Gold is only likely to surge higher, as investors seek safety with the pandemic. At the moment, the metal is up to $1,818 and could hit $2,000 within months, says Goldman Sachs. Others, including Bank of America, are calling for $3,000. All on the heels of the growing pandemic threat, lower interest rates, and central bank stimulus that may not end any time soon. In addition, according to Bank of America strategist Michael Widmer, as highlighted by CNBC, says, “At the moment there’s an awful lot of concerns (keeping gold up). We need a little bit more visibility before gold prices start peaking.” That’s all creating big opportunity for gold companies including Eclipse Gold Mining Corporation (TSXV:EGLD)(OTC:EGLPF), Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX), Kinross Gold Corporation (TSX:K)(NYSE:KGC), Newmont Corporation (NYSE:NEM), and B2Gold Corp. (NYSE:BTG).
Eclipse Gold Mining Corporation (TSXV:EGLD)(OTC:EGLPF) BREAKING NEWS: Eclipse Gold Mining Corporation report it has completed an induced polarization (IP) survey at the Hercules Gold Project located in Lyon County, Nevada.
A review of the data collected to date showed a good correlation between zones of silicification in outcrop and drilling and resistive features in the recently collected geophysical data. Gold mineralization at the Hercules Gold Project is commonly associated with intensely silicified zones. As such, resistivity is a good proxy for delineating targets of potential gold mineralization associated with silicification.
Third party interpretation of the data has indicated the presence of two parallel and continuous NNE-trending, steeply west-dipping structures named the Hercules Structural Zone. This Zone passes through and to the west of the main Hercules Target (Figure 1), and may represent a feeder structure for mineralization, which has only sporadically been intersected by drilling conducted to date.
In addition, a large resistive feature at the southern end of the survey suggests a connection at depth between the Cliffs and Hercules Targets. This feature appears to be both open to and increasing in thickness to the south. Recent drilling announced by the Company on June 10, 2019 presented drill results for the Cliffs target of 74.68 meters of 0.54 g/t Au and 4.78 g/t Ag, and for the Hercules Target 89.92 meters of 0.65 g/t Au and 12.51 g/t Ag. The area between the two targets, which are approximately 600 m apart, has not been tested by drilling to date.
Dr. Warwick Board, Vice President of Exploration for the Company commented, “These results will guide our next phase of geophysical surveying and drilling on the Hercules Gold Project. The newly identified and relatively untested Hercules Structural Zone extends for more than two kilometers and remains open beyond the survey area. The trend and scale of the resistivity anomalies and targets bodes well for future discoveries on the Project.”
Several anomalies remain open for further expansion. Geophysical data will be incorporated into the Company’s geological model and used to target the next phase of geophysical surveying and drilling with the latter expected to launch in late summer 2020.
Other related developments from around the markets include:
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) reported preliminary second quarter sales of 1.22 million ounces of gold and 123 million pounds of copper, as well as preliminary second quarter production of 1.15 million ounces of gold and 120 million pounds of copper. Group gold production for the first six months of 2020 was 2.4 million ounces, at the midpoint of the Company’s 4.6 to 5.0 million ounce guided range for the year. President and chief executive Mark Bristow said these results positioned Barrick well to achieve its guidance for the year, despite the impact of the global Covid-19 pandemic and the resultant lockdowns1. Comprehensive programs to counter the spread of Covid-19 are in place at all of Barrick’s operations and it continues to take the necessary steps to manage the impact of the pandemic on its business. The average market price for gold in the second quarter was $1,711 per ounce, while the average market price for copper in the second quarter was $2.43 per pound.
Kinross Gold Corporation (TSX:K)(NYSE:KGC) announced the results of a pre-feasibility study for its Lobo-Marte project in Chile. Lobo-Marte offers the potential of a cornerstone asset with attractive all-in sustaining costs to enhance Kinross’ long-term production profile. The project adds a significant 6.4 million gold ounces, representing an approximately 25% increase, to the Company’s 2019 year-end mineral reserve estimates in a favourable mining jurisdiction. The reserve addition also increases Kinross’ reserve life index3 by approximately 2.5 years. The PFS estimate includes total life of mine production of approximately 4.5 million Au oz., average cost of sales of $545 per Au oz. and average all-in sustaining cost of sales of $745 per Au oz. during a 15-year mine life, which includes 12 years of mining followed by three years of residual processing. The project has attractive grades and a low estimated strip ratio, in part due to historical stripping completed at the Marte pit.
Newmont Corporation (NYSE:NEM) announced it will report second quarter 2020 operations and financial results before the market opens on Thursday, July 30, 2020 and will hold a conference call at 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time) the same day. The earnings call will also be carried on the Company’s website.
B2Gold Corp. (NYSE:BTG) announce its gold production and gold revenue for the second quarter and first half of 2020. Consolidated gold production of 239,574 ounces, above budget by 3% (7,327 ounces) and a significant increase of 15% (30,684 ounces) over the second quarter of 2019 (excluding discontinued operations of El Limon and La Libertad); Total gold production of 241,593 ounces (including 2,019 ounces of attributable production from Calibre Mining Corp.; Record quarterly consolidated gold revenue from the Company’s three operating mines of $442 million, a significant increase of 65% ($175 million) over the second quarter of 2019 (excluding discontinued operations); No lost time injury incidents at the Company’s operating mines during the second quarter; the Otjikoto and Masbate Mines continued their remarkable safety performance extending the number of days without a LTI to 826 days (well over 2 years) for Otjikoto and 592 days (well over 1.5 years) for Masbate as at June 30, 2020; The Fekola Mine continues to operate unimpeded and no operational days have been lost due to the recent political developments and demonstrations in Mali; On June 12, 2020, the B2Gold Board declared a cash dividend for the second quarter of 2020 of $0.02 per share, paid on July 7, 2020 to shareholders of record as of June 23, 2020; B2Gold remains well positioned for continued strong operational and financial performance. Total consolidated production guidance remains at between 1,000,000 and 1,055,000 ounces of gold; total consolidated cash operating costs are forecast to be between $415 and $455 per ounce and total consolidated all-in sustaining costs are forecast to be between $780 and $820 per ounce.
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