Gold Prices Continue to Trend Higher on Several Factors

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Apr 16, 2021, 09:00 ET

NEW YORK, April 16, 2021 /PRNewswire/ -- Gold prices continued to rise on Thursday, as the June Gold futures had their biggest daily gain since March. Gold prices reacted to the U.S. bond yields' pull back and increasing U.S. tensions with China and Russia, which emphasizes the status of the yellow metal as a safe haven asset. According to a report by Kitco, a weaker U.S. dollar index and a rally in crude oil futures this week are also helping to push the gold and silver markets. In addition, even though there is a gradual easing of all the restrictions and businesses are slowly starting to reopen, the actual economic repercussions from the current pandemic and measures taken to combat it are still unclear, and this factor is also taken into consideration for gold value. Exploits Discovery Corp. (CSE: NFLD) (OTC: RNRRF), New Gold Inc. (NYSE: NGD), Agnico Eagle Mines Limited (NYSE: AEM), Sandstorm Gold Ltd. (NYSE: SAND), Golden Star Resources Ltd. (NYSE: GSS)

Analysts at Metals Focus recently looked at the impact geopolitical instability has on gold. "While several geopolitical events have the potential to escalate, including on the Ukrainian border, more important for the gold price will be the still supportive macro backdrop… Monetary and fiscal policies, including the persistence of ultra-low interest rates and negative real yields, and concerns about future inflation will continue to make the case for strong gold investment for the foreseeable future," the analysts said according to Kitco.

Exploits Discovery Corp. (CSE: NFLD) (OTCQB: RNRRF) announced yesterday breaking news that, "it has awarded its phase one 2021 diamond drilling program to Majors Contracting Ltd. of Deer Lake, Newfoundland.

Highlights

Exploits has signed a 7,500 metre drilling contract with the option to expand it to 13,500 metres.
The company has been granted three of five drill permit applications including; Schooner, Little Joanna, and True Grit, and expects to receive the Quinlan Vein and Jonathan's Pond permits shortly. (see map and summaries on the following page)
Three of the five drilling targets host visible gold at surface with high grade assays up to 194 g/t Au.
True Grit has grades of up to 16 g/t Au in outcrop and 30 g/t Au in float boulders with widespread low grade mineralization.
The Schooner target was developed by Gold Spot's machine learning program which has a proven track record for discovery at the Keats Zone, located only 3.5 km to the east.

Michael Collins, President & Chief Executive Officer of Exploits, commented: "The Exploits Team is very excited to begin our drill program in Newfoundland. In six short months we have developed five high priority drill targets, and continue to generate a pipeline of additional high quality drill targets. The targets are based on Goldspot's machine learning process, field prospecting and geophysical testing of the large scale deep seated geophysical structures that are extremely important for the development of orogenic gold discovery in the Exploits Subzone."

Overview of Exploits First Five 2021 Drilling Targets

Schooner

3.5 km west of New Found Gold's Keats Zone is the Exploits' Schooner prospect. This was the first high priority target identified by GoldSpot Discoveries. The Schooner Fault is parallel to the gold bearing Appleton Fault which hosts NFG's Keats Zone. Drill targeting here is focused on a Schooner Fault splay, (where the fault splits in two), and two secondary fault intersections.

Details about GoldSpot Discoveries targets at Schooner can be found: https://exploitsdiscovery.com/exploits-receives-first-goldspot-discoveries-corp-exploration-target/

Little Joanna

The Little Joanna prospect returned our highest grade visible gold in outcrop from quartz veins averaging 30cm in width, uncovered up to 20m in strike before becoming buried under overburden.

16 samples from outcrop and subcrop at the Little Joanna Veins were taken with values ranging from 0.1 to 194 g/t Au. Five samples with visible gold returned assays of 194, 133, 123, 119, and 118 g/t Au.

For more information about the Little Joanna prospect, visit: https://exploitsdiscovery.com/exploits-visible-gold-samples-assay-194-g-t-gold-at-little-joanna-dog-bay-project-newfoundland/

Quinlan Vein

The Quinlan Vein prospect is located on a secondary structure splaying off the Appleton Fault. There are multiple 50-70 centimetre-wide quartz veins over a 25m wide zone, currently exposed 5-20 metres in strike before diving under overburden. Visible gold was discovered as fine grains in crack seal fractures and as fine to coarse grains in the quartz veins. Trace sulphide mineralization is also present in the quartz veins as pyrite, chalcopyrite, galena, and sphalerite. The veins are milky white with sections of vuggy and crack seal textures, which are typical of epizonal, orogenic gold deposits. Structurally, the veins are situated within secondary fault structures, associated with the Appleton Fault zone, that were highlighted by GoldSpot Discoveries' geophysical analysis.

57 samples from outcrop and subcrop at the Quinlan Veins were taken. Five samples, one with visible gold (VG), returned assays of 61.3, 59.0, 14.4, 14.2, and 12.6 g/t Au, with 26 total samples assaying over 0.1 g/t Au with an average grade of 7.3 g/t Au.

For more detail on the Quinlan Vein prospect, visit: https://exploitsdiscovery.com/exploits-visible-gold-outcrop-samples-assay-61-3-g-t-gold-and-189-g-t-silver-at-the-quinlan-veins-within-the-dog-bay-gold-project-newfoundland/

True Grit

Near the southern end of our properties lies True Grit, it is adjacent to the GRUB line fault and has seen some historical drilling (including 0.60 g/t Au over 117m from surface) plus new VTEM geophysics and an SGH soil survey completed within the past five months . The soil and geophysical results indicate that the historical drilling was in the wrong orientation and missed the best targets.

Information about our work at True Grit can be found here: https://exploitsdiscovery.com/exploits-reports-sgh-soil-grid-and-outcrop-sampling-results-at-the-true-grit-gold-project/

Jonathan's Pond

Approximately 30km southwest from Little Joanna is Jonathan's Pond. Exploits consolidated our property here in late 2020 with land acquisition from New Found Gold, in exchange for 6.5M shares (9.9% of the company at the time). This project has received the most historical work of any property in our portfolio, with historic rock grab samples returning up to 29 g/t Au and 700 g/t Au. The property features a large, distinctive quartz vein exposed for over 200m, and is bound by the JBP and GRUB line faults. The Company has also identified the JP Demagnetized Zone which stretches over 2 km, parallel to the structures known to host visible gold at the JP Veins…"

For our latest "Buzz on the Street" Show featuring Exploits Discovery Corp. recent corporate news, please head over to: https://www.youtube.com/watch?v=Z2FUYWgkHMo&ab_channel=FinancialBuzzMedia

New Gold Inc. (NYSE: NGD) in their fourth quarter and annual operational results for the Company as of December 31st, 2020, reported achieving the mid-range of the revised annual production guidance. Total production for the fourth quarter was 120,567 gold equivalent1 (gold eq.) ounces (83,096 ounces of gold, 199,428 ounces of silver and 18.5 million pounds of copper). For the year, production was 437,617 gold eq. ounces (293,139 ounces of gold, 636,952 ounces of silver and 72.1 million pounds of copper), achieving mid-range of the revised annual production guidance. The Rainy River Mine produced 68,241 gold eq. ounces (66,734 ounces of gold and 127,390 ounces of silver) for the quarter. For the year, production was 233,201 gold eq. ounces (228,919 ounces of gold and 361,862 ounces of silver), achieving the higher end of the revised annual production guidance.

Agnico Eagle Mines Limited (NYSE: AEM) reported back in October quarterly net income of USD 222.7 Million, or net income of USD 0.92 per share, for the third quarter of 2020. The increase in cash provided by operating activities in the third quarter of 2020, compared to the prior-year period, was mainly due to an increase in revenues from mining operations resulting from higher average realized gold and silver prices, and higher gold sales volume, offset by higher production costs from the Meadowbank Complex, the LaRonde Complex and the Meliadine mine as a result of higher throughput levels, and higher income and mining taxes related to higher operating margins in the quarter.

Sandstorm Gold Ltd. (NYSE: SAND) announced earlier this year a 20% expansion of the mine and mill throughput at Fruta del Norte. Lundin Gold plans to commence construction in the first quarter of 2021. The expansion is expected to be completed with minimal disruption to operations and funded by cash flow from operations. Gold production guidance for Fruta del Norte in 2021 is estimated between 380,000 to 420,000 ounces. Mill production is estimated at an average of 3,500 tpd until the fourth quarter when production is planned to ramp up to 4,200 tpd following completion of the planned mill expansion. In 2021, Lundin Gold has planned an USD 11 Million, 9,000 metre drilling program on two high priority exploration targets.

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.

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