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Gold and Silver

Agnico Eagle eyes 2030 mine startup for Larder Lake-area deposit – by Ian Ross (Northern Ontario Business – August 7, 2024)

https://www.northernontariobusiness.com/

Gold company spending US$300 million on exploration ramps at Upper Beaver, Detour Lake

Agnico Eagle is spending a combined US$300 million on two exciting gold projects in northeastern Ontario to lengthen its life in the Abitibi gold belt.

Heading into the next decade, the Toronto gold company has plans to build two underground mines by expanding its Detour Lake mine, northeast of Cochrane, and develop its Upper Beaver Project, north of Larder Lake. To Agnico, both Detour and Upper Beaver are considered low-cost, long-life projects with solid returns and blue sky potential.

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Canada hits surprise trade surplus on energy, gold exports – by Laura Dhillon Kane (Bloomberg News – August 6, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Canada unexpectedly recorded a $638 million trade surplus in June as an expanded crude oil pipeline and surging global demand for gold drove exports higher.

Economists in a Bloomberg survey had expected the country to record a trade deficit for the fourth month in a row, with a median estimate of $2.04 billion. Statistics Canada noted in Tuesday’s release the size of the surplus was “close to the typical bounds of monthly revisions,” having revised the previous month’s trade balance upward by about $320 million.

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Gold’s safe-haven appeal at its highest since 1971 as economic storm brews – by Jordan Finneseth (Kitco News – August 6, 2024)

https://www.kitco.com/

(Kitco News) – Gold has a long and storied history as a reliable store of wealth during times of economic strife, and according to an analysis of the yellow metal’s largest price runs over the past 50 years, “The market now finds itself in a longer-lasting gold run than any since the U.S. fully abandoned the gold standard in August 1971.”

“Gold possesses several critical qualities that have solidified its reputation as a wise hedge against instability,” said Brad Chastain, director of education at U.S. Money Reserve. “Gold’s conductivity, corrosion resistance, and malleability give it intrinsic value, particularly in electronics.

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Soaring Prices Have Australian Gold Bugs Expecting M&A Splurge – by Sybilla Gross (Bloomberg News – Ausgust 6, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Australia’s gold industry — buoyed by the precious metal’s record—setting run this year — is anticipating a wave of deal-making, with smaller miners being targeted as exploration lags.

The potential for a flurry of mergers and acquisitions in the world’s biggest gold producer after China and Russia has been one of the major talking points at the three-day Diggers & Dealers Mining Forum in the dusty Western Australian mining town of Kalgoorlie.

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‘We’re not out of the woods yet’: Victoria Gold CEO speaks publicly for 1st time since heap leach failure (CBC News North – July 30, 2024)

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

Company has no intention of leaving the site, says John McConnell

The president and CEO of Victoria Gold says there’s still a lot of work to do before the heap leach failure at the company’s Eagle mine site near Mayo, Yukon, is contained — but the company has no intention of leaving the site.

Speaking publicly Tuesday — the first time he has done so since the heap leach pad went down on June 24 — John McConnell said he believes there is no longer the potential for major environmental impacts from the failure, which is believed to have released up to 300,000 cubic metres of toxic sodium cyanide solution.

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Gold’s run to record high may crimp demand – by Clyde Russell (Reuters – August 5, 2024)

https://www.reuters.com/

LAUNCESTON, Australia, Aug 5 (Reuters) – Gold has been the standout commodity performer so far this year, gaining 18.5% and posting a record high. But the precious metal may become a victim of its own success, with consumer buying at risk from the surge in prices.

Spot gold ended at $2,443.29 an ounce on Aug. 2, and it has largely held onto the gains made this year, which saw a sustained rally to an all-time high of $2,483.60 on July 17.

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Kinross prepared to take the Red Lake plunge – by Ian Ross (Northern Ontario Business – August 6, 2024)

https://www.northernontariobusiness.com/

Gold company to carve out exploration decline to drill for high-grade gold at depth

Kinross Gold is laying the groundwork for an underground mine with its Great Bear project at Red Lake. Construction of an exploration decline is in the works for next year to move the drill rigs underground and chase high-grade gold at depth, according to its 2024 second quarter results released July 31.

Down the road, Kinross wants to start production at Great Bear in 2029. Prep work for the decline begins in the second half of this year once all the permitting, engineering and procurement is done. Breaking ground on the advanced exploration decline — known as the AEX program — starts in mid-2025.

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Gold, silver down on recession fears, but well off daily lows – by Jim Wyckoff (August 5, 2024)

https://www.kitco.com/

(Kitco News) – Gold and silver prices are solidly lower in midday U.S. trading Monday, but up from their session lows on some bargain hunting and safe-haven demand. Gold hit a two-week low overnight and silver a three-month low.

Some recent downbeat U.S. economic data has prompted worries about a U.S. and/or global recession and has the world marketplace on a knife’s edge. December gold was last down $21.60 at $2,448.30. September silver was down $0.972 at $27.42.

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Gold price to surpass $2,500, silver to outperform in second quarter 2025 – WisdomTree – by Heils Chritensen (Kitco News – August 1, 2024)

https://www.kitco.com/

(Kitco News) – Gold prices continue to establish new all-time highs, pushing above $2,500 an ounce late Wednesday, but some analysts say the metal is fully priced in over the medium term.

Growing expectations that the Federal Reserve is preparing to cut interest rates in September have provided the precious metal with new momentum. While prices remain in an upward trend, one investment firm is warning investors that markets will be volatile.

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Timmins nickel developer has a gold deposit to sell – by Ian Ross (Northern Ontario Business – July 30, 2024)

https://www.northernontariobusiness.com/

Aston Minerals taking calls on 1.5-million-ounce gold deposit to bankroll its nickel exploits

Aston Minerals, an aspiring nickel mine developer in the Timmins area, is looking to swing a deal on a gold deposit at its Eldeston Project.

The Australian junior miner has designs on developing an open-pit nickel mine, 60 kilometres south of Timmins and wants to use the money from a sale of the gold asset to put back into advancing its Bardwell nickel-cobalt deposit.

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TROILIUS GOLD SPONSORSHIP: A Premium 11 Million Ounce (AU/EU IND.) Brownfield Gold Development in Quebec’s Prolific Abitibi Greenstone Belt

For more info on this project: https://troilusgold.com/

Troilus Gold Corp’s (TSX:TLG) is systematically advancing and de-risking the gold and copper Troilus project, one of Canada’s largest undeveloped gold-copper assets, toward a potential mine restart. The company holds a 435km2 land package in one of the world’s richest gold regions within the prolific Frôtet-Evans Greenstone Belt, in Quebec, Canada and in the northeastern portion of the prolific Abitibi Greenstone Belt.

Quebec, Canada is a tier 1 mining jurisdiction having consistently ranked as one of the world’s most attractive mining jurisdictions for exploration and development companies, most recently as the 5th most attractive jurisdiction globally according to the 2023 Fraser Institute’s annual survey of the mining industry).

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Yukon partially takes over Victoria Gold mine cyanide spill cleanup after company fails to meet orders – by Niall McGee (Globe and Mail – July 28, 2024)

https://www.theglobeandmail.com/

The Yukon government has taken over some of the environmental-mitigation efforts stemming from a major gold-processing plant failure in the territory because operator Victoria Gold Corp. failed to meet a key government directive.

Four million tonnes of cyanide-laced rocks collapsed on June 24 at an outdoor heap-leach facility at the Eagle gold mine in central Yukon operated by Victoria Gold. Two million tonnes of material breached the company’s containment zone and elevated levels of cyanide were later found in a water body adjacent to the mine.

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Wall Street is balanced and cautious on gold next week, Main Street remains optimistic about price gains – by Ernest Hoffman (Kitco News – July 19, 2024)

https://www.kitco.com/

(Kitco News) – Precious metals traders rode a roller coaster of optimism and greed higher this week, as markets cemented expectations for a rate cut from the Federal Reserve at their September meeting. But gold prices may have pushed too high too quickly, with the ensuing pullback dragging the yellow metal right back to where it started.

Spot gold opened the week trading at $2,411.65 before moving down to test support near $2,400 per ounce shortly after 3:00 am early Monday morning. This level of support held, and it started the precious metal’s upward climb.

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Governor of eastern Congo’s gold-rich province bans mining activities to ‘restore order’ (Associated Press – July 19, 2024)

https://apnews.com/

The governor of the South Kivu province in eastern Congo on Friday ordered the suspension of all mining activities to “restore order” in the mineral-rich region, which is plagued by violence from armed groups.

Mining activities are suspended until further notice because of “the disorder caused by mining operators,” Gov. Jean-Jacques Purusi Sadiki said in a statement, without providing further details.

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Yukon contemplating seizing control of Eagle mine site as Victoria Gold runs low on storage for contaminated water – by Niall McGee (Globe and Mail – July 19, 2024)

https://www.theglobeandmail.com/

The Yukon government is contemplating seizing control of Victoria Gold Corp.’s Eagle mine site, as doubts grow about the company’s ability to prevent further environmental damage after a catastrophic heap-leach failure last month.

Four million tonnes of cyanide-laced rocks collapsed June 24 at an outdoor heap-leach processing facility at the gold mine in central Yukon. Two million tonnes of material breached the company’s containment zone and elevated levels of cyanide were later found in a water body adjacent to the mine.

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