Archive | Gold and Silver

Harte Gold Progress at Sugar Zone Property 80KMs east of Hemlo Gold Camp


Harte Gold Corp. (“Harte Gold”) is focused on the exploration and development of its 100% owned Sugar Zone property where it has recently completed a 70,000 tonne Advanced Exploration Bulk Sample at the Sugar Zone Deposit and mined 30,000 tonnes under its Phase I Production Permit.

The Sugar Zone property is located 80 kilometers east of the Hemlo Gold Camp. Using a 3.0 g/t Au cut-off, the Mineral Resource Estimate dated February 15, 2018 contains an Indicated Mineral Resource Estimate of 2,607,000 tonnes grading 8.52 g/t for 714,200 ounces of contained gold and an Inferred Mineral Resource Estimate of 3,590,000 tonnes, grading 6.59 g/t for 760,800 ounces of contained gold. Continue Reading →

Barrick Gold says focus on growth after deep debt cuts – by Nicole Mordant (Reuters U.S. – April 23, 2018)

(Reuters) – Barrick Gold Corp (ABX.TO) said on Monday it was done selling assets to cut debt and would instead use funds from future sales for growth or to pay dividends, as it looks set to lose its rank as the world’s biggest gold producer due to declining production.

Toronto-based Barrick, which reported better-than-expected adjusted earnings, said its focus would increasingly be on growth from its own projects and operations in Nevada and the Dominican Republic.

The miner also said it had suspended work on a prefeasibility study on its massive Pascua-Lama gold and silver project in the Andes Mountains, which does not meet its investment criteria. Continue Reading →

Weak first quarter on tap for Canada’s gold producers – by Niall McGee (Globe and Mail – April 23, 2018)

Investors are bracing for a weak first quarter from Canada’s biggest gold companies with lower production and higher costs expected amid a marginally higher commodity price.

Barrick Gold Corp., the world’s biggest gold producer, reports Monday after the close, with Goldcorp Inc. and Agnico Eagle Mines Ltd. to follow later in the week.

“We expect rising labour costs combined with higher energy and consumable costs to put upward pressure on both operating costs and all in sustaining costs (AISC) at maturing mines,” wrote Stephen Walker, head of global mining research with RBC Dominion Securities Inc. in a note previewing earnings season at the senior gold producers. Continue Reading →

Hope is only surviving camp from Upper Kenai Peninsula gold rush – by Ray Bonnell (Fairbanks Daily News-Miner – April 22, 2018)

FAIRBANKS — According to the 1915 U.S.G.S. report, “Geology and Mineral Resources of Kenai Peninsula, Alaska,” the only recorded instances of Russian gold exploration in Alaska occurred between 1848 and 1851, when Peter Doroshin, a Russian-American Company mining engineer, discovered gold in the Kenai River and spent two summers prospecting along the Russian River.

Doroshin, or his men, may have searched further afield, though. American miners in the Hope area found abandoned workings that they attributed to the Russians.

After the 1867 purchase of Alaska, prospectors began pushing north along the coast from British Columbia. By the 1880s, miners were working beach deposits along Lower Cook Inlet. In about 1888, a prospector named King (first name unknown) sojourned into the Upper Kenai Peninsula, returning two summers later with four pokes of gold. Continue Reading →

Illegal gold miners invade Grace Mugabe’s farm amid legal dispute – by Philemon Bulawayo (Reuters U.S. – April 20, 2018)

MAZOWE, Zimbabwe (Reuters) – A farm owned by Robert Mugabe’s wife Grace is at the centre of a legal dispute after hundreds of illegal gold miners invaded parts of the property and started mining gold.

A Reuters photographer saw hundreds of illegal miners digging for gold at the Smithfield citrus farm using picks and shovels, the tools of choice for most illegal miners in Zimbabwe.

Once guarded by armed police, the farm is now dotted with illegal diggers whose quest for gold has left open shafts and tunnels and uprooted some fruit trees at Smithfield, 40 km (25 miles) north of the capital Harare. Continue Reading →

Acacia Mining’s first-quarter profit slumps after Tanzania tax row (Reuters Canada – April 19, 2018)

LONDON (Reuters) – Acacia Mining (ACAA.L) reported a near 50 percent fall in first quarter earnings on Thursday after reducing operations at its flagship gold mine in Tanzania amid a tax dispute with the government.

Acacia, a unit of Canada’s Barrick Gold (ABX.TO) and Tanzania’s largest gold miner, said its gold production fell 45 percent in the first quarter from a year earlier to 120,981 ounces, mainly due to lower output at its flagship Bulyanhulu mine.

Acacia’s London-listed shares skidded 8.8 percent to 141 pence by 0919 GMT and have now tumbled more than 70 percent since Tanzania introduced a ban on concentrate exports in March 2017. Continue Reading →

ETF Manager Renounces Emerging Markets to Pile Into Gold – by Aline Oyamada (Bloomberg News – April 16, 2018)

What do you do when you’re sure global stocks are running out of gas, rising rates are about to pummel bonds and your models show the only emerging market worth a bet is India? You buy gold, of course.

Fritz Folts did just that earlier this year after slashing his holdings of exchange-traded funds backed by stocks and cutting to zero his exposure to broad emerging-market ETFs, focusing instead on the U.S. and Japan.

He says the positive growth momentum and favorable investor psychology that drove equities in 2017 diminished this year, and markets aren’t paying enough heed to the next round of U.S. Federal Reserve hikes. Continue Reading →

Baker Lake, Nunavut woman fulfills goals at Agnico Eagle’s Meadowbank mine – by Michele LeTourneau (Nunavut News – April 16, 2018)

Natasha Nagyougalik began work at Meadowbank in 2010 as a young mother to a three-year old son. Now Aidan is 11 and mom has climbed the Agnico Eagle Mines Ltd. career ladder to a top rung.

She works as a dispatcher, but has also learned to operate the $2-million RH120 shovel, one of the largest and most sophisticated pieces of equipment in the global mining industry. “In high school, I started off working at the local Northern store,” Nagyougalik said.

Then she saw job openings advertised by Agnico as either a dishwasher or housekeeper. She went for dishwasher. Five months later, she saw a posting for a month of heavy equipment training in Morrisburg, Ont. That was before Agnico brought simulator training to the mine site. Continue Reading →

Eldorado Gold likely to put Brazil project up for sale: fund manager – by Niall McGee (Globe and Mail – April 14, 2018)

Eldorado Gold Corp. may sell its Brazilian gold operations as it seeks to raise capital over the next 18 months, says a precious-metals fund manager.

While the struggling Vancouver-based intermediate gold producer has no urgent cash crunch, its longer-term capital expenditure needs far exceed cash holdings.

In a conference call with analysts following its year-end results last month, chief executive officer George Burns said Eldorado will explore all financing options, including “divestiture at the right price of some of our assets that aren’t top priority.” Continue Reading →

Mexico still No. 1 for silver production (Mexico News Daily – April 14, 2018)

Eight years in a row as the world’s leading silver producer

Mexico held on to first place in global silver production last year for the eighth year in a row, a situation that shows no sign of changing.

Mining firms operating in Mexico extracted a total of 196.4 million ounces of silver during the year, according to the World Silver Survey 2018, produced for The Silver Institute by Thomson Reuters.

Despite global silver production dropping by 4.1% between 2016 and 2017, “the story was more upbeat in the case of Mexico,” where the volume of production rose by 5%, or 10.1 million ounces, explained the lead metals analyst at Thomson Reuters. Continue Reading →

Silver May Be Getting Ready to Shine Again – Clint Siegner ( – April 13, 2018)

The setup for higher silver prices is so good it’s scary. The relative positioning of speculators versus the bullion banks in the futures markets is extraordinarily lopsided.

A bet on silver moving higher from here looks a lot like a no-brainer. So much so that David Morgan, publisher of The Morgan Report and silver guru is advising just a bit of caution, as he told listeners in an exclusive interview on this past Friday’s Money Metals Weekly Market Wrap Podcast.

The bullion banks (Commercials) are almost certainly now betting for higher silver prices and have relinquished their concentrated short position. Continue Reading →

Business Network News (BNN) interviews Franco-Nevada chair Pierre Lassonde (April 12, 2018)

Franco-Nevada chair: Gold equities cheaper than ever

Pierre Lassonde, chairman of Franco-Nevada, talks to BNN about challenges in the gold mining industry with deal flow and financing, the signs that are making him bullish on gold right now, and how conditions for gold are different now versus five years ago.

Excitement as ‘Wits-style’ gold is discovered in iron-ore hub, but geologist urges caution – by Nadine James ( – April 13, 2018)

While there is no doubt that conglomerate gold has been discovered in the Pilbara, the broader understanding of this style of gold mineralisation in the Pilbara remains incomplete and, therefore, any comparisons with the Witwatersrand (Wits) basin are premature, states SRK Consulting geologist Mike Cunningham.

Commenting on the furore surrounding the recent discoveries of conglomerate gold in the Pilbara region, in Western Australia, he notes that some of the excitement is understandable, as the discoveries represent “a new and exciting style of gold mineralisation in a hitherto underexplored part of the country traditionally known for its world-class iron endowment”.

This excitement started in July last year, when Canadian-listed miner Novo Resources discovered nuggetlike gold at the Purdey’s Reward prospect, a joint venture project with Australian miner Artemis Resources. Continue Reading →

The Cold Frontier, Part Three: A journey along North Korea’s edge – by Sue-Lin Wong and Damir Sagolj (Reuters U.S. – April 12, 2018)

(Reuters) – Not far from Linjiang, people in thin, head-to-toe rubber suits were diving in the river. Locals said they were part of North Korea’s smuggling operations.

We couldn’t figure out what the divers were doing – mending pipes in the river bed, fishing? One local walking along the Chinese side of the river bank was happy to fill us in. “They’re mining for gold,” he said.

“Are they Chinese or North Korean?” I asked. “Ha! They’re North Koreans. Chinese aren’t desperate enough to resort to earning money like that.” Continue Reading →

Labour conflict at Torex mine in Mexico cools off – by Valentina Ruiz Leotaud ( – April 11, 2018)

Canada’s Torex Gold Resources (TSX: TXG) announced that, following last week’s negotiations that put an end to a five-month blockade at its El Limón-Guajes mine, today it received a notification stating that the union in conflict had withdrawn its case before Mexico’s Federal Labour Board.

Los Mineros Union, led by expat in Vancouver Napoleón Gómez Urrutia, had been fighting since November 3, 2017, to be the legally constituted union for the union-eligible ELG Mine Complex employees.

According to its representatives, Torex had unilaterally decided which union would advocate for workers, as opposed to letting them choose for themselves, accusations that the company denies. Continue Reading →