Archive | Gold and Silver

Bosses at Red Lake’s newest mine pleased with operating performance – by Staff (Northern Ontario Business – March 5, 2021)

https://www.northernontariobusiness.com/

Pure Gold Mining ramps toward commercial production while exploration program is on target with high-grade hits

Four months after the first pour gold at Red Lake’s newest mine in December, Pure Gold Mining keeps discovering high-grade gold.

At the same time, the underground mine southwest of the community, is ramping up operations to achieve commercial production status by the middle of this year.

The Vancouver-based mining company, which is 3,700 metres into a 21,000-metre drill program, released early results of high-grade intersects at three targets near the mine. Continue Reading →

Brutal March? Gold price at risk of a flash crash to $1,600 – analysts – Anna Golubova (Kitco News – March 5, 2021)

https://www.kitco.com/

(Kitco News) The first week of March was a damaging one for gold as prices broke through the psychological level of $1,700. Now, the key question on everyone’s minds is just how much lower can gold drop before bottoming out?

Down more than $200 since the start of the year, gold investors are looking for the magical line in the sand that will signal the end of the downtrend. At the time of writing, April Comex gold futures were trading at $1,699.10, down 2.8% on the week.

The main culprit has been the rising U.S. 10-year Treasury yield, which has triggered a stronger U.S. dollar that is weighing on gold. And this week’s Federal Reserve Chair Jerome Powell’s message that largely ignored inflation concerns and rising yields did not help. Continue Reading →

Giant Mine contamination apology discussions underway, says Yellowknives Dene First Nation – by Hannah Paulson (CBC News North – March 4, 2021)

https://www.cbc.ca/news/canada/north/

‘The destruction of the ecosystem that we have always enjoyed is a very painful history,’ chief says

A First Nation in the Northwest Territories is expecting to receive an apology from the federal government for the contamination of its land.

That’s according to Ed Sangris, chief of Dettah, N.W.T., who says the Yellowknives Dene First Nation (YKDFN) are expecting the process for an apology from the federal government, for the harms caused by contamination from the former Giant Mine, to begin in June.

A spokesperson for Crown-Indigenous Relations and Northern Affairs Canada confirmed that the federal government has never apologized for the harm suffered by Indigenous people following the development and contamination of land caused by mining in the North. Continue Reading →

Gold price to decline on cyclical recovery, higher yields – report – by Editor (Mining.com – March 2, 2021)

https://www.mining.com/

Gold prices have trended lower since the start of 2021, amidst rising US treasury yields and an increasingly positive outlook for the economic recovery.

Investor sentiment towards gold has also continued to ease significantly in recent months following the rally recorded in H120 and the peak in prices reached in August last year.

Gold prices could remain supported over March-April as inflation will likely pick-up and could rise faster than bond yields sending real bond yields even in more negative territory, market analyst Fitch Solutions predicts in its latest industry report, adding that this will likely push real interest rates lower in the near term, temporarily boosting the appeal for gold. Continue Reading →

Nunavut mine’s study on caribou roundly rejected – by Thomas Rohner (CBC News North – March 2, 2021)

https://www.cbc.ca/news/canada/north/

Agnico Eagle commissions study that finds mining road has virtually no impact on migrating caribou

A scientific analysis commissioned by Agnico Eagle that found the mining road near Meliadine Mine in the Kivalliq region is having virtually no impact on migrating caribou is being roundly criticized by Nunavut agencies.

“It became pretty clear that they’re not analyzing data correctly,” Clayton Tartak, research coordinator with the Kivalliq Wildlife Board, told CBC News.

Community organizations and members near the mine participated in a roundtable discussion held by the Nunavut Impact Review Board last month. Continue Reading →

Endeavour Mining pivots to exploration to alter image after deal spree – by Helen Reid and Jeff Lewis (Globe and Mail – March 2, 2021)

https://www.theglobeandmail.com/

Canadian gold firm Endeavour Mining, which is preparing for a London listing late next quarter, is switching its focus to integrating new mines after a $2.7-billion acquisition spree in West Africa last year spooked some investors.

The group, whose share price has underperformed a wider index of gold mining stocks to slide nearly 30 per cent since mid-2020, is hitting the brakes on new purchases after buying mining firms Semafo Inc. and Teranga Gold Corp. in the past year.

Chief executive Sébastien de Montessus said his priority now is to show shareholders he is committed to organic growth in six core gold mines across Ivory Coast, Senegal and Burkina Faso. Continue Reading →

Further gold ETF redemptions could push prices to $1,700 – Standard Chartered – by Neils Christensen (Kitco News – March 1, 2021)

https://www.kitco.com/

(Kitco News) – 2021 has not been a good year for the gold market, and the selling pressure could worsen before it gets better, according to one market analyst.

Suki Cooper, precious metals analyst at Standard Chartered Bank, said in a report Friday that although gold appears to be oversold at current levels, there is still room for prices to move lower in the near term. She added that the market looks fragile, with little investor conviction to support prices.

The gold market is struggling to find consistent momentum after prices on Friday broke below critical support and fell to a fresh eight-month low. April gold futures remain near their recent lows, last trading at $1,721.10 an ounce, down 0.45% on the day. Continue Reading →

Timmins mine developer finetuning its processing plans – by Staff (Northern Ontario Business – February 26, 2021)

https://www.northernontariobusiness.com/

Gowest Gold reports that it has successfully completed processing of its first development ore from its Bradshaw gold deposit, north of Timmins.

The Toronto-based mine builder sent 23,000 tonnes of gold-bearing material from a bulk sample and trucked it to Northern Sun’s Redstone Mill during December and January. More than 1,000 tonnes of concentrate went to the Humon Smelter in China.

The company said gold recovery from the mill showed steady improvement as the processed advanced. This testing program remains ongoing. Continue Reading →

Cashed up junior gold stock fire sale in progress – by David Erfle (Kitco News – February 26, 2021)

https://www.kitco.com/

The 10-Year U.S. Treasury yield spiking above long-term resistance at 1.50% on Thursday for the first time in a year, forced gold prices back down to recent lows at $1,765.

U.S. bond yields have tripled since August of 2020, which has been the main culprit in pressuring the gold price to correct 16% from its all-time high of $2089 since then.

The “flash spike” in 10-year Treasury yields on Thursday worried investors and caused the major U.S. indexes to reverse Wednesday’s large gains and fall into the red. Continue Reading →

ROB MAGAZINE: Silver bull: Sprott’s Smirnova on why the precious metal is set to rise in the post-pandemic recovery – by Shirley Won (Globe and Mail – February 27, 2021)

https://www.theglobeandmail.com/

Maria Smirnova runs the only silver equity mutual fund in North America. Her $278-million Ninepoint Silver Equities fund was the brainchild of Eric Sprott, her former boss, mentor and now a mining financier, who has long been a bull on “poor man’s gold.”

But soon after the fund’s launch in 2012, silver fell into a bear market. The metal shot up in price after COVID-19 took hold last year, however, and silver producers’ shares have soared.

We asked the 43-year-old, who also co-runs Ninepoint’s Gold & Precious Minerals fund, why U.S. President Joe Biden’s green energy agenda is a tailwind for silver and whether bitcoin is a headwind for gold. Continue Reading →

Commodities supercycle or bull rally? Analysts point to silver as the one to watch – by Anna Golubova (Kitco News – February 26, 2021)

https://www.kitco.com/

(Kitco News) – Are we on the verge of another commodity supercycle or just a post-pandemic rally after some major supply restrictions? A number of firms favor “supercycle,” and JPMorgan said signs of inflation support the view.

“We believe that the new commodity upswing, and in particular oil upcycle, has started,” the JPMorgan analysts said. “The tide on yields and inflation is turning.”

The idea is that the new supercycle will be driven by the post-pandemic recovery, inflation, accommodative monetary and fiscal policies, a deteriorating U.S. dollar, and a global fight against climate change. Continue Reading →

GOLD MINES: Canadian miners dig deeper in West Africa – by Christophe Le Bec, Honoré Banda and Amadou Oury Diallo (The Africa Report – February 25, 2021)

https://www.theafricareport.com/

In the underexplored and booming gold-mining areas of West Africa, Canadian miners are moving fast to expand their operations.

Mining firms large and small are exporting the expertise gained in their home market to Francophone West African countries where governments are keen to boost their revenue. Canada is home to gold giants like Barrick Gold, as well as minnows that are far from being household names.

“West Africa has more potential than any other region in the world. Its geology is similar to that of northern Ontario, Quebec or Western Australia – exceptionally prolific belts,” says Richard Young, head of the Canadian mining group Teranga Gold Corporation, which is active in Senegal and Burkina Faso. Continue Reading →

Magino Mine has the gold grades to grow – by Ian Ross (Northern Ontario Business – February 24, 2021)

https://www.northernontariobusiness.com/

Argonaut Gold begins construction site prep near Dubreuilville as exploration drilling reveals expanding ore body

The discovery of high-grade gold at Dubreuilville’s Magino Mine project may deliver some longevity to the mine’s life.

With site preparation just getting underway for an open-pit mine, Argonaut Gold is already talking about a major mine expansion, after finding high-grade mineralization below and beside the proposed pit.

Over a projected 17-year mine life, Magino is expected to produce approximately 2.2 million ounces of gold. The first five years of gold production are expected to average 150,000 ounces annually. Continue Reading →

Barrick funds exploration campaign in Japan – by Staff (Mining.com – February 24, 2021)

https://www.mining.com/

The Barrick Alliance approved a $4 million budget, solely funded by Barrick Gold (TSX: ABX) (NYSE: GOLD), to complete the 2021 exploration programs planned for 29 projects in Japan.

The Barrick Alliance is a joint venture that brought together the mining giant and the projects’ owner, Japan Gold (TSXV: JG).

In a press release, Japan Gold – the operator – said that the budget and work programs will complete the 2-year initial evaluation phase regional exploration over the Alliance’s project portfolio, which covers 1,889 square kilometers. Continue Reading →

[History of Silver Mining] The Manila Galleon Trade: Events, effects, lessons – by Ma. Isabel Ongpin (Manila Times – March 3, 2017)

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THE Manila Galleon Trade lasted for 250 years and ended in 1815 with Mexico’s war of independence. In terms of longevity alone, plus the trade that it engendered between Asia, Spanish America and onward to Europe and Africa, it brought in its wake events and movement of people among the various continents that are still apparent and in place today.

It made Mexico a world city. The Philippines, ostensibly a Spanish colony, was governed from Mexico which gave it an Asian extension. Population flows between Asia and Spanish America via Acapulco were, in terms of the times, huge.

About 40,000 to 60,000, maybe 100,000, mostly Chinese and in particular Filipinos, made up that flow. There is an existing Filipino presence in Louisiana and definitely in Mexico from those times. Some of the founders of California seem to be of Filipino descent. Emiliano Zapata, the Mexican revolutionary, was said to have Filipino ancestry. Continue Reading →