Gold Becomes Increasingly Attractive Amidst Inflation Worries

NEW YORK, June 16, 2021 /PRNewswire/ -- Gold prices remained steady on Tuesday, holding at around USD 1,860 an ounce. Earlier last week, however, gold prices rebounded, crossing the key USD 1,900 mark in what was partially a reaction to the latest Labor Department report. Overall, the value of gold is difficult to predict, as it depends on many economic variables, as well as on decisions made by the Federal Reserve. In fact, investors are now awaiting the Federal Reserve monetary policy announcement on Wednesday, and concerns of inflation will be the primary focus. "The main changes should be for inflation, not growth or the unemployment rate … Median projections for core inflation in 2022/2023 will probably rise slightly, consistent with a sizable revision to 2021 being viewed as 'largely reflecting transitory factors.' The median dot will probably show a rate hike by end-23," TD Securities strategists noted, according to a report by Kitco. Clarity Gold Corp. (CSE: CLAR) (OTC: CLGCF), Equinox Gold Corp. (NYSE: EQX), Yamana Gold Inc. (NYSE: AUY), Golden Star Resources Ltd. (NYSE: GSS), Endeavour Silver Corp. (NYSE: EXK) 

Gold is often viewed as a safe haven asset in times of economic and political uncertainties. Despite the recovering economy and lower number of pandemic cases in the U.S., the government is still injecting liquidity into the financial system, as fiscal and monetary stimuli are being implemented. These measures, which are meant to help bring the economy back to pre-pandemic highs, have consequences, specifically the devaluation of the dollar and inflation. Gold is widely viewed as an inflation hedge - a reliable measure of protection against purchasing power risk.

Clarity Gold Corp. (CSE: CLAR) (OTC: CLGCF) just announced breaking news regarding the, "first analytical results from approximately 2,600 m of the ongoing 10,000 m diamond drill program at the Destiny Project in the Abitibi Greenstone Belt.

Selected Intercepts

Hole DES21-156: 3.68 g/t Au over 5.25 m, 18.64 g/t Au over 2.10 m and 32.67 g/t Au over 0.45 m
Hole DES21-157: 3.79 g/t Au over 4.45 m and 20.36 g/t Au over 0.80 m
Hole DES21-160: 4.88 g/t Au over 1.25 m
Hole DES21-161: 6.97 g/t Au over 2.65 metres, 15.80 g/t Au over 0.95 m

Maps showing hole locations and analytical results are available on the Company's website claritygoldcorp.com

The results in this press release are from holes completed on the western portion of the DAC Zone that were designed to infill and confirm the mineralized structure and anticipated mineralization identified in historic drilling. The results of this drilling will play an important role in understanding the distribution of mineralization.

'These first holes confirm the presence of mineralization on the western portions of the historic DAC resource estimate area' stated CEO, James Rogers. 'We are pleased with the results as they build our understanding of the mineralized system which will continue to be enhanced as we receive more data from the ongoing drilling and our work with the recently announced Minerva Intelligence AI processing of the historic database. The drills are now focused on infill and testing at depth on the recently acquired private lots where historic drilling intercepted high grade gold mineralization.'

Table 1 Significant Intercepts

*Assay results are reported in core length. True width is estimated to be between 80% and 97%. Average recovery for these holes is 98.99%

With the exception of DES21-158 which was abandoned and restarted as DES21-159, all drilling on the project, so far in 2021, has intercepted anomalous gold and confirmed the presence of the quartz carbonate altered and mineralized shear zone. Gold occurs as free gold and in association with pyrite and chalcopyrite as observed in thin section and in drill core.

The Company looks forward to updating further as additional results are received and as we continue to interpret these results as we evaluate bulk tonnage and high-grade models for the Destiny Project.

Table 2 Coordinates are in UTM NAD83 Zone 18N

Quality Control and Reporting Protocols

Drill core is transported to a facility in Val d'Or where it is logged, photographed, and sampled. Once logging is complete, samples of half core are sawed, prepared and securely shipped to Bureau Veritas Laboratories in Timmins for processing and analysis, an independent, ISO 17025 certified facility. Samples were crushed to 70% passing 2mm and a 250g subsample was pulverized to 85% passing 75μm. The subsample was analyzed by a combination of fire assay with atomic absorption finish for gold and aqua regia digestion with an ICP-ES finish for a suite of 33 elements. Samples containing visible gold or which returned over 2.0 g/t Au were analyzed by metallic screen fire assay. The Company has established a QA/QC program consisting of inserting quality control (QC) samples at regular intervals in the sample stream, including blanks, duplicates, and reference materials.

Qualified Person

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…"

Equinox Gold Corp. (NYSE: EQX) announced on March 1st, that the Company has entered into an agreement with an affiliate of the Orion Mine Finance Group ("Orion") to acquire 10% from Orion's current interest in the Hardrock Mine Project (the "Hardrock Project") for consideration of USD 51 Million plus certain contingent payment obligations (the "Hardrock Transaction").  Christian Milau, CEO of Equinox Gold, stated: "We are extremely pleased to increase our stake in this world-class Canadian gold deposit located in one of the world's top mining jurisdictions. Hardrock will be a low-cost, long-life gold mine, bringing more than 240,000 attributable ounces of annual gold production to Equinox Gold when in production, with significant upside potential from near-mine exploration and underground development. We look forward to working with Orion to advance Hardrock to production, bringing long-term benefits to all stakeholders of the Hardrock Project and particularly First Nations and other communities in the Greenstone region of Ontario."

Yamana Gold Inc. (NYSE: AUY) announced back in March that National Instrument 43-101 technical reports have been filed with Canadian securities regulators for the Canadian Malartic mine in Quebec, Canada, and the El Peñón mine in Antofagasta Region, Chile. The new technical reports, called "NI 43-101 Technical Report, Canadian Malartic mine, Quebec, Canada" and "NI 43-101 Technical Report, El Peñón Gold-Silver mine, Antofagasta Region, Chile", respectively, have an effective date of December 31, 2020, and are available under Yamana's profile on www.sedar.com. The reports provide technical updates on two of Yamana's cornerstone assets and information supporting the mineral reserves and mineral resources that form the basis for the Company's 10-year strategic production outlook presented in January.

Golden Star Resources Ltd. (NYSE: GSS) filed on March 1st, a National Instrument 43-101 technical report which includes a mineral reserve and resource update and a preliminary economic assessment of the potential expansion of the Southern Extension zone in the Wassa underground gold mine in Ghana. "In 2020, we focused on improving our geological confidence in the orebody through an extensive infill drilling program which has resulted in a significant increase in our measured resource and proven reserve. Converting the open pit reserve at Wassa to an underground reserve allows us to bring production from those areas forward with a lower upfront capital cost. Development of the Upper Mine will start to deliver production from 2023 and will provide a second decline access to the mine which can be incorporated into the long term mine design.

Endeavour Silver Corp. (NYSE: EXK) reported recently that it has intersected high grade gold-silver mineralization in its 2021 exploration drill program to expand the Melladito and Belen orebodies at the Bolañitos Mine in Guanajuato State, Mexico. The Company is currently producing from four orebodies at Bolañitos: Plateros, Lucero, San Miguel and Melladito. Exploration drilling is ongoing along the Melladito and Belen veins (view longitudinal sections here). Luis Castro, Vice President of Exploration, commented, "We continue to intersect strong drill results as we step out from the current margins of the Melladito and Belen orebodies, with a number of other targets to drill, along both the Melladito and Belen veins."

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