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Barrick CEO talks up Donlin Creek Gold Project, Alaska

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Donlin Gold LLC, an entity owned equally by Barrick Gold Corp. [ABX-TSX; GOLD-NYSE] and Novagold Resources Inc. [NG-TSX, NYSE American], has released the last set of assay results from a successful 2020 drilling program targeting their Donlin Creek Gold Project in Alaska. Barrick CEO Mark Bristow said the results that Barrick and Novagold have been…

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Donlin Gold LLC, an entity owned equally by Barrick Gold Corp. [ABX-TSX; GOLD-NYSE] and Novagold Resources Inc. [NG-TSX, NYSE American], has released the last set of assay results from a successful 2020 drilling program targeting their Donlin Creek Gold Project in Alaska.

Barrick CEO Mark Bristow said the results that Barrick and Novagold have been sharing over the past eight months represent a major step forward in improving the geological confidence in the Donlin project, “a necessary step to advancing Donlin up the value chain.”

Novagold shares advanced on the news, rising 1.5% or $0.17 to $11.27. The shares are currently trading in a 52-week range of $18 and $10.18.

Donlin Gold hosts one of the world’s largest and highest grade undeveloped open pit gold endowments.

It hosts a measured and indicated resource of 541 million tonnes of grade of 2.24 g/t gold, containing 39 million ounces of the yellow metal. Those estimates are based on an updated feasibility study dated, November, 2011 that was amended in January 20, 2012. They include proven reserves of 8.0 million tonnes grading 2.52 g/t.

The planned pits in which the existing resources are situated occupy only 3 km of an 8-km mineralized belt, which itself is less than 5% of Donlin Gold’s ground.

The primary objective of the 2020 drill program, the largest at Donlin Gold since 2008, was to validate and increase confidence in recent geologic modeling concepts. On Friday, Donlin Gold LLC said assay results for all 85 holes have now been reported, representing a final total of 23,361 metres drilled.

The key findings include an improved appreciation of the controls on mineralization. Assay results also demonstrate higher drilled grade-thicknesses than predicted by previous modelling. Results in both the ACMA and Lewis deposit areas exceeded grade-thickness predicted by previous modelling, with higher grades observed over narrower intervals.

Drilling highlights include hole DC20-1930 which returned 51.15 metres grading 4.6 g/t gold starting at 148.85 metres drilled depth, including a sub interval of 7.60 metres grading 12.4 g/t gold, starting at 182.4 metres drilled depth.

Additonal confirmation and extension drilling are being planned for the 2021 field season with a focus on further testing, orebody continuity, structural control, and geotechnical and geometallurgical data collection and analysis.

It is anticipated on completion of the 2021 drilling program and final geological model update, focus will shift to updating the feasibility study.


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Trifecta Gold drills 30.48 metres of 0.99 g/t gold at Yuge Project, Nevada

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Trifecta Gold Ltd. [TG-TSXV; TRRFF-OTC] reported final results from its 2021 reverse circulation (RC) drill program at the company’s road-accessible Yuge gold project located approximately 55 kilometres south of Denio in northern Nevada. Trifecta’s maiden drill campaign at Yuge consisted of seven RC drill holes, three of which were drilled at the Columbia target, two…

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Trifecta Gold Ltd. [TG-TSXV; TRRFF-OTC] reported final results from its 2021 reverse circulation (RC) drill program at the company’s road-accessible Yuge gold project located approximately 55 kilometres south of Denio in northern Nevada. Trifecta’s maiden drill campaign at Yuge consisted of seven RC drill holes, three of which were drilled at the Columbia target, two at the Juanita target and two at the Josie target.

Highlights include 2.27 g/tgold over 38.1 metres from hole YU-21-02 at Columbia (previously released); 0.99 g/t gold over 30.48 metres (including 3.4 g/t gold over 6.1 m) from hole YU-21-07 at Juanita; 0.61 g/t gold over 9.14 metres (including 2.48 g/t gold over 1.52 m) from hole YU-21-05 at Josie; and 0.53 g/t gold over 6.1 metres from surface in hole YU-21-04 at Josie.

“Our maiden drill program at Yuge successfully intersected broad zones of gold mineralization at each of our three targets,” stated Richard Drechsler, president and CEO. “We are very pleased with these results and are now confident that bulk-tonnage and high-grade vein potential exists over the entire property. The limited surface work conducted by our technical team has been successful in defining gold mineralization in structures parallel to and along strike from our drilled targets.”

Trifecta recently expanded the Yuge claim block, which now covers five km of prospective strike length. The company is permitting a follow-up program that will consist of detailed prospecting, soil sampling and mechanized trenching to better determine the geometry and structural controls of the various types of gold mineralization. This will be followed by additional RC drilling to further delineate the shallow, disseminated mineralization as well as the high-grade and structurally controlled mineralization.


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McEwen Mining produces 30,600 AuEq ounces in Q1

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McEwen Mining Inc. [MUX-TSX, NYSE] reported consolidated production for Q1 2021 of 23,300 gold ounces and 493,200 silver ounces, or 30,600 gold equivalent ounces (GEOs), compared with 35,100 GEOs in Q1 2020. All operations delivered production in line with budget. Production is expected to increase over the balance of the year and to be 20-40%…

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McEwen Mining Inc. [MUX-TSX, NYSE] reported consolidated production for Q1 2021 of 23,300 gold ounces and 493,200 silver ounces, or 30,600 gold equivalent ounces (GEOs), compared with 35,100 GEOs in Q1 2020. All operations delivered production in line with budget. Production is expected to increase over the balance of the year and to be 20-40% greater than 2020.

Fox Complex, Timmins, Canada (100%)

Black Fox produced 5,200 GEOs during the period, compared to 8,300 GEOs in Q1 2020. Mining at Black Fox has begun transitioning to the Froome deposit, where a progressive ramp-up is planned through Q3, with commercial production expected in Q4. At the Stock property, surface exploration is underway with four drills at the Stock West target, and one drill at the historic Stock Mine. A Preliminary Economic Assessment (PEA) to expand the production from the Fox Complex will be released late in Q2. The exploration budget for 2021 is $9 million.

San Jose Mine, Santa Cruz, Argentina (49%)

During Q1, San Jose produced 9,500 gold ounces and 492,300 silver ounces, for a total of 16,700 GEOs, compared to 14,900 GEOs in Q1 2020. The Company received $5 million in dividends during the quarter. San Jose performed well after a challenging 2020 that was impacted by COVID-19 restrictions. In 2021, the exploration budget is $10 million.

Gold Bar Mine, Nevada (100%)

During the quarter, Gold Bar produced 7,400 GEOs, compared to 9,100 GEOs in Q1 2020. Updated resource and reserve estimates were completed. Production in Q2 is expected to be higher than Q1. The exploration budget for 2021 is $5 million and will be focused on testing for near-mine targets and on further defining oxide resources on the neighbouring Tonkin property.

El Gallo Project, Sinaloa, Mexico (100%)

In Q1, El Gallo produced 1,300 GEOs from residual leaching of the heap leach pad. Operations were briefly disrupted by a blockade of the mine entrance by members of the local community, which has been resolved. A new 10-year agreement has been reached between the El Gallo operation and the neighbouring communities.

COVID-19 Update

The worsening COVID-19 infection rate in Ontario is being closely monitored; to date it has not had a material impact on operations or exploration activities at the Fox Complex.


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Asian shares up on China gains but tech worries weigh

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Author of the article: HONG KONG — Asian shares rose on Tuesday, led by a stronger Chinese opening and shaking off the initial drag from tech-driven Wall Street losses, while the dollar stayed at multiweek lows against other major currencies. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.2%, swinging into positive territory after…

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Reuters

HONG KONG — Asian shares rose on Tuesday, led by a stronger Chinese opening and shaking off the initial drag from tech-driven Wall Street losses, while the dollar stayed at multiweek lows against other major currencies.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.2%, swinging into positive territory after Chinese blue chips rose 0.13%. South Korea gained 0.4%.

Elsewhere, Japan’s Nikkei dropped 1.84%, as the country continues to grapple with a resurgence in COVID cases. Australia slipped 0.33%.

Hong Kong fell 0.11% although Chinese food delivery giant Meituan’s shares rose 1.59% after the company said it had raised a huge $9.98 billion through an equity and convertible bond sale.

Earlier, major Wall Street indexes drew back from record highs hit list week, with a big drag from Tesla Inc.

The electric-car maker slid 3.4% after a Tesla vehicle believed to be operating without anyone in the driver’s seat crashed into a tree on Saturday north of Houston, killing two occupants.

“This morning in Asia looks like a continuation of what we saw last night, where tech stocks got hit in the U.S.,” said Mick McCarthy, Chief Markets Strategist, CMC Markets.

McCarthy said that the falls in Japan were striking given the yen strength caused by the falling dollar, which would normally be supportive for Japanese stocks, adding he thought this would change one way or the other later in the day.

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The tech-heavy Nasdaq was the biggest mover, falling 0.98%, while the Dow Jones Industrial Average declined 0.36%, and the S&P 500 0.53%.

However, e-mini futures for the S&P 500 rose 0.13%, suggesting markets could bounce back later in the day.

In currency markets, the dollar continued its recent weakness, falling further from six week lows it hit on Monday.

“In our view, USD can remain heavy this week as focus shifts from U.S. economic outperformance to the improving global economic outlook more broadly,” wrote analysts at CBA in a research note.

In Asian trade, the dollar dropped 0.08% against the yen, while the Australian dollar gained 0.14% and the Euro gained 0.07% on the dollar respectively.

The yield on benchmark 10-year Treasury notes rose to 1.6029% compared with its U.S. close of 1.599%.

Oil prices continued to rise. U.S. crude ticked up 0.19% to $63.50 a barrel, and Brent crude rose to $67.2 per barrel.

(Editing by Sam Holmes)

In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post.

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