Twitter

Gold and Silver

Fulcrum Metals wants to turn Kirkland Lake tailings into treasure – by Ian Ross (Northern Ontario Business – September 10, 2024)

https://www.northernontariobusiness.com/

The UK-based exploration company sees multi-billion-dollar opportunity to extract gold, clean up mining legacy sites

Gold-enriched tailings piles left behind by two historic mining operations outside Kirkland Lake has attracted a United Kingdom-based company promoting the idea of sustainable mining.

Fulcrum Metals wants to dive into the tailings piles of the historic Teck-Hughes and Sylvanite mines to extract gold contained in the granular waste piles on the surface and eventually remediate the sites.

Read more

AngloGold Ashanti to buy Centamin for $2.5 billion – by Cecilia Jamasmie (Mining.com – September 10, 2024)

https://www.mining.com/

AngloGold Ashanti (JSE: ANG) (NYSE: AU) (ASX: AGG) is buying Egypt-focused smaller rival Centamin (LON: CEY) in a $2.5 billion (£1.9 billion) stock and cash deal that would see the South African gold miner become the world’s fourth largest producer of the precious metal.

The acquisition hands AngloGold the key Sukari mine in Egypt, which is the country’s largest and first modern gold operation, as well as one of the world’s largest producing mines.

Read more

Urgent cash call needed for Wawa gold explorer – by Ian Ross (Northern Ontario Business – September 9, 2024)

https://www.northernontariobusiness.com/

September is a pivotal month for Red Pine Exploration in seeking to raise $9.5 million

Red Pine Exploration needs a fresh infusion of cash, quickly, to kickstart a drilling program at its Wawa Gold Project. The struggling Toronto junior miner is out of pocket and is looking to raise $9.5 million this fall in order to regain the confidence of the market and lay out the big picture of what a mining operation might look like down the road.

In a Sept. 4 webinar, new CEO Michael Michaud projected confidence and enthusiasm in selling the blue-sky potential of its gold deposit, two kilometres outside Wawa.

Read more

Iamgold’s Côté Gold: A model for modern mining and sustainability – by Tamer Elbokl (Canadian Mining Journal – September 9, 2024)

https://www.canadianminingjournal.com/

The newest gold mine in northern Ontario has the potential to become the biggest in Canada. Iamgold’s Côté Gold open pit mine had its official ribbon-cutting ceremony at the end of May 2024. The company has declared commercial production at its 60%-owned Côté mine in northern Ontario, the company’s third producing gold mine and second in Canada.

This mine will be one of Canada’s largest gold producers with an 18-year mine life. During the first six years of operation, Côté Gold’s output will be 495,000 oz., and over the life of the mine, it will average 365,000 oz. per year. Construction of Côté began in 2020 and was expected to take three years to build. The mine cost $1.9 billion to build.

Read more

Wall Street experts turn bearish on gold, Main Street investors don’t stop believing – by Ernest Hoffman (Kitco News – September 6, 2024)

https://www.kitco.com/

(Kitco News) – Gold prices marked another less-than-scintillating string of trading sessions this week, punctuated by a series of moderate highs and lows on both sides of the $2,500 level to ultimately arrive not far from where they began.

Spot gold kicked off the week trading at $2,504.37, before dipping down to $2,490 per ounce during the Asian trading session, and grinding higher to $2,506 through the European and thinly-traded North American session, with most traders observing the Labor Day holiday.

Read more

Will Gold’s Tailwinds Be Enough to Overcome September Curse? – by Jacob Reid (Bloomberg News – August 31, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Gold investors returning from their summer holidays will be eager to see whether the precious metal can sustain its record-breaking rally, or if it will succumb to the curse of September.

Bullion has dropped every September since 2017. Over that period, the average decline has been 3.2% in September – easily the worst month of the year, and far below the monthly average gain of 1%.

Read more

Gold to hit $2,700 in early 2025 amid softening cyclical environment – Goldman Sachs – by Jordan Finneseth (Kitco News – September 3, 2024)

https://www.kitco.com/

(Kitco News) – Commodities are often seen as a safer go-to investment than stocks during times of economic strife as they make up the base materials that fuel the engines of society, but according to Goldman Sachs, the current environment is risky for most popular commodities, and gold offers the best protection against the loss of value.

“We strongly believe in the diversifying role of commodities in investment portfolios based on several structural drivers, including commodities’ hedging role against supply disruptions, not an uncommon occurrence in energy, and the potential for sharp rallies in select industrial metals driven by a combination of long supply cycles and structural green metals demand growth associated with energy security and decarbonization investment,” analysts at Goldman Sachs wrote in their recent commodities update.

Read more

Some want a robust gold industry in Nova Scotia. Others say good riddance – by Taryn Grant (CBC News Nova Scotia – September 03, 2024)

https://www.cbc.ca/news/canada/nova-scotia/

Industry says provincial government is hindering its efforts

A year after Nova Scotia’s only active gold mine shut down, people in the industry say the provincial government is standing in the way of eager prospectors. Others, including environmentalists and Mi’kmaq, are opposed to any new mines and are hoping the closure marks the end of the province’s long history of gold production.

St Barbara, an Australian firm, is the main player in Nova Scotia’s modern gold rush. The company owns the Touquoy mine, which operated from 2017 to 2023, and the company has a vision for three more open-pit gold mines along the Eastern Shore.

Read more

Equinox Gold cuts the ribbon on Greenstone mine – by Ian Ross (Northern Ontario Business – August 29, 2024)

https://www.northernontariobusiness.com/

Mining, community leaders reflect on arduous path to reach gold production

When Long Lake #58 Chief Judy Desmoulin views what’s been accomplished with the opening of a massive open-pit gold mine outside Geraldton, she offers a template of what can be accomplished in Canada when all parties work together to reach consensus.

“This is the model that needs to happen everywhere, with every industry.” Desmoulin took to the podium on Aug. 29 for the official opening of Equinox Gold’s Greenstone Gold Mine, one of the largest open-pit operations in Canada and the Vancouver company’s flagship mine.

Read more

Protest concert in Carmacks, Yukon, calls for a ban on heap leaching – by Caitrin Pilkington (CBC News North – August 27, 2024)

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

Headliners included Snotty Nose Rez Kids and Love and a .38

First Nations across the Yukon are coming together in support of Na-Cho Nyäk Dun following the Eagle Gold mining disaster. On Aug, 24, crowds from across the Yukon gathered in Carmacks for a concert series — called Cyanide in the Water —in support of the First Nation, and to protest heap leach mining facilities in the territory.

The idea for a concert came to Little Salmon Carmacks First Nation Chief Nicole Tom in the weeks following the heap leach failure on June 24, which saw hundreds of millions of litres of cyanide-contaminated solution escape containment at the mine site.

Read more

Drilling marks the path for a mine reboot in Red Lake – by Ian Ross (Northern Ontario Business – August 27, 2024)

https://www.northernontariobusiness.com/

West Red Lake Gold Mines taking the patient approach before resuming production at the Madsen Mine

West Red Lake Gold Mines president-CEO Shane Williams was very guarded in talking about the blue-sky gold potential of the company’s Madsen Mine property in northwestern Ontario .

The Vancouver company is not rushing the dormant underground mine back into production but is taking a patient approach in its reboot of an operation that entered creditor protection in the fall of 2022 under the Pure Gold Mining banner.

Read more

Gold still has plenty of room to run as hedge funds’ bullish bets hit 4-year high – Neils Christensen (Kitco News – August 26, 2024)

https://www.kitco.com/

(Kitco News) – Hedge funds are starting to recognize the value of holding some gold and silver as money managers increase their bullish bets, according to the latest trade data from the Commodity Futures Trading Commission.

The CFTC’s disaggregated Commitments of Traders report for the week ending August 20 showed that money managers decreased their speculative gross long positions in Comex gold futures by 18,298 contracts to 222,142. At the same time, short positions rose by 2,908 contracts to 28,837.

Read more

[Yukon’s Eagle gold mine disaster] Troubled water – by Julien Greene (CBC News – August 24, 2024)

https://www.cbc.ca/newsinteractives/

In June, Yukon’s Eagle gold mine saw what the territory’s mines minister is calling a “catastrophic failure”: the release of hundreds of millions of litres of toxic cyanide solution into the environment. For many local residents, it’s a wake-up call about the risks and costs of large-scale mining in the territory.

Steve Buyck walks a forest path framed by highbush cranberries, rosehips and Siberian Aster. Slung over his shoulder, a rifle. The bullet in the chamber is large enough to down a moose.

These days, however, hunting the animal doesn’t come so easily for him. Not far away from Buyck’s home, along the banks of the Stewart River in central Yukon, is the Eagle mine, the site of a “catastrophic” heap leach pad failure and cyanide spill in late June.

Read more

Gold bulls celebrate as Jackson Hole reinforces bets on rally – by Sybilla Gross and Yvonne Yue Li (Bloomberg News – August 26, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Gold’s record-setting rally above US$2,500 an ounce looks to have further to run as the U.S. Federal Reserve prepares to chop rates, traditional drivers such as lower yields return, and Western investors pile back in.

“Everybody thought the Fed was going to be the last to cut, but now they’re getting in line,” said Jay Hatfield, chief executive officer of Infrastructure Capital Advisors, who recently went long on gold options for the first time in years. Chair Jerome Powell’s Jackson Hole speech — which promised rate cuts — was a watershed moment for bullion, according to Hatfield.

Read more

Yukon government curbs expectations of sale of contaminated Eagle gold mine – by Niall McGee (Globe and Mail – August 24, 2024)

https://www.theglobeandmail.com/

The Yukon government is curbing expectations about a sale of the contaminated Eagle mine, saying that environmental remediation of the site is the main priority.

The open pit gold mine in central Yukon was placed into receivership earlier this month after an Ontario judge ruled that operator Victoria Gold Corp. wasn’t moving with enough urgency and lacked funding to remediate a major cyanide spill.

Read more