NEW YORK, March 18, 2021 /PRNewswire/ -- Gold prices reached the highest intraday level in more than two weeks, reacting to the decision made by the Federal Reserve to keep its interest rate unchanged, near zero, likely for the next two years. In electronic trading late Wednesday afternoon, April gold was at valued at USD 1,747.60 an ounce, after touching a high at USD 1,750.60, FactSet data shows. Despite their decision, the central bank remains somewhat optimistic regarding economic growth through the end of the year. According to a report by Kitco, the central bank also noted a slight improvement in economic conditions compared to the last time it met in January. Exploits Discovery Corp. (CSE: NFLD) (OTC: RNRRF), Harmony Gold Mining Company Limited (NYSE: HMY), Kinross Gold Corporation (NYSE: KGC), B2Gold Corp. (NYSE: BTG), Gold Resource Corporation (NYSE: GORO)
"Following a moderation in the pace of the recovery, indicators of economic activity and employment have turned up recently, although the sectors most adversely affected by the pandemic remain weak," the central bank said. "Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. The path of the economy will depend significantly on the course of the virus, including progress on vaccinations. The ongoing public health crisis continues to weigh on economic activity, employment, and inflation, and poses considerable risks to the economic outlook."
Exploits Discovery Corp. (CSE: NFLD) (OTCQB: RNRRF) along with its exploration partner GoldSpot Discoveries Corp. just announced breaking news that it, "has defined three high priority drill targets through Goldspot's proven artificial intelligence (A.I.) machine learning and data analysis technology, which was instrumental in New Found Gold's discovery of the Keats and Lotto zones.
What we have done:
- The True Grit Project hosts the GRUB Line, a deep seated gold bearing fluid conduit that crosses the Exploits sub zone and defines mineral pathways similar to the Appleton Fault, the Joe Batts Pond Fault and the Dog Bay Line.
- In the last six months Exploits has undertaken:
- A high resolution (100m spacing) airborne VTEM geophysical survey.
- SGH soil grid analysis
- Surficial structural mapping and sampling
- Historic drill data compilation and modeling
Where we are going:
- Goldspot has identified three high priority exploration targets using proven techniques similar to those used by GoldSpot for New Found Gold's Keats high grade epizonal gold discovery where they drilled 92.86 g/t Au over 19 metres.
- The geophysical targets display a structural patterns of primary and secondary faulting, that is reinforced by results of SGH soil anomalies, structural mapping, sampling, and 3D modeling of historic shallow drilling.
- The True Grit Property is road accessible and fully permitted for drilling in Spring of 2021. It is the first prospect in a series of five drill targets that Exploits is focused on drilling in the spring of 2021.
Michael Collins, president and chief executive officer of Exploits, commented: 'Exploits exploitation strategy is benefiting our shareholders. In only 6 months we have defined and filed drill permits on 5 projects. With our first permit at True Grit we have defined 3 new targets. That is based on a synthesis of new and old geological information by some of the best minds and A.I. in the business. We look forward to drilling at True Grit and applying our exploration model to the next 4 projects.'
The companies have identified 3 high priority drilling targets on the True Grit Gold Property. GoldSpot's data analysis techniques along with Exploits' historic data compilation, SGH soil survey, and preliminary results from the new high resolution airborne VTEM survey have clearly defined new gold targets for drill testing at True Grit.
The True Grit Project is host to the deep seated GRUB Line fault zone, a known conduit for gold mineralization and gold bearing fluids across the Exploits subzone. The preliminary results have identified a structural pattern of primary and secondary fault structures associated with the GRUB Line, similar to structures Goldspot identified on New Found Gold's Queensway South project.
Current evidence suggests that historical exploration drilling took place on the fringe of the identified targets and the gold intercepts discovered to date are potentially distal to the main mineralized bodies.
Target 1: 3D geological modeling of the historical drilling at True Grit indicates that veining may have a spatial/geometric association with metasediment rock units, coincident with north-south EM conductors. This target was poorly tested by shallow historic drilling that missed both the EM-sedimentary rock hosted anomaly as well as the SGH/Magnetic anomaly. This suite of features are usually expressed by rocks that have been broken up and subject to fluid flow. This structural preparation gives the host rock a higher capacity to host significant gold mineralization than the adjacent areas of known gold mineralization on the True Grit Project.
Untested Targets 2 and 3, were identified on a conductive northeast trending EM anomalies along a major fault structure.
Target 2: is a coincident magnetic high and conductive EM anomaly, overlaid by intersecting major north trending and northeast trending faults to the north of known low grade gold mineralization. It is the strongest of the three highlighted EM conductors and has the structural complexity to develop open spaces required for deposition of gold mineralization.
Target 3: is a coincident conductive EM signature and high priority SGH gold soil anomaly. The SGH gold soil anomaly is spatially associated with an interpreted northwest trending fault, defined by magnetic inversion data, and cross cuts the regional scale EM conductor. This interpreted structural network of primary and secondary structures is critical for the generation and emplacement of epizonal, orogenic gold mineralization.
The True Grit property is 100% owned by Exploits Discovery, subject to a 2% royalty with a 1% buy back for $1 million. It is easily accessible, located only two km west of the junction of the Harbour Breton (Route 360) and St. Alban's highways (Route 361) in the Baie d' Espoir area of Newfoundland's Exploits subzone.
*This press release contains information with respect to adjacent or similar mineral properties which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.
National Instrument 43-101 disclosure
Ian Herbranson, P.Geo, is Vice-President of Exploration for the company and qualified person as defined by National Instrument 43-101. Mr. Herbranson supervised the preparation of the technical information in this news release."
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Harmony Gold Mining Company Limited (NYSE: HMY) announced back in February an exceptional performance for the period ended December 31st , 2020 ("H1FY21") in comparison to the six months ended December 31st, 2019 ("H1FY20"). "The exceptional performance achieved during H1FY21 substantiates the growth strategy that we set out to pursue at the beginning of 2016. Through astute acquisitions, we have successfully added quality ounces and de-risked our asset portfolio. Harmony is no longer a marginal gold producer, but an emerging market mining specialist", said chief executive officer, Peter Steenkamp. Steenkamp added "we have transformed into a company capable of creating value throughout the cycle. We have optimised our existing portfolio and improved our asset mix and continue to make decisions that benefit all stakeholders. We have acquired assets and lengthened their lives when others no longer saw it fit to do so."
Kinross Gold Corporation (NYSE: KGC) announced last September, that it has entered into agreements to acquire a 70% interest in the high-quality Peak Gold project in Alaska from Royal Gold, Inc. ("Royal Gold") and Contango ORE, Inc. (OTCQB: CTGO) ("Contango") for total cash consideration of USD 93.7 Million. Kinross will have broad authority to construct and operate the Peak Gold project, with Contango retaining a 30% non-operating minority interest. "The relatively high-grade, low-cost Peak Gold project is an excellent addition to our portfolio, as it allows us to leverage our existing mill and infrastructure at Fort Knox and strengthens our medium-term production and cash flow profile. In today's gold price environment, Peak Gold is an attractive, high-margin project that is expected to generate robust returns," said J. Paul Rollinson, Kinross Gold President and CEO. "The project is also expected to add to our strong record of socio-economic contributions to our host communities in Alaska, one of the top mining jurisdictions in the world."
B2Gold Corp. (NYSE: BTG) announced last year that its entire inventory of limited-edition Rhino Gold Bars have been sold, generating approximately USD 1.7 Million to support community-backed black rhino conservation efforts in northwest Namibia. All dollar amounts are in United Sates Dollars unless otherwise indicated. The Rhino Gold Bar initiative began in early 2020 when B2Gold announced the ground-breaking donation of 1,000 ounces of gold produced from the Company's Otjikoto mine in Namibia to support the preservation of the black rhino population in the country and the communities that protect them. Commenting on the Rhino Gold Bar initiative, B2Gold President and CEO Clive Johnson said: "We are mining gold that was deposited in Namibia over 500 million years ago and using it to save an animal that has been roaming the planet for 50 million years. This is a whole new way of looking at conservation financing—creative conservation for the future of our planet."
Gold Resource Corporation (NYSE: GORO) announced on February 2nd, that it has intersected additional mineralization up to 250 meters above current production area at the Don David Mine in Mexico With Intercepts Including 11.83 Meters Grading 17.56 G/T Gold and 10.04% Zinc-Lead Combined. "I recently had the opportunity to visit the Don David Mine and see firsthand the impressive Switchback and Arista vein systems," stated Mr. Allen Palmiere, President and CEO of Gold Resource Corporation. "These drill results, which I expect will add resources to the mineral inventory, underscore the reasons for my attraction to Gold Resource Corporation and its highly prospective ground package. We are presently taking a holistic approach to understanding and further capitalizing on the foundations laid in the areas of safety, community relations, environmental stewardship, operational excellence and organic growth. These recent drill results support the Company's renewed commitment to invest in Oaxaca, Mexico. Our exploration team continues to do an excellent job working to expand the Don David Mine's high-grade mineralization."
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