Gold Prices Continue to Fluctuate Early in the Year

NEW YORK, Jan. 19, 2021 /PRNewswire/ -- Gold and silver performed well in 2020 as pandemic-related uncertainty gripped the global markets. To reduce the economic impact of the pandemic, various measures have been taken, including near-zero interest rates and economic stimuli for businesses and individuals. These measures may have had an impact on the price of precious metals. There is a lot of uncertainty heading into 2021 as to what the market will look like as a new presidential administration attempts to tackle the economic recovery while in the midst of an ongoing health crisis. Mining companies like Oro X Mining Corp. (TSX-V: OROX) (OTC: WRPSF), Pure Gold Mining Inc. (TSX-V: PGM) (OTC: LRTNF), Freegold Ventures Ltd. (TSX: FVL) (OTC: FGOVF), Wallbridge Mining Company Ltd. (TSX: WM) (OTC: WLBMF), and First Mining Gold Corp. (TSX: FF) (OTC: FFMGF) look to the positives of the coming year while they continue on the progress they made in 2020.

While precious metal prices currently sit well below their summer highs, the coming months could see a resurgence as a smooth economic recovery is not guaranteed. Generally, these are the kinds of conditions in which gold prices thrive. Another factor to consider is the anticipated gold miners' production rebound in 2021. Kitco reports that the top 20 gold miners are projected to lose about 5% of their total 2020 gold output primarily due to the pandemic and related restrictions. However, in 2021, gold production is likely to rebound. Based on mid-year outlook projections, production will be ~6% greater than previously updated guidance for 2020.

Oro X Mining Corp. (TSX-V: OROX) (OTC: WRPSF) announced last week that it, "has begun mobilizing geological and geophysical teams to commence the 2021 Coriorcco exploration program. Geologists and geophysicists are expected to arrive on site at the beginning of February. The program will focus on systematically sampling and surveying the Coriorcco Dome to verify previous results and to generate priority-ranked targets for a maiden drill campaign later in 2021.

The geophysical survey team will run an Induced Polarization (IP) geophysical survey across the Coriorcco Dome to define vein structures in three dimensions below the surface. Concurrently, a grid soil survey targeting visible epithermal veins will also be completed across the dome and over contiguous surficial quaternary deposits to delineate additional veins that may be hidden below. While geologists are on site, the property will be prospected to further sample outcrops to identify and prioritize additional targets outside  the dome area.

The IP survey will consist of 9 north - south lines for a total length of 15.3 km on 200-meter spacings. The ground-based IP survey will be orientated perpendicular to major vein orientations and will help define structural controls. A magnetometry survey will also be run in parallel.

The geochemistry soil sampling campaign will consist of approximately 500 samples on a 50-meter grid across the Coriorcco Dome target area. Samples will be analysed by fire assay and ICP analysis for Hg, As, Sb, Au, and Ag.

Oro X's Coriorcco project hosts 17 epithermal quartz, quartz-carbonate, and quartz-carbonate-adularia veins, which may represent the upper reaches of a similar low-sulphidation epithermal system. Previous work on the project focused on channel sampling and trial mining from 2010 to 2011. Four hundred meters of tunnels following two veins were driven into the silica cap of the Coriorcco Dome. Over 5,720 tonnes of ore averaging 7.5 g/t Au were exploited and sent to a third-party mill for processing by a prior operator.

The Coriorcco concession package lies within an established metallogenic belt in the San Juan de Lucanas Mining District. The belt hosts multiple producing mines, including Hochschild's Inmaculada and Pallancata low-sulphidation epithermal gold-silver operations, which have collectively produced 100 Moz Ag & 1.1 Moz Au. Results from neighboring properties are not necessarily indicative of the geology of Coriorcco."

Pure Gold Mining Inc. (TSX-V: PGM) (OTC: LRTNF) reported back in December that first gold has been poured at the Company's high-grade PureGold Mine in Red Lake, Ontario. The first pour occurred on December 29, following the introduction of ore to the mill on December 15, 2020. "Today, the PureGold Mine has come to life. With our first gold pour, we have transitioned to producer, and delivered on our promise to build Canada's newest gold mine in the heart of Red Lake Ontario, on budget and on schedule," said Darin Labrenz, President and CEO of PureGold.

Freegold Ventures Ltd. (TSX: FVL) (OTC: FGOVF) announced last week drilling results from its ongoing drilling program at Golden Summit, located near Fairbanks, Alaska. During 2020, 18 holes (2001-2018) were drilled and assay results for 10 holes are pending. Assay laboratories are continuing to experience significant delays. Drilling is planned to resume in early February 2021 with four drill rigs, and to continue throughout 2021. A minimum of 40,000 meters of drilling is planned. The Company is well financed to carry out its proposed programs. Located nearly 600 meters apart, both holes, GSDL2007 and GSDL2008, successfully intercepted broad zones of above resource grade at their projected target depths. Management is very encouraged with the ongoing results, as they continue to demonstrate the potential for larger higher-grade portions within what could be open pittable depths over a significant area.

Wallbridge Mining Company Ltd. (TSX: WM) (OTC: WLBMF) announced last week the remaining assay results from the five wedge cuts drilled around FA-19-086 that continue to delineate the high metal factor (grade multiplied by core length) domains in Tabasco-Cayenne shear zones. As expected, the results of the FA-19-086 wedge cuts confirm a wide shear zone with good geological continuity and highly variable gold grades.

First Mining Gold Corp. (TSX: FF) (OTCQX: FFMGF) reported back in December that it has completed the previously announced transaction with Metalore Resources Limited ("Metalore") pursuant to which First Mining has acquired the East Cedartree claims from Metalore, filling in a strategic piece in First Mining's land holdings near the Cameron Gold Project located 80 km southeast of the city of Kenora in northwestern Ontario. Under the Transaction, as consideration for the acquisition of the East Cedartree claims, First Mining has paid Metalore USD 3,000,000 in cash, and has issued 3,000,000 shares of First Mining to Metalore (such shares are subject to a statutory hold period of four months plus one day from closing). The East Cedartree claims contain an existing mineral resource estimate that was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects and encompass a highly favorable geological setting for new gold discoveries in close proximity to the existing known deposits at the Company's Cameron and West Cedartree properties.

For more information on Oro X Mining Corp, please visit this link.

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