Gold Miners Ramp Up Exploration and Production as Analysts Turn Bullish on the Precious Metal

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New York, NY – February 9, 2021 – Gold hit an all time high of $2,070 in August 2020 but, according to one analyst, 2021 could surpass that high, possibly reaching $3,000 per ounce by the end of 2021. According to analysts, inflation rates are due to rebound, and with that, the value of gold is projected to increase as well. Analysts have also observed central banks keeping their rates low, which is expected to further weaken the US dollar. In January 2021, Kitco conducted a survey on gold prices, and both Wall Street and Main Street are optimistic that prices will increase. The survey indicated that 56% of Wall Street voters have predicted a bullish outcome, while 19% voted bearish and 25% were neutral with their predictions. Gold mining and exploration companies AngloGold Ashanti (NYSE: AU) (ASX: AGG), Gold Fields (NYSE: GFI), Harmony Gold (NYSE: HMY), Kinross Gold Corporation (TSX: K) (NYSE: KGC), and Fury Gold Mines (TSX: FURY) (NYSE: FURY) are revving up exploration and production to take advantage of this potential climb in the price of gold.


Fury Gold Mines (TSX: FURY) (NYSE American: FURY), a Canadian-based exploration company, is planning on drilling 85,000 meters over the next year across its portfolio of projects, with the first drill program already underway. The projects are located in three prolific mining regions across the country, including James Bay, Quebec; the Golden Triangle, British Columbia; and the Kitikmeot Region, Nunavut. Fury Gold Mines launched in 2020 after Auryn Resources spun out its Peruvian projects and acquired Eastmain Resources Inc. The company is determined to advance its high-grade gold projects, with the goal of becoming a gold producer by 2025.


Fury plans to “aggressively grow [its] multi-million-ounce gold platform through project development and potential new discoveries.” The company is currently in the midst of a 50,000m drill program at its Eau Claire project in Quebec to expand the deposit beyond the limits of its current economic study. The company’s first exploration hole hit a gold-bearing structure approximately 660m from the existing resource, suggesting an extension of the Eau Claire deposit. More drill results are expected soon. Eau Claire has measured and indicated resources of 853,000 ounces at 6.18g/t gold and inferred resources of 500,000 ounces at 6.53 g/t gold. In addition, the company plans to drill 10,000m at its Committee Bay project in Nunavut, a 300km greenstone belt with gold occurrences throughout. This project also already has an existing deposit: an indicated resource of 524,000 ounces at 7.85g/t gold and inferred resources of 720,000 ounces at 7.64 g/t gold.


Most recently, Fury confirmed plans to advance its gold-silver Homestake Ridge project in British Columbia, where it will drill 25,000m this summer. This drill program will primarily focus on expansion of its current measured and indicated resources of 166,000 ounces at 7.02g/t gold and 1.8 million ounces of 74.8 g/t silver. Homestake Ridge also has inferred resources of 817,000 ounces of 4.58 g/t gold and 17.8 million ounces of 100 g/t silver.


Mike Timmins, the President and CEO of Fury, states, “We have identified multiple high priority opportunities to expand the resource and discover additional high-grade gold and silver mineralization at the [Homestake] project. Increasing the ounce profile at Homestake is a key component of our growth strategy and supports the continuous growth we offer to our shareholders.”


AngloGold Ashanti (NYSE:AU) (ASX:AGG) announced its joint venture with IAMGOLD Corporation and completed sales of its entire interest in the Sadiola Gold Mine in western Mali. In Q3 2020, AngloGold reported a 290% increase in free cash flow to $339 million in comparison to $87 million in Q3 2019. AngloGold also reported that in the three months ended September 30, 2020, the company produced 837,000 ounces of gold valued at $801/oz.


Gold Fields (NYSE:GFI) appeared to be struggling a bit at the end of 2020. Although Gold Fields is one of the top mining companies with large organic growth, it was performing under its baseline due to the world health crisis. However, as one of the leading companies in the mining industry, Gold Fields has extended itself with a $200 million contract with Barminco. This extension will help support Gold Fields with further development and production, and could potentially be the turning point to support the analyst predictions for gold this year.


Harmony Gold (NYSE:HMY), one of the first and most substantial mining companies in the world, was established in South Africa in 1950. Most recently, Harmony Gold acquired its rival AngloGold Ashanti’s South African assets and became the only notable mining company in the country. With Harmony Gold’s new attainment, it is projected to increase gold production by approximately 350,000 ounces a year, up to 1.8 million ounces.


Kinross Gold Corporation (TSX:K) (NYSE:KGC) is a gold mining company based in Canada with a diverse collection of mines throughout the United States, Brazil, Chile, Ghana, Mauritania, and Russia. After its third quarter completion in 2020, Kinross claimed it was on track to meet its production and cost of sales per ounce of gold for the year; this would be the ninth year in a row for the company. By the end of September 2020, the company had a revenue of $4.015 billion within a 12-month period, a 22.11% increase year-over-year. This steady revenue shows that the demand for gold is still high, despite the unpredictable state of the economy.


As gold companies prepare for a big year, Fury Gold Mines has positioned itself for growth with an aggressive exploration plan in place, supported by experienced management and technical teams that hail from major mining companies. Similarly, analysts continue to knuckle down on their bullish predictions for the gold industry in 2021.


For more information on Fury Gold Mines, please CLICK HERE.


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