Archive | Gold and Silver

Cariboo gold rush, Part 2? – by Nelson Bennett (Business Vancouver – May 7, 2019)

https://biv.com/

Barkerville Gold’s Cow Mountain in British Columbia’s fabled Cariboo region is shaping up to be the province’s next new gold mine

For about a century, starting in the 1860s, the most prolific gold mining region of B.C. was the Cariboo. The town of Barkerville, which sprung up in the Cariboo gold rush, was once a bustling town of 5,000.

But by the 1950s, gold mining had pretty much dried up in the area, and the town of Barkerville was saved from becoming yet another B.C. mining ghost town only when it was turned into a living museum.

But gold mining in the Cariboo now appears to be set for a sequel with the development of what has promise of becoming a significant gold mining district by Barkerville Gold Mines (TSX-V:BGM) and Osisko Mining Inc. (TSX:OSK). Continue Reading →

Barrick to shift focus away from free cash flow as first-quarter profit falls – by Niall McGee (Globe and Mail – May 8, 2019)

https://www.theglobeandmail.com/

A slimmed-down Barrick Gold Corp. posted a mixed earnings statement in its first quarter after closing its biggest acquisition in seven years.

With its previously high debt load now largely under control, Barrick also said in a Wednesday news release it is shifting its focus away from free cash flow to exploiting its ore bodies.

Net profit at the Toronto-based miner fell 30 per cent year over year to US$111-million from US$158-million for the period ending March 31. Continue Reading →

Kugluktuk finding new ways to produce fresh food, mining company [TMAC Resources Inc.] lends a hand – by Jackie McKay (CBC News North – May 7, 2019)

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

Kugluktuk, Nunavut, is finding new ways to provide the community with fresh produce. In April the hamlet harvested its first batch of leafy greens from the community greenhouse.

The greenhouse is a converted shipping container with a hydroponic system. “It helps in many different ways, first is providing a reliable source of leafy greens which can be some of the most temperamental vegetables to fly up to the Arctic,” said Matt Stadnyk, manager of community economic development for the hamlet of Kugluktuk.

It’s mostly leafy greens such as mixed lettuce, spinach and kale grown at the moment. The container can produce about 325 plants a week. The idea is for the community to have an alternative to costly air freight for fresh produce. But the hamlet doesn’t want to create competition with the grocery stores. Continue Reading →

SolGold confident in new major copper-gold find in Ecuador – by Cecilia Jamasmie (Mining.com – May 7, 2019)

http://www.mining.com/

Ecuador-focused miner SolGold (LON, TSX:SOLG) said Tuesday that recent results from the Porvenir project, held by its wholly owned subsidiary Green Rock Resources, suggest the presence of a “significant” copper-gold system.

Mapping and sampling, SolGold said, has extended copper-gold mineralization at Cacharposa Creek on Porvenir, located in southern Ecuador. The samples, the company noted, show similar veins to its other major target, Alpala, on its flagship Cascabel copper-gold project in the country’s north.

SolGold has also found similar results at Porvenir’s Mula Muerta Creek, and it believes both targets are part of the same system, comprising an 800 metre-wide corridor over 1,200 metres long. Continue Reading →

FOCUS: Mining wrote South Africa’s history. Does it have a future? – by Ryan Lenora Brown (Christian Science Monitor – May 7, 2019)

https://www.csmonitor.com/

KIMBERLEY, SOUTH AFRICA: On a glassy blue March day, on a cratered field flanked by tin shacks, a man named Shimi sinks his hands deep into the dirt that once made his country rich beyond reason.

One hundred and fifty years ago, a few miles from this spot, another man, whose name was recorded for history only as Swartbooi (“black boy”), found a diamond so big that it warped the entire history of South Africa. Now Shimi is trying to do the same. Actually, Shimi doesn’t really need the history-warping kind of diamond. The rent-paying kind would do. The new-shoe buying type. The type of diamond that means he has enough cornmeal for a few more months.

“If you’re lucky, with this work, you find enough to live,” says Shimi, who asked that his last name not be used because of the illegal nature of his work, as he carries another bucket of dirt to the homemade sifter he uses to search for diamonds in this old mine dump. Continue Reading →

Agnico Eagle sees continued promise in Quebec – by Peter Diekmeyer (Northern Miner – May 7, 2019)

Northern Miner

High-profile investments by Agnico Eagle Mines (TSX: AEM; NYSE: AEM) in two new Nunavut gold operations will drastically alter the company’s production profile with the onset of commercial production later this year.

However, perhaps lost in the excitement is that its core operations in Quebec — La Ronde, Canadian Malartic and Goldex — are also expected to expand. Help on the regulatory front from Quebec Premier François Legault, whose Coalition Avenir Quebec government took office last October, could speed up the process.

Currently, “start-ups take longer and are more complicated because we have to get approvals at the federal and provincial levels,” said Christian Provencher, Agnico Eagle’s vice-president for Canada, in an interview. The Coalition Avenir Quebec government, whose electoral base is concentrated in the province’s regions, has committed to reviewing the situation. Continue Reading →

U.S, allies propose financing for power plant for Papua New Guinea gold mine – by Colin Packham (Reuters U.S. – May 6, 2019)

https://www.reuters.com/

SYDNEY (Reuters) – The United States and a group of Pacific allies are proposing to finance a power plant to kick-start the Wafi-Golpu mine in Papua New Guinea, one of the world’s largest untapped gold resources, two sources familiar with the plan said.

The proposal would be the first to be funded by a partnership of the United States, Australia, New Zealand and Japan that pledged to support electricity projects in Papua New Guinea (PNG) during the Asia Pacific Economic Co-operation Summit held in November in the capital of Port Moresby.

The countries promised to fund projects to provide electricity for up to 70 percent of the PNG population by 2030, a centerpiece of efforts to undercut Chinese influence in the Pacific. Continue Reading →

Central Banks Are Ditching the Dollar for Gold – by Rupert Rowling (Bloomberg News – May 2, 2019)

https://www.bloomberg.com/

First-quarter gold purchases by central banks, led by Russia and China, were the highest in six years as countries diversify their assets away from the U.S. dollar.

Global gold reserves rose 145.5 tons in the first quarter, a 68 percent increase from a year earlier, the World Gold Council said Thursday in a report. Russia remains the largest buyer as the nation reduces its U.S. Treasury holdings as part of a de-dollarization drive.

“We’ve seen a continuation of the strong demand from central banks,” said Alistair Hewitt, head of market intelligence at the World Gold Council. “We’re expecting another good year for central bank purchases, although I’ll be pleasantly surprised if they are to match the level seen in 2018.” Continue Reading →

Yamana Gold eyes $100m expansion in Brazil – by Mariaan Webb (MiningWeekly.com – May 2, 2019)

https://www.miningweekly.com/

Precious metals miner Yamana Gold is considering several expansion opportunities at its mines, including a $100-million expansion in Brazil that will add about 80 000 oz/y to its production.

With more financial flexibility following the $1-billion sale agreement of Brazil-based Chapada to Lundin Mining, Yamana is considering a two-phase expansion at the Jacobina mine, the first phase of which involves a mill optimisation to increase capacity to 6 500 t/d.

This phase would require “very modest” capital and would be implemented by the middle of next year, the TSX-listed miner reported in its first-quarter results announcement on Wednesday. Continue Reading →

High-grade discoveries open “whole new chapter” at Kirkland Lake mine: Exploration drilling probes unexplored areas at Macassa’s South Mine Complex – by Staff (Northern Ontario Business – May 2, 2019)

https://www.northernontariobusiness.com/

Kirkland Lake’s Macassa Mine doesn’t appear to be relinquishing its status as one the world’s richest gold mines. Kirkland Lake Gold released some eye-popping high-grade drill intercepts from its ongoing underground exploration and expansion project within the South Mine Complex (SMC).

In an May 2 news release, the company highlighted the results from 73 drill holes and nearly 30,000 metres worth of drilling from the east and west exploration drifts on the mine’s 5300-foot and 5700-foot level.

Some of the high-grade intersections include 118.8 grams per tonne (g/t) over a 2.0 metre core length at SMC, and 4,772 g/t over a 2.0-metre length from an identified zone, west of the current resource. A 1.8-metre section from another hole yielded 2,458.6 g/t in the lower complex and to the east and at depth. Continue Reading →

Agnico Eagle’s Meliadine mine set to start commercial production – by Jim Bell (Nunatsiaq News – May 1, 2019)

https://nunatsiaq.com/

Inuit orgs could rake in nearly half a billion from Agnico Eagle’s Kivalliq operations

Following the pouring of its first bar of gold last February, the Meliadine gold mine near Rankin Inlet will start commercial production this month, Agnico Eagle Mines Ltd. said last week in its financial statements for the first quarter of 2019.

The processing plant at Meliadine has already produced 17,582 “pre-commercial” ounces of gold. And by the end of this year, AEM hopes to produce about 230,000 ounces, the company said.

The long-awaited Meliadine mine, which cost more than $900 million in capital expenditures, is expected to require about 900 employees, at least 350 of whom will be Inuit. “Three underground mining areas are now in operation, with operations in a fourth area expected to commence in the second quarter of 2019,” the company said. Continue Reading →

Guyana Goldfields CEO to exit as company reaches proxy fight settlement with founder – by Niall McGee (Globe and Mail – April 30, 2019)

https://www.theglobeandmail.com/

Troubled junior gold company Guyana Goldfields Inc. has agreed to replace its chief executive officer and is parting ways with three board members, as it reached a proxy settlement with a dissident shareholder group.

A week ago, Guyana said it was standing behind its CEO, while painting a picture of dissident ringleader Patrick Sheridan as an irresponsible rogue.

But on Monday, Toronto-based Guyana said it is now looking for a replacement for Scott Caldwell, who had led the miner since 2013. Guyana also said that long-time board members Jean-Pierre Chauvin, Michael Richings and David Beatty are stepping down immediately. Continue Reading →

UPDATE 2-Newmont Goldcorp suspends Peñasquito mine operations in Mexico due to blockade – by Nichola Saminather (Reuters U.K. – April 29, 2019)

https://uk.reuters.com/

April 29 (Reuters) – Newmont Goldcorp Corp said on Monday it plans to suspend operations temporarily at its Peñasquito mine in Mexico due to a blockade by a trucking contractor and some members of the Cedros community.

The open-pit mine, in northern Zacatecas state, produced 272,000 ounces of gold in 2018, company figures show. It accounts for about 17 percent of Newmont Goldcorp’s net asset value, according to Scotiabank.

The blockade began on March 27, the company said in a statement, adding that it was working with Mexican authorities to resolve the issue. Continue Reading →

Sponsored Content: Little House of Gold on the Prairie: Gold Exploration in Saskatchewan (Investing News Network – April 24, 2019)

Investing Network News

Gold exploration in Saskatchewan is an overlooked but promising segment of the industry in a stable jurisdiction with the least amount of regulatory uncertainty of any Canadian province.

When discussing mining in Saskatchewan, uranium and potash take most of the attention and there is good reason why. Saskatchewan’s uranium and potash reserves are of global significance. Resource size, purity and accessibility are key to Saskatchewan’s C$6.7 billion in mineral sales last year.

Gold exploration in Saskatchewan would seemingly be an afterthought. After all, Ontario and Quebec produced roughly 75 percent of Canada’s total gold in 2017. By comparison, Canada’s prairie provinces of Alberta, Saskatchewan and Manitoba produced a mere 3.8 percent combined. A 2012 report into Saskatchewan’s gold potential reveals just how underexplored the province is despite historic and current operations. Continue Reading →

Newmont beats expectations, but mum on Goldcorp results – by Niall McGee (Globe and Mail – April 26, 2019)

https://www.theglobeandmail.com/

Newmont Goldcorp Corp. has topped earnings expectations just days after taking the crown as the world’s biggest gold company, but mine disruptions are leaving analysts with some unanswered questions.

Last week, Colorado-based Newmont Goldcorp – formerly Newmont Mining Corp. – closed its US$10-billion acquisition of Vancouver-based Goldcorp Inc. The deal vaulted Newmont Goldcorp ahead of Toronto-based Barrick Gold Corp., making it the biggest gold miner by production, value and reserves.

As part of the deal, Newmont Goldcorp acquired a suite of new mines and development projects across North and South America. Newmont Goldcorp previously said the combination should lead to cost savings of US$365-million a year. Continue Reading →