Investors Remain Optimistic About the Trajectory of Gold Prices
FinancialBuzz.com News Commentary
NEW YORK, May 6, 2021 /PRNewswire/ -- Gold prices were moderately higher in midday U.S. trading on Wednesday, supported by a mildly bullish near-term technical posture and by rallying crude oil prices that hit a two-month high yesterday. June gold futures were last up USD 6.60 to USD 1,782.60 and July Comex silver was last down USD 0.033 to USD 26.525 an ounce. According to a report by Kitco, the U.S. Treasury said on Wednesday morning that it may take extraordinary measures to fund the government if the federal borrowing limit is reinstated this summer. The Treasury also warned it could run out of cash sooner than in previous debt-limit clashes between lawmakers. The current suspension of the U.S. debt limit expires on August 14th. Gold Mountain Mining Corp. (TSX-V: GMTN) (OTC: GMTNF), New Found Gold Corp. (TSXV: NFG) (OTC: NFGFF), New Gold Inc. (NYSE: NGD), K92 Mining Inc. (TSX: KNT) (OTC: KNTNF), Sun Summit Minerals Inc. (TSX-V: SMN) (OTC: SMREF)
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. Nevertheless, gold is often viewed as a safe haven asset in a time of economic and political uncertainties. To reduce the impact of the pandemic on the economy, various measures have been taken, such as near-zero interest rates and economic stimuli for business and individuals. The impacts of such economic measures taken to fight the pandemic, however, are yet to be fully understood. Nevertheless, such measures also impact the price of precious metals.
Gold Mountain Mining Corp. (TSX-V: GMTN) (OTCQB: GMTNF) just announced breaking news that, "it has received its Notice of Work ("NoW") permit, allowing it to expand its 2021 exploration program at its 100% owned Elk Gold Project. The NoW permits Gold Mountain to continue chasing it's deep, high-grade mineralization while exploring additional satellite zones throughout the property.
'This is fantastic news for Gold Mountain as we move towards Phase 2 drilling,' commented CEO, Kevin Smith. 'With this Notice of Work, we now have a lot more optionality to target deep, high-grade zones, particularly down-dip of the 1300 vein and other satellite areas we've identified as being highly prospective for vein extensions and new discoveries. Our main focus remains to aggressively grow the Elk deposit, and this enables the company to take a big step in that direction.'
Notice of Work
The Company has received its Notice of Work ("NoW") from the Ministry of Energy Mines and Low Carbon Innovation, allowing them to transition to Phase 2 of their Drill program which targets areas outside the current Mine Permit Area in the south portion of the Siwash North Zone.
Previously, the Company could only drill within its Mine Permit boundaries, hindering its ability to target certain high-grade areas of the Elk Gold Project. With this milestone, Gold Mountain can move its drill pads further south of the Siwash North Zone, allowing the Company to explore high interest satellite zones and continue chasing the 1300 vein deeper, targeting the high-grade mineralization at the Elk.
Phase 2 Exploration Program
In Phase 1 of Gold Mountain's drill program, the Company focused on the Siwash North Zone with predictable, step out and infill drilling to methodically add ounces to the resource. The Company hit significant mineralized intercepts in 100% of 41 drill holes completed at the Siwash North Zone, including high-grade mineralization in the zone within the 1300 vein dubbed the "Mother Shoot" with grades reaching 124g/t.
Phase 2 drilling targets extensions of high-grade mineralization the Company consistently encountered during its Phase 1 program. The image below presents a broad overview of planned targets at Siwash North, all extensions of the current resource:
The Company is also evaluating drilling the Elusive Zone located approximately 4km from the Siwash North Zone where historic high-grade soil geochemical samples indicate promising new potential at the Elk Gold Project.
Phase 2 Re-Logging
The Company had begun the process of re-logging historic core, digitizing historic data and updating the geological interpretation. Given the past success of the Phase 1 re-logging of historical core, which unveiled undocumented core samples as high as 216 g/t, Gold Mountain plans to continue to relog and resample core from previous operators in areas identified as high-interest to the Company.
Qualified Person
The foregoing technical information was approved by Grant Carlson, P.Eng., a Qualified Person, as defined under National Instrument 43-101 and the Chief Operating Officer for the Company."
New Found Gold Corp. (TSXV: NFG) (OTC: NFGFF) announced this week assay results from an additional four holes drilled at the Keats Zone ("Keats"). These holes were drilled as part of the Company's ongoing 200,000m diamond drill program at its 100%-owned Queensway Project ("Queensway"), located on the Trans-Canada Highway 15km west of Gander, Newfoundland. Greg Matheson, P.Geo., Chief Operating Officer of New Found, stated: "The outstanding intervals of 131.1 g/t Au over 4.65m plus 124.4 g/t over 17.7m in Hole NFGC-20-59 yield the highest width x grade of any hole to date at Keats (cumulative +2800 m*g/t). These intervals provide further drill confirmation of the substantial zone of near surface high-grade gold mineralization at the north end of Keats. We continue our infill and step-out drilling at Keats and look forward to reporting further results in the near future."
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.
K92 Mining Inc. (TSX: KNT) (OTCQX: KNTNF) announced last month production in the first quarter ("Q1") at its Kainantu Gold Mine in Papua New Guinea of 18,654 oz AuEq, or 17,774 oz of gold, 426,153 lbs of copper and 7,925 oz of silver. During the first quarter, the operation took a significant step forward towards ramping up to run-rate Stage 2 Expansion throughput, delivering record mill throughput of 73,221 tonnes processed, including 6 consecutive weeks averaging ~1,000 tpd in January and February, with 18 days exceeding 1,100 tpd, 8 days exceeding 1,200 tpd, and a daily record of 1,315 tpd over this period.
Sun Summit Minerals Inc. (TSX-V: SMN) (OTC: SMREF) announced earlier this year that it has commenced a significant drill program at the Buck Property, central British Columbia. Sun Summit will complete over 5,000 metres of drilling focused on expanding zones of high-grade gold mineralization. Bob Willis, Sun Summit's CEO, states, "We are excited to commence this round of drilling at our Buck property. The identification of visible gold throughout our discovery hole is significant and confirms our assay data. Running these select samples, as well as samples from other mineralized zones, for metallic screen fire assay will further investigate the grade of these intercepts. This data will be compared to our fire assay data to better inform our sampling and analytical protocols going forward if visible gold is identified again."
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. FinancialBuzz.com has not been compensated directly by any of the companies mentioned here in this editorial unless mentioned otherwise. 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 gold mountain mining corp. video production, filming editing, news reporting, financial and corporate news dissemination, FinancialBuzz.com has been compensated five thousand dollars by the company. 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
www.FinancialBuzz.com
SOURCE FinancialBuzz.com
![](https://rt.prnewswire.com/rt.gif?NewsItemId=IO68501&Transmission_Id=202105060900PR_NEWS_USPR_____IO68501&DateId=20210506)
Share this article