Gold just hit a high of $2,281.61 and could potentially test $2,500 this year. For one, new U.S. data could lead the Federal Reserve to cut interest rates in coming months. Two, growing tension in the Middle East is sending more investors into the safe haven of gold. Three, global central banks are still buying gold. All of which is boosting gold stocks such as Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF), Barrick Gold (NYSE: GOLD) (TSX: ABX), Royal Gold (NASDAQ: RGLD), Franco-Nevada (NYSE: FNV), and B2Gold Corp. (NYSE: BTG) (TSX: BTO).
In addition, according to Kamol Alimukhamedov, Deputy Managing Director of the Central Bank of Uzbekistan, who authored the Gold Investing Handbook for Asset Managers, as quoted by Kitco.com, said, “In the modern era, gold continues to play a critical role in the global financial system, serving as a hedge against inflation, a safe haven asset, and a reserve asset for central banks. The role of gold as a reserve asset for central banks has been a significant driver of demand for the precious metal."
Look at Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF).
Calibre Mining Corp. just announced the 2024 exploration program and review of the exploration potential at the Valentine Gold Mine. Valentine is located in the west-central region of Newfoundland & Labrador, Canada. The property is 250 square kilometres and currently hosts five gold deposits with Measured and Indicated Resources of 4.0 million ounces and Inferred Resources of 1.1 million ounces1. Additionally, numerous gold prospects and targets have been identified along the underexplored 32 km northeast-trending Valentine Lake Shear Zone as well as below the existing open pit Mineral Resources.
Valentine Gold Mine Drill Highlights Below Existing Open Pit Mineral Resources
Below Marathon Pit Historical Highlights Include:
- 150.27 g/t Au over 4.3 metres Estimated True Width in hole MA-17-189
- 12.70 g/t Au over 4.2 metres ETW in hole MA-17-175;
- 38.25 g/t Au over 1.5 metres ETW in hole MA-17-201; and
- 25.69 g/t Au over 3.1 metres ETW in hole MA-18-285
Below Berry Pit Historical Highlights Include:
- 25.09 g/t Au over 1.8 metres ETW in hole VL-20-924;
- 20.49 g.t Au over 1.7 metres ETW in hole VL-21-1035;
- 14.90 g/t Au over 1.8 metres ETW in hole VL-20-950; and
- 24.15 g/t Au over 2.6 metres ETW in hole VL-21-956
Below Leprechaun Pit Historical Highlights Include:
- 16.64 g/t Au over 8.1 metres ETW in hole VL-19-693;
- 9.88 g/t Au over 7.2 metres ETW in hole VL-19-681;
- 9.85 g/t Au over 7.2 metres ETW in hole VL-19-686;
- 12.22 g/t Au over 4.5 metres ETW in hole VL-19-690; and
- 9.74 g/t Au over 3.6 metres ETW in hole VL-17-655
See long sections for Marathon, Berry, and Leprechaun linked here.
Darren Hall, President, and Chief Executive Officer of Calibre stated: “The 250 km2 Valentine Land package offers considerable resource expansion and discovery potential as evidenced by the data presented in today’s news release. The 2024 exploration budget includes regional geophysics, drilling, till sampling, and trenching. Our initial exploration focuses on prioritizing new regional target identification along with resource expansion in previously drilled areas. Diamond drilling is underway at the recently announced high grade gold discovery along the southwest edge of the Leprechaun pit highlighting the strong resource expansion potential along the VLSZ toward the Frank Zone (“Frank”), which does not yet have Mineral Resources. Below the Marathon, Berry and Leprechaun pits the gold system remains open for expansion and we see excellent potential for additional high-grade gold mineralization as supported by drill results including 150.27 g/t Au over 4.3 metres. New discoveries combined with several exciting surface anomalies and high-grade exploration results, confirm the excellent potential within the Valentine region that is expected to yield a continuous flow of exciting discovery and resource-building results throughout 2024 and beyond.”
Valentine Gold Mine Property Highlights
- Two highly prospective regional northeast-trending shear zones each over 32 km in strike length (64 km of combined strike potential);
- Minimal exploration activity across the second northeast-trending 32 km structure (NW Contact);
- Mineral Reserves identified over only 8 km of the southern 32 km long VLSZ;
- 4 million ounces Measured and Indicated Mineral Resource (64.6 Mt at 1.90 g/t gold), and 1.1 million ounce Inferred Mineral Resource (20.8 Mt at 1.65 g/t gold) identified to date1;
- Berry deposit Measured and Indicated Mineral Resource of 17.2 Mt at 1.97 g/t gold containing 1.1 Moz1 discovered in 2019 demonstrates opportunity to identify new, at surface, deposits;
- Gold found in the property’s five deposits is contained in Quartz-Tourmaline-Pyrite (“QTP-gold”) veining and associated alteration halos;
- QTP-gold veining has been discovered across most explored sections of the VLSZ to date;
- Southwest Leprechaun discovery of high-grade gold mineralization trending southwest along the VLSZ towards Frank indicates strong resource expansion potential. Highlight RC drill results include:
- 46.53 g/t Au over 5.3 metres in hole LP-RC-23-235;
- 17.16 g/t Au over 7.0 metres in hole LP-RC-23-204;
- 5.53 g/t Au over 14.4 metres in hole LP-RC-23-201; and
- 8.82 g/t Au over 4.0 metres in hole LP-RC-23-2752.
- Numerous, historic, high-grade samples with limited follow-up outside the current deposits;
- Orogenic, structurally controlled, gold deposits with limited exploration, limited testing to depth and significant upside potential.
2024 Programs and Follow Up Priority
- Initial 8,000 metres of diamond drilling focused on the southwest Leprechaun/Frank corridor;
- 10,000 metre of Winkie and RAB drilling to test top of bedrock geology focused on and near the VLSZ;
- 50,000 metre ore control reverse circulation drill program underway at the Leprechaun and Marathon deposits demonstrating encouraging results;
- Exploration permit amendment received for full property exploration, including Winkie, RAB and diamond drilling, and geophysical surveys;
- Follow up on historical high-grade surface samples at Repeater Hill, 250m north of the VLSZ with outcropping, polymetallic QTP-gold vein up to 2m thick at surface;
- Trenching and Winkie drilling on the Western Peninsula target, which covers 2 km of the VLSZ, returned float samples up to 5 g/t gold during 2023 prospecting;
- Property-wide LiDAR, magnetics and VLF surveys to be completed, which will be used to define outcrop locations, glacial drift prospecting targets, and primary structures across the project;
- Property-wide till program will collect approximately 750 till samples to be analyzed for gold grain counts and types;
- Numerous QTP gold anomalies have been discovered outside the main deposit footprints which require follow up, including:
- Surface samples running 110 g/t gold, 130 g/t gold and 155 g/t gold and a diamond drillhole intersection grading 20 g/t gold over 1 metre in the Repeater Hill Vein;
- Numerous significant grab samples throughout the length of the VLSZ, outcrop samples grading 77.8 g/t gold, 42.4 g/t gold, 31.7 g/t gold, 20.2 g/t gold, and 17.3 g/t gold; sub crop samples grading 27.6 g/t gold, 15.6 g/t gold, and 10.2 g/t gold; and float samples grading 53.4 g/t gold, 47.3 g/t gold, 41.8 g/t gold, 40.3 g/t gold, 37.1 g/t gold, 27.7 g/t gold, and 25.6 g/t gold.
Other related developments from around the markets include:
Barrick Gold’s peerless gold and rapidly growing copper portfolios now extend across all the major gold and copper districts worldwide, providing the company with a solid base from which to grow its production and value, directed by a proven strategy and supported by a broad spectrum of skills, says president and chief executive Mark Bristow in its 2023 Annual Report. “Discovery and development are the true drivers of value and our strong focus on exploration is evident in our widespread hunt for new discoveries with Tier One1 potential as well as reserve replenishment opportunities,” he says.
Royal Gold announced that its Board of Directors has declared its second quarter dividend of $0.40 per share of common stock. The dividend is payable on Friday, April 19, 2024, to shareholders of record at the close of business on Friday, April 5, 2024.
Franco-Nevada Corporationrecently noted, “In late 2023, we were challenged by the unprecedented production halt at Cobre Panama. We are hopeful that the issues can be resolved, although we have taken a prudent approach for the carrying value of the asset", stated Paul Brink, CEO. "Despite the issue at Cobre Panama, our business remains robust and we continue to benefit from a long-duration, diversified portfolio. We finished the year with no debt and $1.4 billion in cash and cash equivalents. The balance of our business performed well in 2023 and is expected to grow in 2024 with contributions from the completion of the Tocantinzinho, Greenstone and Salares Norte gold mines. Our growth outlook through 2028 is driven by numerous new mines and mine expansions. $2.4 billion of available capital positions us well for attractive acquisitions in an environment where many project developers are capital constrained."
B2Gold Corp. announced its operational and financial results for the fourth quarter and full year 2023. The Company previously released its gold production and gold revenue results for the fourth quarter and full year 2023. Total gold production of 288,665 ounces in Q4 2023: Total gold production in the fourth quarter of 2023 was 288,665 ounces, including 18,054 ounces of attributable production from Calibre Mining Corp. The Fekola, Masbate and Otjikoto mines all exceeded their expected production in the fourth quarter, with Otjikoto achieving record quarterly production of 81,111 ounces. Total consolidated cash operating costs of $633 per gold ounce produced in Q4 2023: Total consolidated cash operating costs (including estimated attributable results for Calibre) of $633 per gold ounce produced and consolidated cash operating costs from the Company’s three operating mines of $611 per gold ounce produced. On February 21, 2024, B2Gold's Board of Directors declared a cash dividend for the first quarter of 2024 of $0.04 per common share (or an expected $0.16 per share on an annualized basis), payable on March 20, 2024, to shareholders of record as of March 7, 2024.
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