FinancialBuzz.com News Commentary
NEW YORK, Sept. 13, 2021 /PRNewswire/ -- The gold market held steady at a USD1,760 - USD1,840 trading range. Additionally, there is news that the U.S inflation data from June is indicating that gold prices may benefit from the current economic environment. Going forward, inflation is expected to play a major role in deciding the future of gold. According to a report by Kitco, Commerzbank analyst Carsten Fritsch explained that inflation "could make market participants focus more on gold's role as an inflation hedge again. This at least would be the case assuming that the expectations of Fed rate hikes do not increase at the same time." In addition, the ongoing pandemic and the growing threat of the Delta variant will continue to weigh on the U.S. labor market, which is a critical element to the Federal Reserve's plan to reduce its monthly bond purchases. Clarity Gold Corp. (CSE: CLAR) (OTC: CLGCF), New Gold Inc. (NYSE: NGD), B2Gold Corp. (NYSE: BTG), Sandstorm Gold Ltd. (NYSE: SAND), Equinox Gold Corp. (NYSE: EQX)
Earlier this year, gold prices have also received some support from the European Central Bank (ECB). The President of the ECB, Christine Lagarde, repeated previous remarks that the Bank is not ready to look at tightening its monetary policy anytime soon. Lagarde testified before the European Parliament's Committee on Economic and Monetary Affairs, where she explained that the ECB will continue to maintain its ultra-loose monetary policies as it is prepared to see through current inflation pressures. "While partly reflecting improved economic prospects, a sustained rise in market rates could translate into a tightening of wider financing conditions that are relevant for the entire economy. Such a tightening would be premature and would pose a risk to the ongoing economic recovery and the outlook for inflation," Lagarde indicated, according to Kitco.
Clarity Gold Corp. (CSE: CLAR) (OTC: CLGCF) just announced breaking news that, "a crew has been mobilized to carry out an exploration program (the "Program") at the Company's Empirical Project located in southern British Columbia.
The Company has mobilized a crew to the Empirical project to conduct additional grassroots exploration work, focusing on historic areas of known alteration and mineralization to satisfy work requirements for claims renewals and the original Option Agreement to earn 100% of the Empirical Project. This year's program will be an approximately 10-day field program comprised of mapping, prospecting and channel sampling.
About the Empirical Project
The Company's gold-copper-molybdenum porphyry project, the Empirical Project, is located 12 km south of Lillooet, British Columbia, and covers 10,518 ha. The Empirical Project is situated in the Cordilleran Continental Arc which hosts 26 significant porphyry deposits, including Imperial Metal Corporation's historic Huckleberry Mine and Noranda's historic Babine Porphyry camp.
Between 1981 – 1986, six out of fifteen diamond drill holes intersected gold mineralization, including hole DD81-4 which assayed 3.67 g/t gold over 21 m from 36m. Previous exploration focused on molybdenite without an understanding or aim of targeting a larger porphyry system. For more information on the Empirical Project, please see the Company's National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") Technical Report on the Empirical Project filed on SEDAR on March 24, 2020…
About the Company's Flagship Destiny Project
Clarity Gold also anticipates additional results from their continued exploration efforts on the flagship Destiny Project. The company recently completed a 10,826 m drill campaign, with samples currently being processed by Bureau Veritas and are anticipated shortly.
- Option to acquire 100% ownership.
- Located in the historic, mineral rich Abitibi Greenstone Belt.
- Gold mineralization occurs in high-grade quartz veins within shear zones starting at 15 m below surface.
- Historic Drilling results include:
- 167 g/t Au over 1 m (from 221.7 m)
- 6.15 g/t Au over 23.6 m (from 117.2 m)
- 19.49 g/t Au over 2.7 m (from 166.0 m)
- The Historical Estimate at the DAC Zone is open along strike with only coarse drilling denoting high grade intercepts outside of the 2011 Historical Estimate area showing expansion potential along strike from the DAC Zone over approximately 2.5 km to the Darla Zone.
- Excellent infrastructure – ~75 km NNE of Val d'Or with road access.
- Drilling on the property to date exceeds 60,000m
The Destiny Project is located in the prolific Abitibi Greenstone Belt where more than 190 million ounces of gold have been produced historically along major structural breaks within the assemblage of Archean-age volcanic, sedimentary and intrusive rocks. The Destiny Project lies along the approximately 400 km long Chicobi Deformation Zone, a major structural break which is largely underexplored in the Abitibi Greenstone Belt...
Mr. Rory Kutluoglu P. Geo., a member of the advisory board and a consultant of the Company, is the Qualified Person ("QP") under NI 43-101 for the technical information in this news release and has verified the data disclosed for the Destiny Project and approves the technical contents contained in this news release."
New Gold Inc. (NYSE: NGD) announced last month second quarter results for the Company as of June 30, 2021. "The second quarter saw our operations perform well, and the Company remains on track to deliver an improved second half of the year," stated Renaud Adams, President & CEO. "I am especially proud of the free cash flow generated in the quarter even at our planned lower grade. While Rainy River experienced challenges in July, the mine has reached an inflection point and I expect it to contribute meaningful free cash flow going forward." Total production for the quarter was 105,705 gold equivalent1 ("gold eq.") ounces (66,989 ounces of gold, 240,029 ounces of silver and 18.2 million pounds of copper). For the six-month period ended June 30, 2021, production was 201,731 gold eq. ounces (133,639 ounces of gold, 427,253 ounces of silver and 32.0 million pounds of copper).
B2Gold Corp. (NYSE: BTG) announced last month its operational and financial results for the second quarter and first half of 2021. For the second quarter, total gold production of 211,612 ounces (including 14,232 ounces of attributable production from Calibre Mining Corp. ("Calibre"), well above budget by 5% (10,269 ounces), and consolidated gold production of 197,380 ounces from the Company's three operating mines, well above budget by 5% (9,787 ounces). For the first half highlights Total gold production of 432,256 ounces (including 29,233 ounces of attributable production from Calibre), well above budget by 7% (28,811 ounces), and consolidated gold production of 403,023 ounces from the Company's three operating mines, well above budget by 7% (27,078 ounces).
Sandstorm Gold Ltd. (NYSE: SAND) reported back in July that the Company sold approximately 18,000 attributable gold equivalent ounces and realized preliminary revenue of USD 32.4 Million during the three months ended June 30th, 2021, both representing a record for the Company. Preliminary cost of sales, excluding depletion for the three month period was USD 4.1 Million resulting in cash operating margins1 of approximately USD 1,570 per attributable gold equivalent ounce. Sandstorm Gold Royalties is a gold royalty company that provides upfront financing to gold mining companies that are looking for capital and in return, receives the right to a percentage of the gold produced from a mine, for the life of the mine.
Equinox Gold Corp. (NYSE: EQX) reported last week an update Mineral Reserve and Mineral Resource estimates for the Mesquite ("Mesquite") gold mine in California, USA, and the Fazenda Brasileiro ("Fazenda") and Riacho Dos Machados ("RDM") gold mines in Brazil, incorporating exploration drilling completed during 2020. Scott Heffernan, EVP Exploration of Equinox Gold, stated: "Exploration efforts at Mesquite continue to demonstrate significant resource growth and mine life extension. In addition, drilling during 2021 points to multi-year mine life extension, including the best hole drilled year-to-date on the property with 78 metres of 1.2 g/t gold located on the eastern margin of the Rainbow deposit.
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