Multiple Analysts See Record Gold Highs Coming That Will ‘Reward the Patient Investor’

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New York, NY – July 8, 2020 – After briefly trading over $1,807 per ounce, analysts at Saxo Bank are saying there are several reasons to believe gold will continue to move higher in the second half of 2020. Polls show a majority of Wall Street professionals are also calling for gold prices to rise. The predicted surge in gold has caused Moody’s Investors Service to be very positive on gold miners, on the basis of higher expected margins. Amid the gold mining sector, there has been plenty of activity as of late, including from Genesis Metals Corp. (TSXV:GIS) (OTCQB:GGISF), New Gold (NYSE:NGD) (TSX:NGD), Kore Mining Ltd (TSXV:KORE) (OTCQB:KOREF), Kirkland Lake Gold Ltd. (NYSE:KL), and Fosterville South (TSXV:FSX) (OTCPK:FSXLF).

 

In Canada, the Abitibi gold belt has made Ontario and Quebec the country’s most prolific gold-producing provinces. New work is currently being completed in the eastern Abitibi Greenstone Belt of Central Quebec, on the Chevrier Gold Project by Genesis Metals Corp. (TSXV:GIS) (OTCQB:GGISF).

 

Genesis Metals recently completed its Phase I drilling program in May, which consisted of a total of 2,502 metres in nine holes.  On July 7, Genesis Metals    which included 9.71 g/t gold over 3.65 meters,  9.73 g/t gold over 4.5 meters, 9.64 g/t gold over 2.3 meters, and 14.40 g/t gold over 2.20 meters.

 

Now, the company has reported it has commenced a staged surface exploration program that will look to advance six new targets. This new program will be executed in the coming months, and is expected to follow up with up to an additional 5,500 meter drill program.

 

Over in British Columbia’s Cariboo Region, Kore Mining Ltd (TSXV:KORE) (OTCQB:KOREF) announced in mid-June a drill hole that intercepted 32 meters of 3.0 g/t gold on its FG Gold Project. These results were preceded by the announcement of the results of 76.5 meters of 1.1 g/t gold back in May. The momentum on the project saw the further investment of gold mining magnate Eric Sprott of $3.6 million.

 

Within Ontario on the second largest gold producing mine in Canada, Kirkland Lake Gold Ltd. (NYSE:KL) closed out the month of June by announcing it had intersected high grades and extended mineralization in the Detour Lake Main Pit and 58 North Zone. These results came from 17 holes, with 3 coming from the 58 North Pit. However, these drill results may have been recently overshadowed with a barrage of news releases regarding class-action lawsuits and investor alerts, from at least 16 different law firms.

 

But for Kirkland, there’s plenty of positive developments on the other side of the world in Australia. Fosterville South (TSXV:FSX) (OTCPL:FSXLF) recently announced it had accelerated drilling at its Golden Mountain project, located in Victoria, Australia. Earlier in mid-June, the company provided multiple wide intercepts of high-grade gold near-surface on the project, including 2 meters at 10.78 g/t gold within a total intercept of 20 meters at 2.12 g/t gold. Fosterville South has also announced its plans to spin-out Avoca and Timor Tenements within the same Victoria region of the country to Leviathan Gold. The spin-out transaction gave the company’s shareholders one share of Leviathan for every share held of Fosterville South as of the transaction’s record date.

 

Another recent divestiture was that of New Gold (NYSE:NGD) (TSX:NGD) selling its Blackwater Gold Project in central British Columbia to Artemis Gold for roughly C$190 million. This was followed by the announcement of the company closing a $400 million senior notes offering. New Gold was able to restart its Rainy River Mine in April after a voluntary 14-day suspension, which came on the heels of the company closing a $300 million partnership with the Ontario Teachers’ Pension Plan at the New Afton Mine.

 

Gold: The Patient Investor Play

 

“Gold’s ability to frustrate, then eventually reward, the patient investor is likely to be on full display during the third quarter,” said Saxo Bank’s Ole Hansen in his firm’s third-quarter outlook.

 

Among the reasons to see a gold rally in the second half of 2020, Saxo Bank highlighted the “political need” for higher inflation to support debt levels, a rising global savings glut and raised geopolitical tensions ahead of the U.S. presidential elections in November.

 

Prior to the fall, Genesis Metals Corp. (TSXV:GIS) (OTCQB:GGISF) expects to follow up its initial 2,502-meter drill program with up to another 5,500-meter drill program in the second half of 2020.

 

On the Chevrier Project, Genesis Metals is looking to expand its deposit and improve confidence in the project.

 

Within the initial phase of the current surface program, follow-up till sampling grids and detailed soil grids are involved to refine the six priority targets identified from the 2019 glacial till survey.

 

This work will include surface prospecting, sampling, and geological mapping, as well as the application of geophysical tools, such as detailed drone/helicopter magnetic surveys. Through these interventions, Genesis Metals aims to delineate discrete gold targets for trenching and drill testing later in the year.

 

Over the past several months, the compilation work carried out on Chevrier has identified an area that was sampled in 2017 along a powerline 800 meters northeast (up-ice) of till anomaly #3, with a cluster of prospecting grab samples with assays including 17.8 g/t gold, 10.8 g/t gold, 3.5 g/t gold and 1.94 g/t gold.

 

For patient gold mining investors, a summer of drilling activity, followed by more work in the fall could time out well with the projections being made by analysts such as Saxo Bank and Moody’s.

 

To get more information on Genesis Metals Corp. (TSXV:GIS) (OTCQB:GGISF) please visit here

 

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