Gold Prices Fluctuate on Anticipated Government Initiatives
NEW YORK, Feb. 10, 2021 /PRNewswire/ -- The price of gold increased to a one week high on Tuesday after the dollar and real U.S. Treasury yields declined as investors continue to anticipate a fast-tracked stimulus package in the U.S. Chances for a major stimulus package are increasing and thus reinforce market-derived inflation expectations. Such measures have also impacted the price of precious metals. "Rising breakevens and today's dollar weakness will attract renewed interest back into gold and also silver, given the pull from rising copper and platinum prices," said Ole Hansen, Head of Commodity Strategy at Saxo Bank A/S according to Bloomberg. "Speculators are carrying a light load in both gold and silver, but for now we need to see the yellow metal break the double top around USD 1,875 in order to attract renewed momentum." Falcon Gold Corp. (TSX-V: FG) (OTC: FGLDF), Eldorado Gold Corporation (NYSE: EGO), Gold Fields Limited (NYSE: GFI), Coeur Mining, Inc. (NYSE: CDE), Harmony Gold Mining Company Limited (NYSE: HMY).
In addition to the pandemic and its implications, various recent technological innovations have had an impact on gold demand as well. Certain financial services, through which gold can be purchased, have shared recent developments designed to make gold trading easier and more accessible to a wider demographic. For example, the British-based Glint Pay Services announced a new peer-to-peer payment services which allows users to send amounts of gold directly to each other, all within the company's app. "Glint's P2P technology enables gold, trusted globally, to be used as money in electronic payments beyond the existing fiat money system; it frees us all from the whims of government-issued currencies," said Glint CEO and founder Jason Cozens.
Falcon Gold Corp. (TSX-V: FG) (OTC: FGLDF) announced breaking news yesterday that, "it has signed a renegotiated agreement for the right to acquire up to a 100% interest in the ERSA mineral concessions located in La Rioja Province, Argentina. The concessions are held by Esperanza Resources S.A. and Mr. Rojnica Ivo (the "Vendors"). The Agreement is subject to TSX Venture Exchange approval.
The Property: The ERSA Property comprises seven (7) mineral concessions covering an aggregate area of 11,072 hectares ("ha"). The concessions are road accessible, located about 20 kilometres ("km") south-southeast of the town of Chepes within the renowned Sierra de Las Minas District of southern La Rioja province. The District is reported to host several past producing gold and silver mines. The city of San Juan is about 250 km by paved highway to the west-southwest.
High-grade gold mineralization was reportedly first discovered within the District around 1865 at the Callanas occurrences followed by limited mining conducted on a gold, silver and copper zone. Other sites of historical small scale mining within the ERSA concessions include the El Espinillo, Callanas East and West, El Abrita, Cerro Alto, Las Lajas and San Isidro gold mineralized zones.
The Japanese agency, JICA completed 900 metres ("m") of diamond drilling in the Callanas area during the 1990's. Two of the holes returned encouraging intercepts assaying 1m at 9.11 grams per tonne gold ("g/t Au"), 28.59 grams per tonne silver ("g/t Ag") and 0.42m @ 24.3 g/t Au, 61.10 g/t Ag. More recently, Esperanza Resources has reported that the Callanas West zone has been mapped along a northwest-southeast strike for approximately 4,000 m.
In 2018 the Company completed a limited sampling program as part of its initial due diligence. From the Callanas East trenches results included a 1m sample that returned 5,619 ppb gold. A 2.5m continuous chip sample from the north end of the Callanas West exposure showed 5,905 ppb Au, 20.6 ppm Ag and 0.29% Cu. Later in 2018, Falcon completed its first exploration work on the ERSA Property and on January 7, 2019 reported on its findings. Table 1 summarizes some of the surface sampling results including:
from Callana III vein of 27.03 g/t Au across 50 cm; and
from the Callana IV vein across a 50 cm width where visible gold was identified, that assayed 45.71 g/t Au with Ag content greater than 100 ppm and Cu analyses of 7,869.60 ppm
Mr. Karim Rayani Chief Executive Officer commented, "We are thrilled to be able to return to Argentina and work with the professionals at Esperanza Resources. The Company's team in Argentina is headed by Mr. Juan Carlos Navas, a long-time associate and seasoned mining executive. Our previous work on the ERSA concessions has given Falcon the ability to jump into its exploration and development work with its advanced knowledge of the locations and structural controls on significant gold, silver and copper zones."
Table 1: Summary of the sampling and analyses results for the 2018 exploration program on concessions, ERSA VIII, IX & X. Note the high-grade gold beyond the analytical detection limit of 10,000 ppb Au were assayed for better upper grade results. of 10,000 ppb Au were assayed for better upper grade results.
The New Option Agreement: Under the renegotiated Agreement to earn its initial 80% interest, the Company has agreed to make payments to the Vendors over a four-year option period totalling 500,000 Falcon common shares and 500,000 share purchase warrants. Each Warrant will entitle the Vendor to purchase one Falcon common share for a period of 12 months for a purchase price set on each date of issue at 125% of the closing price for Falcon shares traded on the Toronto Venture Exchange. During the four-year option period, Falcon is to make minimum expenditures on the Property amounting to US$350,000.
Upon completion of payments and expenditures, Falcon will own 80% and the Vendors will retain 20% ownership in the Property. Following which and for a period of 30 months, Falcon will have the right to purchase the Vendors' 20% interest (for Falcon's total ownership of 100% of the Property) for a further payment of 2 million Falcon shares and a US $1.5 payment which includes a 1 % NSR Buy Back with the vendors retaining 1%..."
For our latest "Buzz on the Street" Show featuring Falcon Gold Corp. recent corporate news, please head over to: https://www.youtube.com/watch?v=aGAB_vSHVHk
Eldorado Gold Corporation (NYSE: EGO) reported last year results from brownfields exploration drilling programs in Quebec, Greece, and Turkey, including an update on the newly-discovered Ormaque zone at Lamaque. Additionally, the Company is providing a brief update on COVID-19. At Efemcukuru, drill results have confirmed continuity of high gold grades within mineralized shoots at the Kokarpinar Middle and Kokarpinar South target areas, advancing this vein system to resource conversion drilling stage. "These results from our brownfields programs continue to demonstrate the outstanding exploration potential at our operations", said George Burns, President and CEO. "I am particularly pleased with the outcome of the step out drilling at C2, C6 and C7, which highlight the potential for further expansion of the Triangle deposit, and with the new results from the Ormaque zone. In Turkey, we had solid results at Efemcukuru and we continue to focus on extending the life of that asset through further exploration."
Gold Fields Limited (NYSE: GFI) reported last year that has again been ranked the top South African mining company in the prestigious Dow Jones Sustainability Index (DJSI). Gold Fields was ranked 4th among 75 mining companies and 2nd among gold mining companies. Canada's Teck Resources was the metals and mining industry leader based on its score of 90. Gold Fields' score was 80, more than double the industry average of 39. Gold Fields has consistently achieved a Top 5 metals and mining ranking in the DJSI since it started participating in 2011. "Our continued strong showing on the DJSI illustrates that we have fully integrated ESG practices into our business. This is critical because we are no long only assessed on our operational and financial performance, but that we are doing so responsibly and to the benefit of all our stakeholders," says Gold Fields CEO Nick Holland.
Coeur Mining, Inc. (NYSE: CDE) reported back in August an update on its 2020 exploration program, which is the largest campaign in the Company's history. The primary focus of the program is resource expansion and new discoveries, including prospective step-out drilling on certain targets designed to test known boundaries of existing mineralization. Drilling was active at six of the Company's sites during the first half of 2020 with each program delivering positive results, including two new gold discoveries at the Sterling and Crown exploration properties in southern Nevada. New, significant discoveries in Nevada of oxide gold at Sterling and Crown – Step-out drilling at both Sterling and Crown has discovered new mineralized zones: (i) El Portón, located to the northeast of the historic Sterling mining area and (ii) C-Horst, located in the northernmost portion of the Crown Block.
Harmony Gold Mining Company Limited (NYSE: HMY) announced back in October third quarter 2020 financial results, including revenue of $229.7 million, cash flow from operating activities of $79.5 million and GAAP net income from continuing operations of $26.9 million, or $0.11 per share. On an adjusted basis, the Company reported EBITDA of $90.8 million, cash flow from operating activities prior to changes in working capital of $57.4 million and net income from continuing operations of $38.2 million, or $0.16 per share. Gold production increased 23% to 95,995 ounces driven by improved operational performance at Palmarejo, Rochester and Wharf, while silver production of 2.6 million ounces was 58% higher largely due to positive results at Palmarejo.
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 falcon gold 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
