Data and Analysts Mark Gold as Safe-Haven Amidst Growing Trade War Tensions
FinancialBuzz.com News Commentary
NEW YORK, August 15, 2018 /PRNewswire/ --
Gold prices rebounded on Tuesday as U.S. Dollar softened. Gold Spot rose 0.38% to USD 1,198.01 per ounce during the Tuesday trading session. U.S. Gold future for December delivery was up 0.52% to USD 1,205.10 per ounce. The Dollar fell against a basket of its peers as the Turkish lira rose 7% on Tuesday. Gold price is sensitive to the U.S. Dollar, as a weaker Dollar allows other currency holders a cheaper route of buying Dollar-denominated commodities. The gold price has been under pressure this year as the Fed is expected to raise U.S. interest rates and the U.S. Dollar maintains strength. Sixty North Gold Mining Ltd. (OTC: SXNTF), Aben Resources Ltd. (OTC: ABNAF), Kinross Gold Corporation (NYSE: KGC), Yamana Gold Inc. (NYSE: AUY), B2Gold Corp. (NYSE: BTG)
According to Reuters, investors saw an increasing outflow in gold-exchange traded products and record short positions. However, some investors considered it an indicator of gold being at oversold levels. David Baker, Fund Manager and Managing Partner at Baker Steel Capital Managers, said, according to Reuters, "Gold is a proven inflation hedge and a safe-haven asset in the case of shocks to economic growth, and we believe that current weakness presents an opportunity to benefit from the recovery of this undervalued sector."
Sixty North Gold Mining Ltd. (OTCQB: SXNTF) also listed on the Canadian Securities Exchange under the ticker (CSE: SXTY). Just earlier today, the company announced breaking news in the gold sector with the Headline: "SIXTY NORTH GOLD'S METALLURGICAL TESTING SHOWS GOLD RECOVERIES AVERAGING 98.8% ON A COMPOSITE SAMPLE WITH CALCULATED HEAD GRADE OF 158.0 g/t GOLD", and that, "it has received the metallurgical test results from a quarter tonne sample of the crown pillar of the A-Zone at the Mon Gold Property. Three separate transects across the East Limb, Fold Nose (hinge) and West Limb of the A-Zone were sampled by mechanical hammer by the Company's CEO and director Ronald Handford and Dr. D.R. Webb. The material was bagged and tagged, and delivered to Bureau Veritas Laboratories in Yellowknife where it was shipped to their metallurgical testing lab in Richmond B.C. for testing by gravity and flotation methods.
Table 1. Summary results from metallurgical testing, 2018
Composite ID - Sample Weight Tested - Head Grade, g/t Au -----Gold Recover, %Au
(kg) Measured Calculated Gravity Flotation Overall
Composite 1 75.6 17.4 16.6 79.9 18.0 97.9
Composite 2 83.8 266.8 314.8 73.2 26.0 99.3
Composite 3 83.6 170.7 128.9 75.7 23.5 99.2
(Composite 1+2+3) 243.0 156.2 158.0 76.1 22.7 98.8
All assays by Bureau Veritas FAA550 1 assay ton sample. Average sample size=1.8 kg.
All samples were collected using an electric percussion hammer and located by tape and compass, bagged and tagged, sealed, delivered to Bureau Veritas Laboratories in Yellowknife and processed at their ISO/IEC 17025:2005 and ISO 9001:2015 metallurgical testing laboratory in Richmond, B.C. Bureau Veritas is independent of the Company. The sample was received, dried and weighed. Test grinds were completed and the samples were batched with a targeted grind of P80 -105µm.
Ronald Handford, CEO of Sixty North Gold, reports, "These results were expected based upon historic results and our recent trenching (News Release August 7, 2018). The very high recoveries, both by gravity as well as the combined gravity plus flotation, averaging around 76% and 99% respectively are consistent with historic results. The former operators only ran a gravity mill on site. The simple mill circuit required to process this mineralization has been permitted and could be installed upon confirmation of a larger bulk sample. These results further differentiate the Mon Gold Property as an advanced exploration opportunity and past producer, and represent a significant milestone for the Company in its advancement of the project. The environmental benefits of achieving very high recoveries without the use of cyanide leaching is notable."
Mr. Handford further reports "Crews have been on the property since June assessing all historic showings and identifying new zones. Sample results are being received and will be released upon completion and confirmation by our QP."
Dr. D.R. Webb, Ph.D., P.Geol., P.Eng. is the Qualified Person for this release within the meaning of NI 43-101 and has reviewed the technical content of this release and has approved its content.
About the Company - The Company is engaged in acquisition, exploration and development of mineral properties. Its principal target is the exploration for gold on the Mon Gold Property, 40 km north of Yellowknife, NWT. The Mon Gold Property consists of 11 contiguous mining leases and 3 mineral claims, comprising an aggregate 1,536.92 acres, located in the South MacKenzie Mining District, NWT…"
Aben Resources Ltd. (OTCQB: ABNAF) is a Canadian gold exploration company advancing projects in British Columbia's Golden Triangle, the Yukon and Saskatchewan. Aben recently reported that its assay results from the first drill hole of 2018 have been received with multiple high-grade zones and precious metal values intersected in the hole at shallow depths. Drill hole FK18-10 was collared in the North Boundary Zone of the Forrest Kerr Property in BC's Golden Triangle region where drilling late in the season in 2017 discovered strong precious and base metal mineralization. Hole FK18-10, the first of eight holes that have been drilled thus far, has four separate high-grade zones with the best zone returning an interval of 38.7 g/t Au over 10.0m including 62.4 g/t Au over 6.0m starting at 114 meters downhole. Jim Pettit, President and Chief Executive Officer of Aben Resources stated, "The high-grade gold and base metal values in the first hole of the 2018 drill program have far exceeded our expectations and confirm the presence of a robust and strong mineralizing system at the recently discovered North Boundary Zone. We are now looking at an area that extends 230m south to the historic high-grade Noranda drill hole from 1991 and although the geology is complex we believe more drilling will delineate additional high-grade mineralization. The target areas in and around the Boundary Zone are relatively shallow and continue to provide strong discovery potential as we look to value-add the project using a systematic exploration methodology. With drilling ongoing, the Company is awaiting assay results from an additional seven drill holes, all of which were drilled at the North Boundary Zone and will provide updates as results become available."
Kinross Gold Corporation (NYSE: KGC) is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana. The Company announced its results for the second quarter ended June 30th, 2018, earlier this month. Highlights of the report include: Production: 602,049 gold equivalent ounces (Au eq. oz.), compared with 694,874 Au eq. oz. in Q2 2017; Revenue: USD 775.0 Million, compared with USD 868.6 Million in Q2 2017. "Our portfolio of mines performed well during the quarter, contributing to a strong first-half performance. As a result, we remain on track to meet both our annual production and cost guidance. We achieved solid cash flow and maintained our strong balance sheet as we continued to advance our development projects across the Company. At Tasiast, construction was completed at the Phase One expansion, with first ore now through the SAG mill. The project has been transferred to Operations and is in the final stages of commissioning. We have decided to pause activities at Phase Two and, to maintain optionality, are analyzing alternative throughput approaches to expand Tasiast as we continue to engage with the Government of Mauritania regarding our activities in the country," said J Paul Rollinson, President and Chief Executive Officer.
Yamana Gold Inc. (NYSE: AUY) is a Canadian-based gold producer with significant gold production, gold development stage properties, exploration properties, and land positions throughout the Americas including Canada, Brazil, Chile and Argentina. Recently, the Company reported its second quarter results for 2018. Gold equivalent ounce production from Yamana Mines for the second quarter was 240,271, including 224,083 ounces of gold and 1.31 Million ounces of silver. Total Yamana gold production was 248,177 ounces. The Company also produced 31.1 million pounds of copper. Copper production was higher than plan for the second consecutive quarter and full-year copper production is expected to also exceed previously provided guidance of 120 Million pounds. Co-product costs and AISC for 2018 are expected to be within the previously guided ranges. Costs are benefiting from higher production, operational efficiencies and the impact of the depreciation of local currencies, which began to positively impact costs late in the second quarter. Costs on a by-product basis are also anticipated to be within the previously guided ranges.
B2Gold Corp. (NYSE: BTG) is the world's new senior gold producer. The Company recently announced that the Malian Council of Ministers and the President of Mali have approved the participation of the State in Fekola SA for a total interest of 20%. Fekola SA is a 100% owned subsidiary of B2Gold which holds the Company's interest in the Fekola Mine. Fekola is B2Gold's largest mine, representing approximately 45% of the Company's projected consolidated 2018 gold production. For the first half of 2018, Fekola produced 226,786 ounces of gold, above budget by 11% with cash operating costs of USD 293 per ounce, USD 71 per ounce below budget, and all-in sustaining costs ("AISC") of USD 466 per ounce, USD 138 per ounce below budget. Now that the State of Mali's interest into Fekola SA has been formally authorized by the Malian authorities, the Company will transfer ownership of 20% of Fekola SA to the State of Mali. The first non-participating 10% of the State of Mali's ownership will entitle it to an annual priority dividend equivalent to 10% of calendar net income of Fekola SA. The second fully participating 10% of the State of Mali's interest will entitle it to ordinary dividends payable on the same basis as any ordinary dividends declared and payable to the Company for its 80% interest. Ordinary dividends are not payable by Fekola SA until the Fekola SA intercompany loans totaling approximately USD 700 million, plus accrued interest, have been repaid to B2Gold in full. The intercompany loans include historical exploration loans, early works costs, funds advanced for the Fekola Mine construction and expansion, 2017 accelerated pre-stripping and fleet purchases plus accrued interest. The intercompany loans bear interest at a rate of the prime lending rate of the Central Bank of West African States (currently 4.5%) plus 2%.
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