Investors Flock to Safe Haven Assets as Markets Reel

NEW YORK, April 6, 2020 /PRNewswire/ -- Gold futures traded higher on Friday after a report on U.S. employment in March specified that the harm to the economy from pandemic related shutdowns is already having an immense impact on the labor market. As of now, the estimates are that around 10 million people were put out of work in the past few weeks alone, as personal and business activity has come to a stop in an effort to prevent the spread of the outbreak that has infected more than one million people around the world. Michael Kosares, Founder of USAGOLD, explained to MarketWatch that investors are moving from worry over the damage the outbreak might cause to the reality reflected in the numbers. Investors are taking refuge in cash and gold – which is generally considered to be a safe haven asset and is more stable under crisis. Blue Lagoon Resources Inc. (OTC: BLAGF) (CSE: BLLG), Alamos Gold Inc. (NYSE: AGI), NovaGold Resources Inc. (NYSE: NG), Eldorado Gold Corporation (NYSE: EGO), Gold Fields Limited (NYSE: GFI)

According to kitco, Richard Baker, Editor of the Eureka Miner's Report, listed a target of USD 1,680 in gold and USD 15 for silver. Gold prices have reached the UDS 1,700 mark three times since late February but have not been able to sustain that level. And Jim Wyckoff, Senior Technical Analyst with Kitco, explained that the "10-year U.S. Treasury note yield is trading around 0.6% Friday, after trading above 1% last week. Declining U.S. Treasury yields this week are a sign that U.S. bond traders – arguably the smartest traders in the world – expect more serious markets/economic turmoil on the horizon, including suggesting that most markets have not yet fully priced in the eventual global economic toll the coronavirus sickness will exact."

Blue Lagoon Resources Inc. (OTCQB: BLAGF) (CSE: BLLG) announced last week breaking news, "that it has completed the acquisition of Metal Mountain Resources Inc. in exchange for 12,151,220 common shares of the Company (the "Transaction"). Concurrently with the Transaction, Blue Lagoon issued 1,372,000 common shares of the Company to acquire 27.44% of Gavin Mines Inc. 

Following the transactions, the Company will hold, through its ownership of Metal Mountain, a 78.28% interest in Gavin Mines Inc. and a100% interest of Lloyd Minerals Inc. Gavin Mines owns the Dome Mountain mine, a high-grade gold project located in northwest British Columbia. Lloyd Minerals Inc. ("Lloyd Minerals"), holds the Big Onion property, a porphyry copper project also located in northwest British Columbia.

The Blue Lagoon shares issued pursuant to both transactions will be subject to an initial hold period of 12 months from closing, and thereafter the hold period will expire in installments over a period of 30 months. 

'In a very short time, management's focus has lead Blue Lagoon from being a newly listed junior mining exploration company to one that just acquired a very promising high grade gold property in British Columbia that holds both a Mining Permit for up to 75,000 tonnes annually and an Environmental Management Act Permit,' said Rana Vig, President and CEO of Blue Lagoon Resources.

Bill Cronk, the Company's Chief Geologist added 'this is a very exciting and pivotal moment for the company that will take it one step closer towards transforming into a development stage gold company in a time when gold is maintaining near 5 year highs during unprecedented times of economic turmoil.'

The Company notes that no decision to proceed to production has been made at this time, and a future production decision will be based on a full technical and economic review of the project.

DOME MOUNTAIN PROJECT INFO & HISTORICAL ESTIMATES

The Dome Mountain Project is the subject of a NI 43-101 technical report entitled Technical Report on the Dome Mountain Gold-Silver Project dated April 2010, prepared by Gary Giroux, P. Eng., Giroux Consultants Ltd. for Gavin Mines.  The technical report provides the following historical resource estimate for the Boulder Vein System based on 285 surface diamond drill holes and 37 underground diamond drill holes (the "2010 Historical Resource Estimate"):

This resource occurs principally at and above the 1290 level and has been adjusted to remove the volumes previously mined. The 2010 Historical Resource Estimate is considered historical in nature by the Company, is provided for background information purposes only, and is not a current resource estimate due to significant additional exploration work conducted subsequent to the date of the report. A qualified person (as defined in NI 43-101) has not done sufficient work to classify the historical estimate as a current mineral resource. The Company is not treating the historical estimate as a current mineral resource.

Subsequent to the 2010 Historical Resource Estimate, Gavin Mines conducted 7,210 meters of infill drilling in 2016 to upgrade the inferred resource. Four new veins were discovered within the Boulder Vein System during the 2016 drill program. The 2016 drilling program added 330 meters of strike length to the Boulder Vein which remains open along strike to the west, east and at depth.

Gavin Mines engaged Roughstock Mining Services LLC of Bozeman, MT to prepare an internal estimate based on the additional data from the 2016 drill program, as follows (the "2016 Historical Resource Estimate"):

The scientific and technical data contained in this news release was prepared and reviewed by William Cronk, P.Geo., a qualified person as defined in NI 43-101 and a consultant to the Company." 

For our latest "Buzz on the Street" Show featuring Blue Lagoon Resources Inc. recent corporate news, please head over to: https://www.youtube.com/watch?v=szDn59MPMLk

Alamos Gold Inc. (NYSE: AGI) announced recently that it has entered into an agreement to acquire and cancel a 3% net smelter return ("NSR") royalty payable on production from the Island Gold mine (the "Royalty") for total cash consideration of C$75 million ($54 million). The Royalty was acquired from a privately held company and is payable on gold production within four patented claims (the "Subject Claims") that comprise the majority of currently defined Mineral Reserves and Resources within the Island Gold deposit. The acquisition and elimination of the royalty will immediately reduce operating costs and increase operating cash flow while providing increased exposure to Island Gold's significant exploration potential.

NovaGold Resources Inc. (NYSE: NG) announced earlier this 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 17, 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.

Eldorado Gold Corporation (NYSE: EGO) announced earlier this year the discovery of a new high-grade gold mineralization zone at its Lamaque Operations near Val d'Or, Quebec.

This discovery, called the Ormaque Zone, is located in a previously undrilled area approximately midway between the historically mined Sigma Deposit and the actively mined Triangle Deposit, in close proximity to the proposed transportation decline linking the Triangle underground mine and the Sigma Mill, all included in the growing Lamaque Operations. Thirteen holes, totalling 10,096m of drill core, have been completed to target depth in the discovery area since July 2019. Assay results have now been received for seven drillholes, representing 4,424m or 44% of the total drilling.

Gold Fields Limited (NYSE: GFI) announced last year that the Atacama Environmental Assessment Commission today approved the environmental impact study for its Salares Norte project in Chile. The environmental approval for the project is a crucial step for Gold Fields as it evaluates a construction decision. "The company will now formulate a funding plan, update the feasibility study completed earlier this year and proceed to a construction decision during H1 2020," says Nick Holland, CEO of Gold Fields. The potential mine would present a boost for the regional economy with respect to job creation, procurement of goods and services as well as payments of taxes and royalties. It is estimated that about 2,700 jobs would be created during construction of the mine, which – if given the go-ahead by Gold Fields – would be completed by end-2022. About 900 workers would be employed once the mine is operational.

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