Twitter

Gold and Silver

B2Gold hits bonanza gold at Goose; eyes extended mine life in Nunavut – by Henry Lazenby (Northern Miner – November 14, 2024)

https://www.northernminer.com/

Drill results from B2Gold’s (TSX: BTO; NYSE: BTG) Goose project in Nunavut, which is under construction and expected to yield first gold next year, may point to a longer mine life and bigger resource base, the company said Wednesday.

Drill hole 24GSE-683Z1 at the Nuvuyak deposit at Goose cut 28.8 metres at 6.39 grams gold per tonne from 982.2 metres. It had a higher-grade interval of 23.49 grams gold over 6.5 metres from 1,005 metres depth. This extends high-grade mineralization by 150 metres to the north-northwest.

Read more

Grassroots mineral explorers cash up for exploration – by Ian Ross (Northern Ontario Business – November 13, 2024)

https://www.northernontariobusiness.com/

Ontario Junior Exploration Program dispenses $13 million to 84 projects across province

Ontario’s mineral exploration sector fielded $13 million in provincial funding to discover and define the next generation of mines in Ontario. Provincial mines minister George Pirie announced the fifth round of funding through the Ontario Junior Exploration Program (OJEP) in his home riding of Timmins at the headquarters of NPLH Drilling on Nov. 12.

“There’s a lot of exciting projects to talk about, too many to talk about, with incredible potential,” said Pirie, whose announcement was streamed live on Facebook.

Read more

The Great Kentucky Hoard: $2 million in Civil War-era gold coins discovered – by Jordan Finneseth (Kitco News – November 13, 2024)

https://www.kitco.com/

(Kitco News) – Gold has been recognized as a trusted store of value for centuries, allowing holders to maintain their wealth during times of uncertainty, and sometimes, hidden away treasures resurface in the modern age, as was the case for a Civil War-era coin stash recently found in Kentucky.

As reported on a special episode of Kentucky Life, a farmer in the state made a valuable discovery in 2023 that’s come to be known as The Great Kentucky Hoard, comprised of a cache of gold and silver coins dating to the Civil War era.

Read more

Dubreuilville mines help drive record quarter for Alamos Gold – by Ian Ross (Timmins Today – November 12, 2024)

https://www.timminstoday.com/

Mineral growth opportunities abound as Magino Mine is absorbed into Island Gold operations

DUBREUILVILLE – Adding the Magino open-pit mine to the Alamos Gold stable helped the Toronto gold company post a record third quarter in a number of areas.

Across its mines in Northern Ontario and Mexico, Alamos posted a record 152,000 ounces of gold, up nine per cent from the previous quarter. That’s a reflection, the company said of the performance of its pair of Dubreuilville-area gold mines, Island Gold and Magino. Last week the company posted its financial results for the quarter ending Sept. 30.

Read more

Gold’s dramatic decline is not Trump-specific, silver demand from solar boosts long-term projections – Heraeus – by Ernest Hoffman (Kitco News -November 11, 2024)

https://www.kitco.com/

(Kitco News) – Gold’s price decline since Trump’s electoral victory is as much about the party as it is the candidate, while global silver demand from the solar industry continues to rise as technology evolves and countries surpass their installation targets, according to precious metals analysts at Heraeus.

In their latest precious metals update, the analysts noted that historically, Republican victories have not been good for gold’s near-term prospects. “Gold dropped to $2,643/oz, the lowest price in 19 days, and the dollar strengthened as it became clear that Trump would return as US president,” they wrote.

Read more

Barrick Falls Behind Rivals as No. 2 Miner Misses Boost From Bullion Boom – by Jacob Lorinc (Bloomberg News – November 09, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Most of the world’s top gold miners have seen their shares surge this year as bullion prices hit repeated record highs. Not Barrick Gold Corp.

Missed production targets, higher operational costs and political turbulence at mines in Africa and Asia have investors turning increasingly sour on the world’s second-biggest gold producer. On Thursday, Barrick posted gold output that missed analysts’ estimates for the 11th straight quarter.

Read more

Barrick prepared to give Mali more than half of economic spoils to end fiscal dispute – by Niall McGee (Globe and Mail – November 8, 2024)

https://www.theglobeandmail.com/

Barrick Gold Corp. chief executive Mark Bristow says the Canadian gold miner is prepared to fork over to Mali more than half of the economic spoils from mining in the country, as it toils to put an end to yet another fiscal dispute with an overseas government.

Toronto-based Barrick over the past few years has bounced from one fiscal dispute to another with several host countries over taxes, royalties and joint-venture stakes in its mines overseas. After patching up disputes that lasted for years with both Tanzania in East Africa and then Papua New Guinea in the southwestern Pacific, Barrick this year has tangled with Mali’s military junta in West Africa.

Read more

Mining the Northwest: Goldshore Resources sees blue sky potential in Shebandowan area – by Ian Ross (Northern Ontario Business – November 5, 2024)

https://www.northernontariobusiness.com/

Moss deposit, west of Thunder Bay, could have district-scale potential

Goldshore Resources believes there are more ounces to be found around its six-million ounce deposit in the Shebandowan area, west of Thunder Bay.

The Vancouver gold explorer announced in late October it has raised $13.9 million in flow-through financing that’s doing into exploration this winter to drill off targets in the vicinity where the company has sketched out a conceptual open-pit mine.

Read more

Junior gold miners are appealing takeover targets as bullion prices climb – by Dominique Gené and Andrew Willis (Globe and Mail – November 5, 2024)

https://www.theglobeandmail.com/

For the mining crowd, the annual Denver Gold Forum is a chance to swap speculation on potential deals. At this year’s gathering in September, all the takeover talk revolved around junior companies with promising properties being snapped up by larger rivals.

The country’s smallest gold miners – those developing projects that are years away from producing bullion – are becoming attractive takeover targets. Soaring gold prices have boosted the valuations of senior and intermediate mining companies and left them flush with cash, while stock prices continue to languish at exploration companies.

Read more

Gold price sharply down on Trump win, less risk aversion – by Jim Wyckoff (Kitco News – November 6, 2024)

https://www.kitco.com/

(Kitco News) – Gold and silver prices are strongly lower and hit three-week lows in early U.S. trading, following a decisive win by Republican U.S. presidential candidate Donald Trump. The presidential race was not as close as expected and the process won’t be in dispute. So far, no civil unrest has occurred because of the election results.

This is prompting the unwinding of safe-haven long-gold trades. A stronger greenback and higher Treasury yields today are also bearish for gold. December gold was last down $65.60 at $2,684.10 and December silver was down $1.43 at $31.345.

Read more

Northwest First Nation not sold on open-pit mining project – by Ian Ross (Northern Ontario Business – November 1, 2024)

https://www.northernontariobusiness.com/

Indigenous-led impact assessment initiated and community capacity-building funding to flow for disputed Springpole gold project

Northwestern Ontario mine developer First Mining Gold has entered into a “process agreement” with Cat Lake First Nation and Lac Seul First Nation in support of a community-based Anishinaabe-led Impact Assessment (ALIA) of the company’s Springpole Gold Project.

An Oct. 31 First Mining Gold news release said the agreement provides a framework between the company and the two area Indigenous communities to “have procedural clarity and meaningful participation” in the review of Springpole “through the unique cultural perspective of the Anishinaabe people.”

Read more

Gold Demand Tops $100 Billion as Western Investors Charge In – by Sybilla Gross (Bloomberg News – October 30, 2024)

https://www.bnnbloomberg.ca/

(Bloomberg) — Global gold demand swelled about 5% in the third quarter, setting a record for the period and lifting consumption above $100 billion for the first time, according to the World Gold Council.

The increase — which saw volumes climb to 1,313 tons — was underpinned by stronger investment flows from the West, including more high-net-worth individuals, that helped offset waning appetite from Asia, the industry-funded group said in a report on Wednesday. Buying in bullion-backed exchange-traded funds flipped to gains in the quarter after prolonged outflows.

Read more

Investors’ ‘fear of missing out’ drives gold demand to record high – by Leslie Hook (Financial Times – October 30, 2024)

https://www.ft.com/

Buyers clamour for gold-backed ETFs as central banks scale back purchases of the precious metal

Investors’ “fear of missing out” on gold’s rally has sparked record demand for the precious metal, even as high prices push central banks to scale back their purchases.

The value of global demand passed $100bn for the first time in the third quarter of this year, according to industry body the World Gold Council, driven mainly by investor buying. The volume of global gold demand also rose to a record in the same period, up 5 per cent to 1,313 tonnes.

Read more

Eastern DR Congo grapples with Chinese gold mining firms (RFI – October 27, 2024)

https://www.rfi.fr/en/

Kamituga (AFP) – Italian priest Davide Marcheselli has been fighting for years against Chinese companies illegally mining gold in the town of Kitutu in eastern Democratic Republic of Congo.

He says mining has spoilt the town which lies in South Kivu province, polluting rivers and destroying fields. Hundreds of foreign companies, most of them Chinese-owned, mine gold in the mineral-rich province often without permits and without declaring profits, according to local authorities.

For a long time, civil society groups and members of the church in Kitutu, have been the only people taking a stand against the powerful mining businesses, who often have friends in high places. “From the deputies, to the village chief, everyone receives something (from the companies), money or shares (in businesses),” Marcheselli told AFP.

Read more

Times of ‘Wild West’ in mining are over: Agnico Eagle – by Arty Sarkisian (Nunatsiaq News – October 28, 2024)

Homepage

People remain suspicious of resource extraction even though more regulations are in place, says company director

Many Nunavummiut have misconceptions about mining, says Pujjuut Kusugak. Kusugak is the director of Nunavut affairs for Agnico Eagle, which operates multiple gold mines in Nunavut. “People still remember how mines used to operate — Wild West do whatever you want, no safety concerns,” he said in an interview with Nunatsiaq News at the Agnico Eagle office in Rankin Inlet.

People assume that the company still “does whatever it wants,” he added, but today Nunavut has some of the strictest regulations that protect the environment using both territorial and federal laws. Meliadine mine would have been “shut down” very quickly if it was operating the same way mines used to operate, Kusugak said.

Read more