Archive | Gold and Silver

Premier expands high-grade mineralization at Hasaga in Ontario – by Editor (Canadian Mining Journal – November 17, 2020)

http://www.canadianminingjournal.com/

Premier Gold Mines has released exploration results from its wholly owned Hasaga project in Ontario’s Red Lake camp, which suggest extensions of the Epp-C and Epp-D zones at the past-producing site.

The company has reported assay results for six drillholes – these stepped out the Epp-C area to the east and confirm continuity of the high-grade structures within the Epp-D zone for at least 240 metres.

Drill highlights from up-dip extensions of Epp-C include 17 metres of 4.93 g/t gold and 3.5 metres of 76.12 g/t gold. Infill drilling within Epp-C returned 7.6 metres of 26.82 g/t gold. Continue Reading →

Gold exploration booms in La Belle Province – by Alisha Hiyate (Canadian Mining Journal – October 2020)

http://www.canadianminingjournal.com/

A combination of prospective geology, a mining–friendly culture, and generous exploration incentives have made Quebec a popular destination for explorers. A climbing gold price has made it especially so for precious metals juniors.

With 275,000 metres of drilling planned for 2020, Osisko Mining, profiled in our September issue, is certainly the most active gold explorer in La Belle Province, but it’s far from the only company busy at work. Here’s a look a few at some of the other most active gold exploration projects.

Amex Exploration – Perron

In September, Amex Exploration added four drill rigs at its Perron property and increased the program to 300,000 metres from 100,000 metres. The junior is working toward a maiden resource at Perron, located 110 km north of Rouyn-Noranda, near the village of Normétal. Continue Reading →

Barrick denies meddling in PNG political affairs (MiningWeekly.com – November 18, 2020)

https://www.miningweekly.com/

orgera mine operator Barrick Niugini Limited (BNL) has dismissed claims that the company has meddled with Papua New Guinea’s political affairs and has said it will take legal action against individuals making false claims on social media platforms.

A number of statements on Facebook and other social media have alleged BNL’s involvement in the actions of Parliamentarians to move from the government to the opposition and attempts have been made to draw a link between the political events and the recent visit of Barrick CEO Mark Bristow to the country.

“Those statements are false, defamatory and the company will be taking civil and criminal action against the individuals who have made these irresponsible and false statements,” BNL said this week. Continue Reading →

‘A trend that will continue’: Endeavour snaps up Canada’s Teranga in $2.4 billion deal as gold sector consolidates – by Gabriel Friedman (Financial Post – November 17, 2020)

https://financialpost.com/

In the latest sign that the gold mining sector is consolidating, Toronto-listed Endeavour Mining Corp. on Monday announced a $2.4 billion all-stock acquisition of Teranga Gold Corp., creating a new West African-focused senior producer.

It marks Endeavour’s second acquisition since July and would propel the company into one of the world’s 10 largest gold miners, with six mines spread across three African countries, capable of producing around 1.5 million ounces of bullion per year.

In an interview with the Financial Post, Endeavour’s chief executive Sebastien de Montessus said the deal provides operational synergies, and gives his company geographic concentration in Burkina Faso’s Houndé gold district, with additional mines concentrated in Senegal and Cote D’Ivoire. Continue Reading →

Dream No Small Dreams: The opportunity for transformative growth in Red Lake Video (Pure Gold Mining – November 2020)

The Red Lake camp produced 155 000 ounces of gold in 2019 and has produced 29.5 million ounces of gold historically as of the end of 2019.

Ontario produced 2.4 million ounces of gold in 2019 and has produced 195.3 million ounces of gold historically as of the end of 2019.

Ontario 2019 Gold Production From Major Camps (MNDM Statistics)

  • The Timmins District produced 1.1 million ounces of gold in 2019 and has produced 76.6 million ounces of gold historically as of the end of 2019.
  • The Kirkland Lake camp produced 577,544 ounces of gold in 2019 and has produced 46.8 million ounces of gold historically (including tailings) as of the end of 2019.
  • The Hemlo camp produced 213,000 ounces of gold in 2019 and has produced 22.2 million ounces of gold historically as of the end of 2019.

Continue Reading →

Endeavour Mining buying Canada’s Teranga Gold in all-stock deal worth $2.4-billion – by Niall McGee (Globe and Mail – November 17, 2020)

https://www.theglobeandmail.com/

Britain’s Endeavour Mining Corp. is buying Teranga Gold Corp. in an all-stock transaction worth about $2.44-billion, the latest in a whirlwind of deal making in the global gold sector over the past two years aimed at winning back generalist investors.

London-based Endeavour is paying 0.470 of its shares for each Teranga share, a 5.1-per-cent premium to Teranga’s closing share price last Friday. Endeavour’s biggest shareholder, Egyptian billionaire Naguib Sawiris, has pledged to invest an additional $200-million into the combined company to strengthen the balance sheet as part of the transaction.

Endeavour has six mines in Burkina Faso and Côte d’Ivoire, while Toronto-based Teranga has two mines in Senegal and Burkina Faso. The transaction will see Endeavour distance itself from B2Gold Corp. and Kinross Gold Corp. as West Africa’s biggest gold miner by production, with projected yearly output of 1.5 million ounces. Continue Reading →

Endeavour to buy Teranga, creating top 10 gold miner – by Cecilia Jamasmie (Mining.com – November 16, 2020)

https://www.mining.com/

Canada’s Endeavour Mining (TSX: EDV), already West Africa’s top gold producer, has agreed to buy Teranga Gold (TSX: TGZ) in an all-share deal worth C$2.44 billion ($1.86 billion), which would create a top 10 gold producer.

The Toronto-based miner is offering 0.470 of its own shares for each Teranga share, a 5.1% premium to Teranga’s closing price on Friday.

Endeavour shareholders will end up with 66% of the combined entity, with Teranga shareholders holding the remaining 34%. Teranga will get three seats on the board to Endeavour’s seven. Continue Reading →

World’s top gold miner sets new targets to cut carbon emissions – by Steven Frank (Bloomberg News – November 12, 2020)

https://www.bnnbloomberg.ca/

The world’s largest gold miner has just set new targets to cut emissions by 2030 and said it wants to go carbon neutral two decades later.

But while Newmont Corp.’s plan is more ambitious than that of other mining companies including BHP Group and Barrick Gold Corp., it doesn’t fully address the elephant in the room for the global industry: the so-called Scope 3 emissions, which are generated by its supply chain and customer use.

The Greenwood Village, Colorado-based company plans to cut emissions from its operations and power generation 30 per cent by 2030 from 2018 levels, with the target for Scope 3 set at 15 per cent, according to a statement. It also wants to go carbon neutral by 2050, but provides little detail on how that will be achieved. Continue Reading →

Harte Gold aims to triple gold production in mid-2021 – by Staff (Northern Ontario Business – November 13, 2020)

https://www.northernontariobusiness.com/

Management at Harte Gold is intent on getting more production out of its expanding Sugar Zone Mine heading into 2021.

The Toronto-headquartered miner released its third quarter results on Nov. 12 showing $12.2 million in net revenues from the 4,882 ounces of gold sold. That’s 18 per cent lower in revenue that during the same period last year, prior to the pandemic, when the mine operated over the full three-month period.

The Sugar Zone Mine is located north of White River. COVID-19 forced the closure of the mine for an extended period in last spring and summer before operations resumed in mid-July to stockpile ore for the startup of the processing plant in early August. Continue Reading →

Biggest immediate gold price risk is U.S. government inaction – analysts – by Anna Golubova (Kitco News – November 13, 2020)

https://www.kitco.com/

(Kitco News) After the euphoria of positive vaccine news, the risk-off sentiment is back in the marketplace as investors face a harsh reality of record coronavirus cases, more restrictions, and no new stimulus.

After losing $100 at the start of the week, gold has been in recovery mode, which will continue into next week, according to analysts.

“Even after the drop, we were constructive both gold and silver,” said Kitco Metals global trading director Peter Hug. “Thought gold would hold $1,850, which it did … This is the market that you want to buy. I don’t think anything changed.” Continue Reading →

Barrick looking to reopen Porgera gold mine in Papua New Guinea (Mining Technology – November 13, 2020)

https://www.mining-technology.com

Barrick Gold president Mark Bristow reportedly held discussions on royalty arrangements with landowners in Port Moresby, Papua New Guinea (PNG).

The latest move comes as the company seeks to ‘negotiate a reopening’ of the Porgera gold mine, Reuters reported citing landowners. The Porgera gold mine is located in Enga Province, 600km north-west of Port Moresby.

Barrick’s lease over the gold mine, which it operated alongside Zijin Mining, expired when PNG Prime Minister James Marape refused to extend it in April this year. Continue Reading →

Endeavour Mining Explores Combination With Rival Teranga Gold – by Dinesh Nair, Ruth David and Thomas Biesheuvel (Bloomberg/Yahoo Finance – November 10, 2020)

https://finance.yahoo.com/

(Bloomberg) — Endeavour Mining Corp., the acquisitive gold producer backed by Egyptian billionaire Naguib Sawiris, is in talks about a potential combination with Teranga Gold Corp. as it seeks to build scale.

The miner is discussing a “merger of equals style” deal with Teranga, it said in a statement Tuesday, confirming an earlier Bloomberg News report.

It is considering an all-stock purchase and may offer a low premium for Toronto-listed Teranga, people with knowledge of the matter said earlier. Teranga confirmed the talks in a separate statement. Continue Reading →

Rob McEwen shares investment strategies at the Global Mining Symposium – by Trish Saywell (Northern Miner – November 11, 2020)

Global mining news

The Northern Miner’s Global Mining Symposium this week featured an interview with Canadian mining entrepreneur Rob McEwen, chief owner and chairman of McEwen Mining (TSX: ; NYSE: MUX).

The legendary investor, perhaps best known for transforming Goldcorp into a global powerhouse and revitalizing the Red Lake gold mine in Ontario, shared his philosophy on everything from how to pick the right companies in which to invest to how unprecedented government spending around the world is creating the next bull market for gold.

“I am convinced that the price of gold is going much higher and owning gold bullion is the safest way for me to protect my capital and the best way to make large capital gains is investing in distressed and overlooked explorers and turnaround situations,” he told Anthony Vaccaro, the Northern Miner’s publisher, during the online conference. Continue Reading →

Northern Canada emerging as a new gold mining and exploration hotspot – by Vladimir Basov (Kitco News – November 10, 2020)

https://www.kitco.com/

According to Wikipedia, “Northern Canada, colloquially the North, is the vast northernmost region of Canada variously defined by geography and politics. Politically, the term refers to three territories of Canada: Yukon, Northwest Territories (NWT), and Nunavut.”

With a total population estimate of 126,566 as of Q3 2020, the North already producing approximately 27 times more gold per capita than, for example, Ontario, the largest gold producing province or territory in Canada.

Nunavut is third largest Canadian gold producing province / territory with 465 koz of gold mined in 2019 and Yukon is eight with 84 koz. The North is a home to the great Klondike Gold Rush from the late 1800s that engulfed the Yukon Territory. Continue Reading →

Q&A – ‘Chile’s geological potential, the same as Peru, make both very attractive’ (bnamericas.com – November 9, 2020)

https://www.bnamericas.com/en/

Johannesburg-based Gold Fields is advancing with two projects in South America, extending the life of the Cerro Corona mine in Cajamarca, Peru to 2030, and the Salares Norte project in Chile’s Atacama region.

BNamericas talked to Luis Rivera, executive VP for the Americas at Gold Fields, about how the pandemic affected the Peruvian operation as well as the Chilean gold project, what kind of changes the company has implemented amid the digital transformation of the industry and how the company sees the copper price outlook.

BNamericas: What has been the pandemic’s effect on Salares Norte and Cerro Corona?

Rivera: Since March, as a consequence of the pandemic and government restrictions, we’ve been coordinating with health authorities in Peru, but once we received permits operations resumed and now we’re 100% operational. Continue Reading →