemic, which has changed the world, making some of the existing problems even worse and setting gold up to benefit. "While the pandemic will eventually pass, it has left the world changed and has in fact compounded and worsened some of the factors that are supportive of gold prices," the CPM Group said.
Exploits Discovery Corp. (CSE: NFLD) (OTCQB: RNRRF) along with its exploration partner GoldSpot Discoveries Corp. announced breaking news last week that it, "has defined three high priority drill targets through Goldspot's proven artificial intelligence (A.I.) machine learning and data analysis technology, which was instrumental in New Found Gold's discovery of the Keats and Lotto zones.
What we have done:
- The True Grit Project hosts the GRUB Line, a deep seated gold bearing fluid conduit that crosses the Exploits sub zone and defines mineral pathways similar to the Appleton Fault, the Joe Batts Pond Fault and the Dog Bay Line.
- In the last six months Exploits has undertaken:
- A high resolution (100m spacing) airborne VTEM geophysical survey.
- SGH soil grid analysis
- Surficial structural mapping and sampling
- Historic drill data compilation and modeling
Where we are going:
- Goldspot has identified three high priority exploration targets using proven techniques similar to those used by GoldSpot for New Found Gold's Keats high grade epizonal gold discovery where they drilled 92.86 g/t Au over 19 metres.
- The geophysical targets display a structural pattern of primary and secondary faulting, that is reinforced by results of SGH soil anomalies, structural mapping, sampling, and 3D modeling of historic shallow drilling.
- The True Grit Property is road accessible and fully permitted for drilling in Spring of 2021. It is the first prospect in a series of five drill targets that Exploits is focused on drilling in the spring of 2021.
Michael Collins, president and chief executive officer of Exploits, commented: 'Exploits exploitation strategy is benefiting our shareholders. In only 6 months we have defined and filed drill permits on 5 projects. With our first permit at True Grit we have defined 3 new targets. That is based on a synthesis of new and old geological information by some of the best minds and A.I. in the business. We look forward to drilling at True Grit and applying our exploration model to the next 4 projects.'
The companies have identified 3 high priority drilling targets on the True Grit Gold Property. GoldSpot's data analysis techniques along with Exploits' historic data compilation, SGH soil survey, and preliminary results from the new high resolution airborne VTEM survey have clearly defined new gold targets for drill testing at True Grit.
The True Grit Project is host to the deep seated GRUB Line fault zone, a known conduit for gold mineralization and gold bearing fluids across the Exploits subzone. The preliminary results have identified a structural pattern of primary and secondary fault structures associated with the GRUB Line, similar to structures Goldspot identified on New Found Gold's Queensway South project.
Current evidence suggests that historical exploration drilling took place on the fringe of the identified targets and the gold intercepts discovered to date are potentially distal to the main mineralized bodies.
Target 1: 3D geological modeling of the historical drilling at True Grit indicates that veining may have a spatial/geometric association with metasediment rock units, coincident with north-south EM conductors. This target was poorly tested by shallow historic drilling that missed both the EM-sedimentary rock hosted anomaly as well as the SGH/Magnetic anomaly. This suite of features are usually expressed by rocks that have been broken up and subject to fluid flow. This structural preparation gives the host rock a higher capacity to host significant gold mineralization than the adjacent areas of known gold mineralization on the True Grit Project.
Untested Targets 2 and 3, were identified on a conductive northeast trending EM anomaly along a major fault structure.
Target 2: is a coincident magnetic high and conductive EM anomaly, overlaid by intersecting major north trending and northeast trending faults to the north of known low grade gold mineralization. It is the strongest of the three highlighted EM conductors and has the structural complexity to develop open spaces required for deposition of gold mineralization.
Target 3: is a coincident conductive EM signature and high priority SGH gold soil anomaly. The SGH gold soil anomaly is spatially associated with an interpreted northwest trending fault, defined by magnetic inversion data, and cross cuts the regional scale EM conductor. This interpreted structural network of primary and secondary structures is critical for the generation and emplacement of epizonal, orogenic gold mineralization.
The True Grit property is 100% owned by Exploits Discovery, subject to a 2% royalty with a 1% buy back for $1 million. It is easily accessible, located only two km west of the junction of the Harbour Breton (Route 360) and St. Alban's highways (Route 361) in the Baie d' Espoir area of Newfoundland's Exploits subzone.
*This press release contains information with respect to adjacent or similar mineral properties which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.
National Instrument 43-101 disclosure
Ian Herbranson, P.Geo, is Vice-President of Exploration for the company and qualified person as defined by National Instrument 43-101. Mr. Herbranson supervised the preparation of the technical information in this news release."
For our latest "Buzz on the Street" Show featuring Exploits Discovery Corp. recent corporate news, please head over to: https://www.youtube.com/watch?v=RusxTZjdhtE&ab_channel=FinancialBuzzMedia
Hecla Mining Company (NYSE: HL) announced last December, its subsidiary Hecla Quebec, operator of the Casa Berardi Mine, has finalized a Cooperation Agreement with the Council of the Abitibiwinni First Nation (CAFN). Hecla's 100% owned Casa Berardi Mine is a gold mine located in western Quebec employing over 650 workers. "We are very pleased to have reached this agreement with the Council of the Abitibiwinni First Nation because of our mutual desire to protect the environment and our respect for Aboriginal people and their traditional way of life," said Phillips S. Baker, Jr., President and CEO.
Eldorado Gold Corporation (NYSE: EGO) announced on February 5th, its wholly-owned subsidiary, Hellas Gold S.A. has entered into an amended Investment Agreement (the "Agreement") with the Hellenic Republic to govern the further development, construction and operation of the Skouries, Olympias and Stratoni/Mavres Petres mines and facilities in northern Greece (collectively the "Kassandra Mines"). The Agreement amends the 2004 Transfer Agreement between Hellas Gold S.A. and the Hellenic Republic, and provides a modernised legal and financial framework to allow for the advancement of Eldorado's investment in the Kassandra Mines. "Today is a major milestone, marking a new beginning for the Kassandra Mines and for Eldorado Gold in Greece," said George Burns, President and CEO.
Fortuna Silver Mines Inc. (NYSE: FSM) reported last year the first gold pour from its Lindero Mine located in the Province of Salta in Argentina. The pour took place today, on Tuesday, October 20, 2020, and produced 728 ounces of gold. Jorge A. Ganoza, President, CEO and Director, commented, "The first gold pour at Lindero, our third mine in the Americas, is a significant achievement for the Company as we advance the mine's ramp-up phase towards commercial production in the first quarter of 2021. Lindero is a mine with reserves for a projected life of thirteen years and is a pillar in Fortuna's asset portfolio." Mr. Ganoza continued, "I want to take this opportunity to commend our Salta based team's commitment and hard work in achieving this milestone, especially in the context where COVID-19 related restrictions continue to pose multiple limitations." Mr. Ganoza concluded, "If conditions permit, we look forward to hosting an on-site inauguration ceremony of Argentina's newest gold mine with provincial and federal authorities early next year."
Kinross Gold Corporation (NYSE: KGC) announced last September, that it has entered into agreements to acquire a 70% interest in the high-quality Peak Gold project in Alaska from Royal Gold, Inc. ("Royal Gold") and Contango ORE, Inc. (OTCQB: CTGO) ("Contango") for total cash consideration of USD 93.7 Million. Kinross will have broad authority to construct and operate the Peak Gold project, with Contango retaining a 30% non-operating minority interest. "The relatively high-grade, low-cost Peak Gold project is an excellent addition to our portfolio, as it allows us to leverage our existing mill and infrastructure at Fort Knox and strengthens our medium-term production and cash flow profile. In today's gold price environment, Peak Gold is an attractive, high-margin project that is expected to generate robust returns," said J. Paul Rollinson, Kinross Gold President and CEO. "The project is also expected to add to our strong record of socio-economic contributions to our host communities in Alaska, one of the top mining jurisdictions in the world."
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