Gold Companies Handsomely Rewarded at Forefront of Canada’s Next Gold Rush

FN Media Group Presents Market Commentary


New York, NY – August 18, 2020 – The gold spot price just crossed the $2,000 threshold and broke it’s all-time high and analysts say that it could hit $3,500 in two years.  Now, as the industry sees the low gold price era in the rear view mirror, the conditions are primed for new high-value mine discoveries that may have been held back for almost a decade. The result in Canada has been a wave of optimism and high-impact development announcements from a wide variety of Canadian miners who have seen their overall market value climb since March, including First Energy Metals Ltd. (CSE:FE) (OTCPK:ASKDF), Kirkland Lake Gold (NYSE:KL) (TSX:KL), Osisko Mining (TSX:OSK) (OTCPK:OBNNF), McEwen Mining Inc. (NYSE:MUX) (TSX:MUX), and IAMGOLD Corporation (NYSE:IAG) (TSX:IMG).


A prime example of a beneficiary of the current gold bull market is First Energy Metals Ltd. (CSE:FE) (OTC:ASKDF), which saw its stock price skyrocket 480% between a March 25th low and a May 25th high, before correcting to its current 270% increase from the March figure.


The junior miner has three significant exploration properties across Canada, with two in British Columbia, and a newer addition in Ontario.


Overall, Canada is home to some of the greatest gold districts in mining history, the Abitibi Greenstone Gold Belt in Ontario and Quebec, the Red Lake Gold District in Ontario, and the Golden Triangle in British Columbia. In 2018, Canadian mines produced an estimated 183 tonnes of gold, marking an 88% increase from 2009, with Ontario and Quebec producing more than 75% of the gold mined in Canada.


So far, the market has begun to recognize the potential of this new gold rush, through examples such as First Energy Metals. The junior miner sits in a well known mining district, with past producing mines including the Molly Gibson and Alpine deposits. More recently, a revival of the Alpine deposit area came in with  a  142,000 oz gold resource (NI 43-101 Inferred)  adding more validity to the potential of the Kokanee Creek project in British Columbia, and in just the last few months, has made leaps and gains made on its Independence Gold (BC) and Scramble Mine (Ontario) gold exploration properties.


But, the gold bull market seems to also be rewarding the larger mining giants too.


Since March 13th (the day the United States officially declared a national emergency), Barrick Gold Corporation has seen its share price rise 108% through July 24.


Osisko Mining (TSX:OSK) (OTC:OBNNF) is up 122%, McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) is up 110%, and IAMGOLD Corporation (NYSE:IAG) (TSX:IMG) is up 160%—all in that same time frame.




First Energy Metals Ltd. (FE.CN) (ASKDF.PK) opened July by announcing the completion of its first round of exploratory fieldwork at the Scramble Mine gold property in Northwestern Ontario. The work included prospecting to locate historical mineralization areas, carry out channel and grab surface sampling, mapping historical gold mineralization veins and structures, and developing a detailed Phase 2 exploration work plan. The initial field observations confirmed the location of historical underground workings, mineralized quartz veins, and the host rock in shear zone. In addition, First Energy is pleased to announce that after successful completion of the fieldwork program, two separate permits with the Ministry of Energy, Northern Development, and mines were filed for trenching, blasting, bulk sampling, and diamond drilling.


A second round of exploration results are expected in the future from the Scramble Mine property.


The Detour Lake open pit mine, which is owned and operated by Kirkland Lake Gold (NYSE:KL) (TSX:KL), has been in operation since 2012 and is the second-largest gold producing mine in Canada. Detour Lake has a mine life of 22 years with an average production of 659,000 ounces of gold per year. Last year, the mine poured its 5 millionth ounce and achieved a production of 601,566 ounces. Kirkland Lake Gold also owns the Macassa Mine and the Holt Complex in Ontario.


A new gold mine is coming to northern Ontario, after IAMGOLD Corporation  announced it was proceeding with the $1.3 billion Cote Gold mine, with partners Sumitomo Metal Mining. This project is expected to generate more than 1,000 jobs during 32 months of construction, and 450 operations jobs once the facility opens during the second half of 2023. Cote has a mine life that’s estimated at 18 years. IAMGOLD holds a 70% interest in the Gogama-area mine, and successfully secured the support of the Northern Ontario community, including its First Nation Partners.


After temporarily suspending operations from March 26th to April 13thMcEwen Mining Inc. (NYSE:MUX) (TSX:MUX) announced it produced 2,200 gold equivalent ounces in Q2 2020. On the exploration front, at the Black Fox Mine, a total of 13,650m of underground diamond drilling was completed between April 13th and June 30th. Over that span, high-grade intercepts were generated, including 42.2 g/t Au over 2.0 m, 42.4 g/t Au over 2.5 m, 20.9 g/t Au over 4.8 m.




At its Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec, Osisko Mining (TSX:OSK) (OTC:OBNNF) recently updated the market on its continued infill drilling. Currently, there are 22 drills active at Windfall, all currently focused on what’s known as the Lynx deposit. Among the results to date, selected high-grade intercepts included: 199 g/t Au over 5.0 meters; 103 g/t Au over 2.7 meters; 31.0 g/t Au over 6.2 meters; and 49.0 g/t Au over 2.4 meters.


British Columbia


Revived exploration in the Nelson mining district such as the  Alpine deposit area has reported a 2018 inferred resource of 142,000 oz at 16.52 g/t Au using a cut-off grade of 5.0 g/t. First Energy Metals Ltd. (FE.CN) (ASKDF.PK) has two significant projects in British Columbia. The other BC project in the company’s portfolio is the Independence Gold Project, which the company refers to as its lotto ticket.


In May, the company announced it had developed an exploration work plan for both projects, to be completed in two phases, including ground prospecting, geological mapping, and sampling, before culminating with diamond core drilling at Kokanee Creek.


To get more information on First Energy Metals Ltd. (CSE:FE) (OTC:ASKDF), please click here.


Disclaimer: (MSC) is the source of the Article and content set forth above. MSC owns and operates  References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group (FNM) is a third-party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with MSC or any company mentioned herein. The commentary, views and opinions expressed in this release by MSC are solely those of MSC and are not shared by and do not reflect in any manner the views or opinions of FNM. Readers of this Article and content agree that they cannot and will not seek to hold liable MSC and FNM for any investment decisions by their readers or subscribers. MSC and FNM and their respective affiliated companies are a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.


The Article and content related to the profiled company represent the personal and subjective views of the Author (MSC), and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author (MSC) has not independently verified or otherwise investigated all such information. None of the Author, MSC, FNM, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer’s filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer’s securities, including, but not limited to, the complete loss of your investment. FNM was not compensated by any public company mentioned herein to disseminate this press release but was compensated twenty five hundred dollars by MSC, a non-affiliated third party to distribute this release on behalf of First Energy Metals




This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MSC and FNM undertake no obligation to update such statements.


Media Contact:

FN Media Group, LLC