Gold Price Rises as Investor Demand for Safe-haven Assets Grows
FinancialBuzz.com News Commentary
NEW YORK, October 15, 2018 /PRNewswire/ --
Gold price rebounded last week as investors worried about the global stock market volatility. The price of gold jumped 2.4% on Thursday to hit its highest level since July. Gold Spot was trading at USD 1,220.00 per ounce during the Friday trading session, while U.S. Gold future for December delivery was trading at USD 1,222.30 per ounce. The global equity sell-off earlier last week increased investor demand for safe-haven assets. The Dow Jones Industrial Average tumbled over 5% in two days last week as the S&P 500 also fell about 5% last week. Gold had risen about 1.5% last week. The yellow metal is often considered as a safe-haven asset amid times of stock market volatility. Grande Portage Resources Ltd. (OTC: GPTRF), Golden Star Resources Ltd. (NYSE: GSS), Tanzanian Royalty Exploration Corporation (NYSE: TRX), Vista Gold Corp. (NYSE: VGZ), Golden Minerals Company (NYSE: AUMN)
According to MarketWatch, analysts at Zaner Precious Metals wrote in a daily note on Thursday: "While it took a massive washout in equities and a moderate amount of economic anxiety, the safe haven lift in gold is justified given that the Dow Jones Industrial Average into the low this morning has posted a 24 hour decline of 1,300 points… At least for the time being, the gold market has tossed aside the fear of slackening physical demand and in a somewhat perverse way has embraced the hope for improved investment demand."
Grande Portage Resources Ltd. (OTC: GPTRF) also listed on the TSX Venture Exchange under the ticker symbol (TSX-V: GPG). Earlier today, the Company announced that, "the results of metallurgical testing recently conducted at the Herbert Gold Project located in southeast Alaska.
Highlights include:
- The combined gravity+ flotation gold recoveries on samples #58524 and #339807 were 99.5% and 97.7%, respectively.
- The whole-ore cyanidation gold recoveries on samples #58524 and #339807 were 99.6% and 98.4 %, respectively.
- The grade of sample #58524 averaged 129.02 gpt/gold (3.77 ounces per tonne) and 68 gpt/silver (1.97 ounces per tonne) and sample #339807 averaged 26.82 gpt/gold (0.78 ounces per tonne) and 33 gpt/silver (0.96 ounces per tonne).
- Combined gravity+flotation silver recovery was 98.7% on sample #58524 and 90.6% on sample #339807 whereas whole-ore cyanidation silver recoveries were 94.4% and 81.5% respectively.
Two samples were collected from two different veins on the Herbert property and submitted to Bureau Veritas Minerals, Richmond, B.C. for metallurgical testing. Bureau Veritas is independent of the Company.
One sample (#54524) was taken from a 1.12 meter channel cut perpendicular across the Goat Vein outcropping. The second sample (#339807) was taken from two PQ-size drill holes through the central Deep Trench Vein. Two process options were tested for each sample, one being the combination of gravity+flotation and the other being whole-ore cyanidation. Ball mill work index testing was also done on each sample.
Whole-ore cyanidation test samples were ground to a target size P80 105 µm and the gravity+floatation test samples were ground to two sizes-P80 105 and 150 µm. Results showed that both test samples responded extremely well to the cyanidation and the gravity+flotation processes at both grind sizes.
Ian Klassen, Grande Portage's CEO remarked, 'These metallurgical results are a very important development for our project. The combined gravity & flotation recovery of gold averaging >99% of the higher-grade and >97% of the lower-grade material and >90% of the silver are an outstanding feature to what makes the Herbert look so attractive. These results represent a significant milestone for the Company in its advancement of the project.'
The qualified person for this news release is Mr. Carl Hale, P.Geo. Mr. Hale is a Qualified Person as defined by NI 43-101, and is responsible for the technical content of this press release."
Golden Star Resources Ltd. (NYSE: GSS) is an established gold mining company that owns and operates the Wassa and Prestea mines in Ghana, West Africa. Golden Star Resources Ltd. recently announced the completion of the USD 125.7 Million strategic investment by La Mancha Holding S.à r.l., a Luxembourg-incorporated private gold investment company. The relationship secures Golden Star's platform for growth in Africa, while also strengthening the Company's balance sheet. Sam Coetzer, President and Chief Executive Officer of Golden Star commented: "This strategic investment from La Mancha secures Golden Star's platform for growth as a leading African gold producer. It will allow us to expedite our exploration and expansion programs at both our Wassa Underground and Prestea Underground Gold Mines as well as providing us with a funding position to participate in the consolidation of the African gold mining sector. It is transformative for our balance sheet, providing both strength and flexibility as we move forwards, and it verifies the strong potential of our assets and the calibre of our management team. I am delighted to welcome Andrew and Graham to our Board and I am confident that their combined operational, corporate and financial experience in the mining industry will be beneficial as we focus on delivering the next phase of Golden Star's growth across Africa."
Tanzanian Royalty Exploration Corporation (NYSE: TRX) recently announced that it has filed on SEDAR an amended National Instrument 43-101 "Standards of Disclosure for Mineral Projects" (NI 43-101) pre-feasibility study for the Buckreef Project entitled "Amended National Instrument 43-101 Independent Technical Report Mining Reserve Estimate and Pre-feasibility Study on the Buckreef Gold Mine Project, Tanzania, East Africa" prepared by Virimai Projects as a replacement to its technical report filed on May 4th, 2017. Virimai Projects was commissioned by the Company to carry out an in-depth review of the Previous Technical Report with the objective of amending and recompiling the Previous Technical Report in compliance with NI 43-101 as a result of a review by staff of the Ontario Securities Commission. The New Technical Report now replaces and supersedes the Previous Technical Report and it has an effective date of June 26th, 2018. "We are delighted with the results of this independent pre-feasibility study. We have faithfully and continually pursued our goals at Buckreef, and this study clearly indicates the value of the Buckreef Project. We anticipate even more reserves to become known after implementing the planned close-spaced grade control drilling program. The plan will enable us to determine the gold reserves which exist in excess of what is known from the PFS at this time," said Executive Chairman, James E. Sinclair.
Vista Gold Corp. (NYSE: VGZ) is a well-funded gold project developer. Vista Gold Corp. recently announced results of its ongoing grinding and leaching tests, indicating that gold recoveries exceeding 90% may be achieved for the Mt. Todd gold project, depending on final grind size. Recently completed tests of the second stage grinding circuit undertaken by Core Metallurgy and FLSmidth, under the direction of Resource Development Inc., suggest that the Mt. Todd ore can be ground to a finer final product size with lower power consumption than previously estimated. Leaching the finer final product size material has again confirmed higher recoveries at finer grind sizes. Based on these initial results, Vista now plans to undertake additional testing to: confirm results over a broad range of feed grades, justify design changes and support a possible update of the project economics. Frederick H. Earnest, President and Chief Executive Officer, commented, "The implementation of stirred media grinding technology in the design of the 2nd stage grinding circuit has allowed us to achieve significant energy efficiency improvements. We believe that we may be able to achieve another significant reduction in final particle size without any increase in power consumption. These test results are based on low-grade composites and some indications point to even higher recoveries on average and higher-grade material. We now plan to undertake additional tests of the second stage grinding circuit on a variety of ore types from Mt. Todd followed by leaching tests to determine expected recoveries for a range of ore grades at various finer grind sizes. This is a continuation of our strategy to add value at a relatively low cost."
Golden Minerals Company (NYSE: AUMN) is a Delaware corporation based in Golden, Colorado. Golden Minerals Company recently reported results from a second Preliminary Economic Assessment completed for its Santa Maria silver and gold project located in southern Chihuahua State, Mexico. PEA parameters assume a silver price of USD 16.63/oz and a gold price of USD 1,238/oz, which are the three-year trailing average prices, per SEC reporting guidelines, and a discount rate of 5%. Warren M. Rehn, President and Chief Executive Officer of Golden Minerals Company, comments, "The Santa Maria project offers Golden Minerals a low capital cost re-entry into potential silver production in Mexico. Estimated future cash flow and NPV have increased by about 50% based on the additional resources in the study. The USD 1 Million start-up cost is at the lowest end of the spectrum of capital cost requirements due to the project's proximity to existing process facilities and the existing underground development. It is also important to point out that the deposit is open at depth and there are numerous additional veins on the property that have not yet been drilled."
Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/
About FinancialBuzz.com
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.
Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the 'Site') is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions, recommendations or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For grande portage resources ltd. financial and corporate news dissemination, FinancialBuzz.com has been compensated four thousand dollars by winning media. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.financialbuzz.com .
Media Contact:
[email protected]
+1-877-601-1879
Url: http://www.FinancialBuzz.com
SOURCE FinancialBuzz.com
Share this article