NEW YORK, July 24, 2020
FinancialBuzz.com News Commentary
NEW YORK, July 24, 2020 /PRNewswire/ -- Stock markets turned red on Thursday as concerns of economic impact from the pandemic resurfaced once again after the level of new jobless claims unexpectedly increased last week, signaling a weakening trend in the labor market. Another 1.416 million Americans filed for first-time unemployment insurance benefits, up from just over 1.3 million the week before. As a result, about 30 million workers are collecting jobless benefits. As stock markets plummeted, gold was on track to close at a record high on Thursday as investors continue to pick safe-haven assets to ride out this time of economic and political uncertainty. Futures for the precious metal traded as high as USD 1,897.70 per ounce through the Thursday, passing the previous record of USD 1,891.90, which was set back in August 2011. Clarity Gold Corp. (CSE: CLAR), Harmony Gold Mining Company Limited (NYSE: HMY), Yamana Gold Inc. (NYSE: AUY) (TSX: YRI), Kinross Gold Corporation (NYSE: KGC) (TSX: K), NovaGold Resources Inc. (NYSE: NG)
To reduce the impact of the pandemic on the economy, various measures have been taken, such as near-zero interest rates and economic stimuluses for business and individuals. Such measures also impact the price of precious metals. "The scale of quantitative easing is staggering, and that is causing real concern that the extra money in the system will lead to inflation," Ed Moy, Chief Strategist at gold seller Valaurum and former Director of the U.S. Mint, said according to a report by Markets Insider. "When people are scared, they want to take chips off the table, and gold is typically one of the places where people put their chips in times of crisis."
Clarity Gold Corp. (CSE: CLAR) announced earlier this week that, "it is mobilizing a field crew to the recently acquired expansion claims at its flagship Empirical Project, located 12 km south of Lillooet, British Columbia.
Field Crew Mobilization
The crew of three intends to conduct initial ground reconnaissance and sampling where applicable. The objective of the program will be to review the geology and mineralization of the recently acquired expansion claims which include 8 additional MINFILEs. The crew will attempt to locate and verify these historic mineral showings, and assess the suitability of the expansion claims' exploration program design. The Company will also be conducting a grab sample program on targeted zones to locate additional areas of interest outside of the original Empirical Project claim group.
'Now that our crew has completed its initial reconnaissance on the Tyber and Gretna Green projects on Vancouver Island, we are very pleased to be mobilizing to evaluate the recently acquired mineral claims at our flagship Empirical Project,' said James Rogers, CEO of Clarity. 'The Empirical Project now has multiple historic showings and we are looking forward to designing and carrying out field programs to follow up on encouraging historic results.'
The Company's flagship gold-copper-molybdenum porphyry project, the Empirical Project, located 12 km south of Lillooet, British Columbia, now totals 10,518 ha. The Empirical Project is situated in the Cordilleran Continental Arc which hosts 26 significant porphyry deposits, including Imperial Metal Corporation's historic Huckleberry Mine and Noranda's historic Babine Porphyry camp. Between 1981 – 1986, six out fifteen diamond drill holes intersected gold mineralization, including hole DD81-4 which assayed 3.67 g/t gold over 21 m from 36m. Previous exploration focused on molybdenite without an understanding or aim of targeting a larger porphyry system. For more information on the Empirical Project, please see the Company's National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") Technical Report on the Empirical Project filed on SEDAR on March 24, 2020.
The recently acquired claims have multiple copper showings in the Southeast, including the Rickhill Showing where six surface rock samples collected in 1959 averaged 0.95% copper over 12.9 meters (Minfile 092INW022). Elevated copper in soil samples indicate that this zone of copper mineralization may be extended up to a total of 30 m (Skerl, 1959). In 1970, 538 soils were collected with copper intensities ranging between 6 ppm to 212 ppm (Assessment report 02530).
The additional ground to the southwest of the Empirical Project consists of two molybdenum showings namely, the Molybdenite Lake and Fyp showings where historic samples taken from quartz veins have assayed up to 0.32% molybdenum and 0.35 g/t gold (Nelson, J. (1985-10-01): B.C. Gold Reconnaissance 1985 - Lillooet Project - Final Report; Assessment Report 30875; Minfile 092ISW109, 092ISW110). Previous work has focused on the area's molybdenum potential, with minimal exploration for gold.
The QP (as defined below) has not verified the results of the historic exploration and sampling on the new claims added to the Empirical Project's property package, additional sampling will be required to verify the data.
Mr. Rory Kutluoglu P. Geo. is the Qualified Person ("QP") under NI 43-101 for the technical information in this news release and has reviewed the appropriate and available data for the Empirical Project and approves the technical contents of this news release. The QP intends to be part of the crew to mobilize to the additional Empirical Project expansion claims but cannot currently validate the historical databases nor the results of the historical work presented herein…"
For our latest "Buzz on the Street" Show featuring Clarity Gold Corp. recent corporate news, please head over to: https://www.youtube.com/watch?v=nfyYSNLRfYM
Harmony Gold Mining Company Limited (NYSE: HMY) announced earlier this year that it has agreed to acquire AngloGold Ashanti's South African business, thereby consolidating its position as South Africa's primary gold producer. The acquisition, which will see Mponeng and Mine Waste Solutions incorporated into the Harmony portfolio, enhances Harmony's near-term production by adding annual gold production of approximately 350 000oz per annum; increases Harmony's South African reserves by 8.27 million ounces (excluding Mponeng below infrastructure reserves) and improves Harmony's portfolio mix between surface and underground operations. "Over the past two years, Harmony has added over 500 000 quality gold ounces per annum through the acquisition of Moab Khotsong and now Mponeng and Mine Waste Solutions. The acquisition has the potential to improve our overall recovered grade and increasing our cash flow margins," said Harmony CEO Peter Steenkamp.
Yamana Gold Inc. (NYSE: AUY) (TSX: YRI) announced earlier last year exploration results for the Cerro Moro mine in Argentina, all of which show significant high-grade intersections in an entirely new zone and extensions of previously identified zones. These exploration results demonstrate a growing mineral resource base in new areas that are expected to establish Cerro Moro as a long-life, high-quality, high-grade gold and silver operation. The Company has committed to an initial four-year exploration program, which began in early 2018, to systematically explore Cerro Moro. The program combines soil and rock geochemistry, ground geophysics, surface geological and alteration mapping, and reconnaissance drilling. Through the third quarter of 2019, more than 9,700 soil samples and 5,300 rock samples have been analyzed, 76 line kilometres of CSAMT (controlled source audio-magnotelluric) surveys have been completed, and 23,400 metres of reconnaissance RC (reserve circulation) and diamond drilling have been completed.
Kinross Gold Corporation (NYSE: KGC) (TSX: K) announced earlier this year that it has filed a new technical report for its Paracatu operation in Brazil. Paracatu is a cornerstone, long-life operation in Kinross' portfolio that is expected to produce an average of approximately 540 Au koz. annually over 12 years from 2020 to 2031. Total production over the remaining mine life is expected to increase approximately 24% compared with the prior technical report that was published in 2014.The new technical report is based on an asset optimization program that commenced in 2018 and was completed in late 2019 with the successful implementation of a comprehensive grade control program. The results of the program include better characterization of the orebody, an improved ability to predict and react to ore variability, and better mill efficiency with improvements in throughput and recovery.
NovaGold Resources Inc. (NYSE: NG) announced earlier this year that its flagship Donlin Gold project, which NOVAGOLD owns equally with Barrick Gold Corp. ("Barrick"), received the final State Right-of-Way (ROW) authorization for the buried natural gas pipeline, issued by the Alaska Department of Natural Resources (ADNR) on January 17, 2020. Additionally, ADNR denied an appeal and affirmed the Division of Mining, Land, and Water's original January 18, 2019 approval of Donlin Gold LLC's Reclamation Plan and its accompanied permit. "We are very pleased to see the issuance of key transportation and energy infrastructure approvals for Donlin Gold," said Greg Lang, President and CEO.
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