NEW YORK, Feb. 2, 2021
- FN Media Group Presents Microsmallcap.com Market Commentary
NEW YORK, Feb. 2, 2021 /PRNewswire/ -- It's no secret that Canadian gold production took a hit in 2020. The country produced 1,160 koz of gold in Q2 2020, a significant drop from the 1,482 koz produced over the same period in 2019. However, the gold market looks likely to surge in 2021 and the Great White North is once again an attractive destination for the mining industry. The global health crisis was a significant cause for the drop in production last year, and companies are looking to make up for lost time. New mines are set for exploration and development and major miners are set to ramp up production in the coming months as companies like Fury Gold Mines (NYSE: FURY) (TSX: FURY), Newmont Corporation (NYSE: NEM) (TSX: NGT), Kirkland Lake Gold Ltd (NYSE: KL) (TSX: KL), Agnico Eagle Mines Ltd (NYSE: AEM) (TSX: AEM), and Barrick Gold Corp (NYSE: GOLD) (TSX: ABX) explore and develop Canadian assets. Due in part to these companies, Canadian gold output is set to rise to 7.6Moz by 2023.
Fury Gold Mines Develops Prime Canadian Gold Assets
Fury Gold Mines (TSX: FURY) (NYSE American: FURY) is focused on new discovery and resource growth at its properties in some of Canada's most prolific districts. 2021 promises to be a big year for Fury as the company brings these assets closer to production through project development and potential new discoveries.
Fury's flagship project is its wholly-owned 24,000 hectare Eau Claire Project in the James Bay region in Northern Quebec. In 2021, the company plans to focus on expanding the Eau Claire deposit while also drill testing additional targets throughout the property. The company is working towards a goal of producing around 150k to 200k ounces annually from Eau Claire. The company is also developing its Homestake Ridge project in British Columbia's prolific Golden Triangle, which reported 165,993 oz of total indicated gold at Homestake at 7.02 g/t in 2019, as well as its Committee Bay Gold Project in Nunavut located along the Committee Bay Greenstone Belt.
"We are anticipating a very active and exciting year as we continue drilling to add ounces and discover new areas of high-grade mineralization both at depth and at surface along the deposit trend," Fury President and CEO Mike Timmins said in a recent release.
"We will continue to apply our systematic exploration approach as we advance our entire project portfolio in 2021 and position our shareholders to also benefit from the large-scale exploration programs planned later in the year at Homestake Ridge and Committee Bay," Timmins said.
Mining Companies Expand Canadian Operations
Located just 57 kilometers away from Fury Gold Mines' Eau Claire Project is Newmont Corporation's (NYSE: NEM) (TSX: NGT) Éléonore project, one of the largest gold mines in Quebec. In 2019, Éléonore saw annual production of 246k attributable oz, and in 2021, Newmont intends to bring the property to full production capacity with the development of a fifth mining horizon and a new production shaft.
Kirkland Lake Gold Ltd (NYSE: KL) (TSX: KL) operates several gold assets in Ontario, including the company's flagship Macassa Mine, located in the town of Kirkland Lake, and open-pit Detour Lake mine, located outside of Timmins. Both of these projects were limited by pandemic-related issues in 2020, and the company intends to increase output in 2021. For Detour, Kirkland wants to increase production by as much as 720,000 ounces in 2021.
About 180 kilometers southwest of Fury Gold's Committee Bay Gold Project in Nunavut sits the Agnico Eagle Mines Ltd (NYSE: AEM) (TSX: AEM) Meadowbank open-pit gold mine. Meadowbank produced 158,208 ounces of gold in 2019 and the company intends to ramp up production through 2021 and produce approximately 2.5 million ounces of gold by 2026.
In October, Barrick Gold Corp (NYSE: GOLD) (TSX: ABX) announced plans to extend the lifespan of its Hemlo Mine, located about 350 kilometers east of Thunder Bay, Ontario. The mine has been operating continuously since 1989 and has produced more than 2.8 million ounces of gold. As the company begins to wind down the open pit section of the mine, Barrick will be transitioning it to a modernized Tier Two asset with a purely underground operation in order to extract further value from the property in 2021 and beyond.
After a year where gold production was significantly hindered, gold companies like Fury Gold Mines are looking to make up for lost time by ramping up exploration and development just as the gold market begins to gain steam once again.
Click here to find out more about Fury Gold Mines.
Disclaimer: Microsmallcap.com (MSC) is the source of the Article and content set forth above. References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group (FNM) is a third-party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with MSC or any company mentioned herein. The commentary, views and opinions expressed in this release by MSC are solely those of MSC and are not shared by and do not reflect in any manner the views or opinions of FNM. Readers of this Article and content agree that they cannot and will not seek to hold liable MSC and FNM for any investment decisions by their readers or subscribers. MSC and FNM and their respective affiliated companies are a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.
The Article and content related to the profiled company represent the personal and subjective views of the Author (MSC), and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author (MSC) has not independently verified or otherwise investigated all such information. None of the Author, MSC, FNM, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer's filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer's securities, including, but not limited to, the complete loss of your investment. FNM was not compensated by any public company mentioned herein to disseminate this press release but was compensated twenty five hundred dollars by MSC, a non-affiliated third party to distribute this release on behalf of Fury Gold Mines.
FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MSC and FNM undertake no obligation to update such statements.
FN Media Group, LLC