Equities Choppy as Gold Rises on Fears of Pandemic Resurgence
Palm Beach, FL – June 26, 2020 – In times of worldwide crises gold has historically been the safe depositary… not stocks or currencies. Recent reports in the midst of the current world health crisis have shown that gold prices surged to their highest in nearly eight years in this past week, while global shares cooled as signs of an acceleration in coronavirus cases kept investors on edge. Reuters published recently: “Global stocks were 0.4% lower and have been moving sideways in recent weeks after rising more than 40% from March lows on hopes the worst of the pandemic was over… Fueling concerns about the prospects for an economic recovery was data showing several U.S. states seeing record infections and the death toll in Latin America passing 100,000, according to a Reuters tally. The New York Times reported the European Union was prepared to bar U.S. travellers because of the surge of cases, putting it in the same category as Brazil and Russia. Adding to the gloom, European Central Bank chief economist Philip Lane warned that the euro zone economy would need a long time to recover from the pandemic-induced crisis and a string of solid data in recent days was not necessarily a good guide to recovery. And the United States is considering tariffs on $3.1 billion of exports from Britain, France, Spain and Germany, Bloomberg news reported, citing a notice published by the office of the U.S. Trade Representative.” Active stocks mentioned in today’s commentary include: FenixOro Gold Corp (CSE:FENX) (OTC:FDVXF), B2Gold Corp. (TSX: BTO) (NYSE: BTG), Fosterville South Exploration Ltd. (TSX-V: FSX) (OTCPK: FSXLF), Barrick Gold Corporation (TSX: ABX) (NYSE: GOLD), Guyana Goldfields Inc. (TSX: GUY) (OTCPK: GUYFF).
It article published by Reuters continued: “All that and recent softness in the dollar, along with endless cheap liquidity from central banks, helped spot gold gain 0.6% to $1,777.53 per ounce, having earlier hit its highest since October 2012 at $1,779.06. “Global equity market futures are struggling to make gains today, likely for no other reason than with rising daily COVID-19 cases in the U.S. remaining front page news, the headlines are proving to be a weighty burden to bear this morning,” Stephen Innes, chief global market strategist at AxiCorp, said. “The trough in global growth is indeed behind us, but the recovery trajectory in H2 remains uncertain.”
FenixOro Gold Corp (CSE:FENX) (OTC:FDVXF) BREAKING NEWS – FenixOro Gold Corp Provides Exploration Update and Announces Completion of First Tranche Warrant Exercise – Fenixoro Gold (8FD:Frankfurt) is pleased to provide an update on the Phase 1 exploration program at its Abriaqui project in Antioquia, Colombia. The Company has completed the preliminary portion of the Phase 1 program. Soil sampling and ground magnetics have been completed and samples and data have been delivered for analysis.
FenixOro VP Exploration Stuart Moller commented: “We are pleased with the swift progress our exploration team made in completing this first portion of the Phase 1 program, particularly in the midst of the pandemic. We are particularly grateful for the support we have received from the local community of Abriaqui, the Mayor’s office, and the State Secretaria de Minas to allow us to continue the program and provide local employment under safe protocols. Field work during the first phase generated significant discoveries of manto style mineralization (see Press Release June 3, 2020) and potential outcropping porphyry mineralization (see Press Release June 9, 2020) providing us with three distinct mineralization target styles.”
The Company is awaiting a final permit to begin the drilling portion of Phase 1. After submission in November the Company expected the permit to be issued in the March timeframe. Permit issuance has been impacted by the government shutdown during the COVID crisis, however government offices have restarted operations and the Company is optimistic that the permit should be received shortly.
The principal target at Abriaqui is a series of over 80 closely-spaced, “Buritica-style” high grade gold veins many of which have assayed over 20 g/t gold and as high as 146 g/t gold. These veins occur in distinct corridors and are spaced meters to tens of meters apart. The veins and several areas of intervening stockwork mineralization will be the principal target of the upcoming 6000-meter maiden drill program slated to begin in the summer of 2020 with each hole targeting multiple families of veins.
The Company recently announced the discovery of a second style of mineralization consisting of replacement mantos in the sedimentary rocks flanking the main intrusion. The main occurrence is 15-25 meters thick with surface grab samples assaying up to 4.5 g/t gold. Detailed channel sampling will better define the average grade of the body.
A previous historical ground magnetics grid covering a small portion of the property indicated a north-south trending magnetic anomaly which could not be explained by known vein and replacement mineralization (see Slide 18 in the Corporate Presentation at https://fenixoro.com). Recent mapping, petrographic studies, and rock chip sampling in the area of the anomaly have discovered small outcrops of types of gold-mineralized veining and rock alteration that are consistent with a porphyry-style system. The area is soil covered and has dense vegetation and known outcrops of this type cover only a small portion of the magnetic anomaly. The anomaly measures 700 meters north-south and is opening and strengthening beyond the limit of the present grid. The magnetometry program just completed covers a greatly expanded area and, along with additional soil sampling, will help to define relatively shallow drill targets which could be incorporated into the Phase 1 drill program.
Warrant Exercise – The Company is pleased to announce that all warrants expiring June 14, 2020 have been exercised in addition to nearly 90% of warrants expiring July 10, 2020. The Company has now received proceeds of $1,128,590 from the warrant exercise. Of the 5,400,000 warrants that were scheduled to expire July 10, 2020 with an exercise price of $0.155, approximately 800,000 warrants remain unexercised. The company anticipates that these warrants will be exercised prior to their expiry within the next two weeks. Read this full release and more news for FENX by visiting: https://www.financialnewsmedia.com/news-fenx/
In other mining news of note:
B2Gold Corp. (TSX: BTO) (NYSE: BTG) (NSX: B2G) announced last month that it has identified 10 positive COVID-19 cases at the Fekola mine site, 9 of which are currently asymptomatic, through the Company’s ongoing proactive COVID-19 testing and response plan. Fekola has implemented testing programs at the mine site, the exploration camp and in Bamako which are designed to identify asymptomatic carriers of COVID-19 and protect Fekola’s employees, both site and Bamako-based, local community populations, and the general Malian population. These results do not have a material impact on operations and the mine continues to operate and maintain both quarterly and annual production budget guidance.
B2Gold places the safety and well-being of its workforce as the highest priority and continues to encourage input from all its stakeholders as the situation continues to evolve. The Company continues to monitor public and employee sentiment to ensure that stakeholders are in alignment with the continued operations at the mine…
… The Fekola mine continues to operate without impediments to mining or milling and expects to meet or exceed its production estimates for the second quarter of 2020 and annual 2020 guidance. Additionally, all supply lines remain open and the site continues to receive supplies critical to operating at full capacity. The expansion of the Fekola mill continues and is expected to be completed by the end of the third quarter of 2020. The mining fleet expansion continues to perform well with the first 6040 excavator now operational and loading the first eight 789 trucks, which were delivered to site ahead of schedule.
Fosterville South Exploration Ltd. (TSX-V: FSX) (OTCPK: FSXLF) recently provided assays from multiple wide intercepts of high-grade gold near surface from initial shallow scout drilling at the recently commenced Golden Mountain drilling program. Core drilling has commenced and is ongoing at the Golden Mountain project with initial assay results from core drilling expected during the next 30 days.
In the meantime, a series of shallow scout holes have resulted in the discovery of a new North zone on the project, with initial near surface drill holes in this new zone intersecting multiple wide intervals of high-grade gold.
Barrick Gold Corporation (TSX: ABX) (NYSE: GOLD) recently has settled the majority of the North Mara legacy land claims and has paid the first tranche of the $300 million settlement it agreed with the Tanzanian government to resolve the disputes it inherited from Acacia Mining. President and chief executive Mark Bristow said these were landmark events that demonstrated the strength of the partnership the company forged earlier this year through the formation of the jointly owned Twiga Minerals Corporation, which oversees the management of Barrick’s operations in the country.
In terms of its framework agreement with the government, the shipping of some 1,600 containers of concentrate stockpiled from Bulyanhulu and Buzwagi resumed in April and the first $100 million received from the sale has gone to the government. Barrick said all material issues had been dealt with or were being finalized. This initial payment will be followed by five annual payments of $40 million each.
Guyana Goldfields Inc. (TSX: GUY) (OTCPK: GUYFF) and Zijin Mining Group Co., Ltd, recently announced that they have entered into a binding arrangement agreement (the “Zijin Arrangement Agreement”), pursuant to which Zijin will acquire all of the outstanding common shares of Guyana Goldfields (each, a “Guyana Common Share”) by way of a plan of arrangement (the “Zijin Arrangement”), for cash consideration of C$1.85 for each Guyana Common Share, valuing Guyana Goldfields at approximately C$323 million .
Prior to entering into the Zijin Arrangement Agreement, Guyana Goldfields terminated its arrangement agreement with Silvercorp Metals Inc. (“Silvercorp”) dated April 26, 2020 , as amended on May 16, 2020 (the “Silvercorp Arrangement Agreement”), in accordance with its terms.
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