Gold Mining Operations Not Slowing Down Regardless of Recent Market Conditions
PALM BEACH, Florida, September 12, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
The precious metals market doesn't appear to be so much affected evidenced by plans for Majors and Juniors forge ahead with operations. While some miners are still looking for an intermediate bottom and yearly cycle lows, Gold's recent trading has been very hard to predict due to a lack of a clear direction despite recent concerns with trade war talk of recent. Gold turned positive on Tuesday of this week as investors bought when it approached $1,200 per ounce. Spot gold gained 0.2 percent at $1,197.28 per ounce. U.S. gold futures for December delivery settled up $2.40, or 0.2 percent, at $1,202.20 per ounce. Many believe mostly likely gold is slowly coming up and the dollar is coming off as gold is too oversold and the dollar has been overbought. Regardless of current conditions, mining companies are still progressing as even some are recently announcing positive operations results. Active Mining Companies in the markets this week include: Triumph Gold Corp., (TSX-V: TIG) (OTC: TIGCF), Pershing Gold Corporation (NASDAQ: PGLC) (TSX: PGLC.TO), B2Gold Corp. (TSX: BTO.TO) (NYSE: BTG), Pretium Resources Inc. (NYSE: PVG) (TSX: PVG), IAMGOLD Corporation (NYSE: IAG).
Triumph Gold Corp., (TSX-V: TIG) (OTCQB: TIGCF) BREAKING NEWS: Triumph Gold is pleased to announce further delineation of gold-rich porphyry-style mineralization in the Blue Sky Zone on their 100% owned, road accessible, Freegold Mountain Property in the Yukon Territory. Highlights from follow-up drilling of the Blue Sky Porphyry include:
• RVD18-19 with 316.00 metres of 1.10 grams per tonne (g/t) gold (Au), 0.27% copper (Cu), 5.0 g/t silver (Ag), and 0.02% molybdenum (Mo) (196.00 - 512.00m), including 79.75 metres of 2.48 g/t Au, 0.38% Cu, 6.9 g/t Ag and 0.02% Mo (338.75 - 418.50m).
• RVD18-20 with 110.50 metres of 0.45 g/t Au, 0.19% Cu and 3.7 g/t Ag (202.00 - 312.50m), including 54.40 metres of 0.73 g/t Au, 0.305% Cu and 7.0 g/t Ag (234.00 - 288.50m).
• RVD18-21 with 83.50 metres of 0.70 g/t Au, 0.14% Cu and 7.1 g/t Ag (350.00 - 433.50m), including 50.93 metres of 1.08 g/t Au, 0.19% Cu and 11.0 g/t Ag (371.57 - 422.50m).
Table 1 - Gold-Rich, High-Grade, Blue Sky Porphyry Drill Intercepts, 2017, 2018. Highlighted results from this news release in bold.
Drill hole From To Length*** Au Ag Cu Mo AuEq* CuEq*
m m m g/t g/t % % g/t %
PR18-09, September 6, 2018 (This News Release)
RVD18-19 196.00 512.00 316.00 1.101 5.0 0.270 0.020 1.79 1.09
Including 338.75 418.50 79.75 2.481 6.9 0.378 0.017 3.34 2.03
RVD18-20 202.00 312.50 110.50 0.452 3.7 0.187 0.004 0.85 0.51
Including 234.00 288.50 54.50 0.728 7.0 0.305 0.007 1.38 0.84
RVD18-21 350.00 433.50 83.50 0.704 7.1 0.137 0.003 1.04 0.63
Including 371.57 422.50 50.93 1.080 11.0 0.193 0.003 1.56 0.95
PR18-08, August 23, 2018
RVD18-05 375.00 524.26 149.26 0.300 2.5 0.152 0.016 0.72 0.44
Including 484.75 524.26 39.51 0.679 5.0 0.248 0.027 1.38 0.84
Including 508.75 524.26 15.51 0.807 6.0 0.274 0.034 1.63 0.99
RVD18-16 170.50 265.00 94.50 1.532 5.8 0.279 0.013 2.18 1.33
Including 241.50 258.00 16.50 3.440 10.2 0.464 0.031 4.60 2.80
RVD18-17 287.00 489.10 202.10 0.874 5.8 0.256 0.014 1.50 0.91
Including 310.47 435.60 125.13 1.240 7.0 0.310 0.010 1.93 1.17
PR17-13, November 2, 2017
RVD17-01 369.62 464.00 94.38 0.34 3.9 0.169 0.022 0.86 0.52
RVD17-13 112.00 169.00 57.00 1.08 6.6 0.285 0.020 1.82 1.10
Paul Reynolds, Triumph Gold's President and CEO, comments, "RVD18-19 contains a truly exceptional intersection. Not only does it represent the longest and highest grade intersection in the Blue Sky Porphyry to date, but it is one of the highest grade intersections ever made in a porphyry system in the Yukon. At 565.6 gram metres**** gold equivalent*, it is likely to be one of the best intersections made on a gold exploration property this year. I congratulate our technical team for their perseverance and success in testing previously untested ground surrounding the Revenue and Nucleus deposits."
Blue Sky Porphyry
Since 2016 Triumph Gold's exploration on the Freegold Mountain Property has been focused on the six-kilometre-long, multi-element soil and geophysical anomaly that encompasses the Revenue and Nucleus areas. Within the anomaly, the Blue Sky Zone covers a broad area extending 2.3 kilometres east of the Revenue diatreme (Figure 1) to the eastern margin of the anomaly. It was drill tested in 2017 with significant intersections made in RVD17-13 (57.00 metres of 1.08 g/t Au, 6.6 g/t Ag, 0.285% Cu and 0.02% Mo from 112.00m; Table 1) and RVD17-01 (Table 1). Three previously released 2018 drill holes (see NR18-08 dated Aug. 23; Table 1) successfully targeted the Blue Sky Porphyry and demonstrated both high-grade and contiguous mineralization over up to 202.10 metres (RVD18-17, which included 125.13 metres of 1.24 g/t Au, 7.0 g/t Ag, 0.31% Cu, and 0.01% Mo; Table 1). With RVD18-19, RVD18-20 and RVD18-21, described in this news release, the size and grade of the Blue Sky Porphyry continues to grow. RVD18-19 contains the longest*** intersection (316.00m of 1.09% CuEq*; Table 1), the highest grade composite (79.75m of 2.48 g/t Au, 0.38% Cu, 6.9 g/t Ag and 0.02% Mo; Table 1), and the highest grade gold in a single assay (39.4 g/t Au from 376.60 - 377.60m) to date.
Figure 1 highlights the location of drill intersections in the Blue Sky Porphyry:
https://www.triumphgoldcorp.com/wp-content/uploads/PR18-09-Revenue-Portrait.pdf
Figure 2 shows RVD18-19 in cross-section.:
https://www.triumphgoldcorp.com/wp-content/uploads/PR18-09_Section.pdf
Photographs of core from the new intersections can be found on the Triumph Gold Corp. website: https://www.triumphgoldcorp.com/wp-content/uploads/PR18-09-Rock-Shots.pdf
High-grade, gold-rich mineralization in the Blue Sky Porphyry is demonstrated over 180 meters in a NE-SW direction and occupies the north-eastern extent of a 500 metre long corridor of well mineralized rock that includes the newly defined WAu breccia (e.g. 76.34 metres of 1.40 g/t Au, 9.2 g/t Ag, 0.21% Cu and 0.032% Mo in RVD11-19; see PR#18-07, dated July 21, 2018), and porphyry related stockwork style mineralization (e.g. 238.10 metres of 0.31 g/t gold and 0.13% copper in RVD11-22). The high-grade zone is modeled as an irregular shaped body with a south or south-east dipping upper surface that is open along strike to the northeast, west, and downdip to the south and southeast. The 500 metre-long corridor is contained within a 3.6 kilometre zone of porphyry mineralization that extends from the Happy Creek showing (269.00 metres of 0.29 g/t AuEq* in RVD17-09, see PR#17-13, dated Nov. 2, 2017) to the Keirsten Zone (100 metres of 0.32 g/t AuEq* in KZ18-01, see PR#18-07, dated July 21, 2018). The broader zone of porphyry mineralization is flanked to the west by the Nucleus epithermal gold deposit, and cross-cut by a locally well mineralized diatreme (the Revenue Diatreme).
Read this entire press release and see additional result tables along with more news for Triumph Gold at: http://www.marketnewsupdates.com/news/tig.html
In other recent drilling developments from around the markets:
Pershing Gold Corporation (NASDAQ: PGLC) (TSX: PGLC.TO), an emerging Nevada gold producer advancing the Relief Canyon Mine, announced today that it has completed the exercise of a right of first offer to acquire all of the Newmont USA Limited ("Newmont") royalty and other rights on specified lands around the Relief Canyon project. This transaction is another significant step in securing Pershing Gold's land package around Relief Canyon. Pershing Gold secured the lands in the immediate vicinity of Relief Canyon through the transaction announced in January of 2015. This purchase provides the Company with enhanced access to expansion opportunities through its holdings near Relief Canyon. "This transaction gives Pershing Gold secure tenure throughout our 45 square mile land position and relieves the Company's work commitments to Newmont on this highly prospective ground," commented Alfers, Pershing Gold's Chairman and CEO.
B2Gold Corp. (TSX:BTO.TO) (NYSE:BTG) in August announced that the Malian Council of Ministers and the President of Mali have approved the participation of the State in Fekola SA for a total interest of 20%. Fekola SA is a 100% owned subsidiary of B2Gold which holds the Company's interest in the Fekola Mine. All dollar figures are in United States dollars unless otherwise indicated. In 2016, pursuant to applicable mining law, the Company formed a new 100% owned subsidiary company, Fekola SA, which now holds the Company's interest in the Fekola Mine. Following signing of a shareholder's agreement in August 2017, between the Company and the State of Mali (the "Fekola Shareholder Agreement"), the Company confirmed the basis under which it was to contribute a 10% free carried interest in Fekola SA to the State of Mali. In addition, the State of Mali also had the option to purchase an additional 10% of Fekola SA which it elected to exercise. The terms and conditions of the acquisition of this additional 10% interest were agreed between the Company and the State of Mali in a share purchase agreement (the "Share Purchase Agreement") dated August 2017.
Pretium Resources Inc. (NYSE: PVG) (TSX: PVG) has become aware that the reported figure for the total volume of rock excavated at its Brucejack Mine during 2017 in its British Columbia 2017 Annual Report for Mines Act Permit M-243; Effluent Permit 107835; Air Permit 107025 with respect to the Brucejack Mine (the "2017 ARR") is incorrect because that figure includes the total historical volume of all mining to the end of 2017 (including mining done prior to 2017). The correct volume of rock excavated at Brucejack during 2017 is 483,992 m3, with the portion excavated in tunnels and drifts equal to 305,992 m3 and in stopes equal to 178,000 m3. Accordingly, the excavation within the underground mine during 2017 increased the size of the underground void by approximately 483,992 m3, and not 773,000 m3 as was originally reported in the 2017 ARR.
IAMGOLD Corporation (NYSE: IAG) announced first assay results from its ongoing 2018 drilling program completed at its Nelligan joint venture project (IAMGOLD Corporation: 51%, Vanstar Mining Resources Inc. ("Vanstar"): 49%), located 60 kilometres southwest of Chibougamau, Quebec, Canada. The company is reporting assay results from 12 diamond drill holes, totaling 4,471 metres. Results are pending from a remaining 20 drill holes, totaling 8,889 metres, and will be reported once the results are received, validated and compiled. The 2018 diamond drilling program was designed to evaluate the resource potential of the recently discovered mineralization system, referred to as the Renard Zone, located immediately north of the previously known Liam and Dan zones. The drilling continues to intersect wide zones of hydrothermal alteration characterized by variable carbonatization, sericite, phlogopite and pervasive silicification affecting the hosting meta-sedimentary sequence. Disseminated pyrite is associated with the alteration zones and varies from 1% to more than 15% locally. Trace molybdenite and rarely visible gold are also observed.
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