NEW YORK, March 23, 2017 /PRNewswire/ --
Gold prices continued to climb on Wednesday after equities retreated Tuesday and the U.S. dollar fell to near six-week lows. The price of bullion has rallied 4 percent in six days or hitting its highest level in three weeks. Concerns about the presidential administration's ability to deliver pro-growth policies boosted the demand of the yellow metal. In addition, political uncertainty over the presidential election in France also pushed gold prices higher. Gold is considered as a safe-haven asset in times of uncertainty, so after a slump in global equity markets on Tuesday, investors are looking for safe assets to diversify their portfolio. Secova Metals Corp. (OTC: SEKZF) (TSX-V: SEK), First Mining Finance Corporation (OTC: FFMGF), GoldMining Inc. (OTC: GLDLF), Nexus Gold Corporation (OTC: NXXGF), NuLegacy Gold Corporation (OTC: NULGF)
Last week, the Federal Reserve decided to raise interest rates by 25 basis points, but the FOMC appeared to be less hawkish, which sent the dollar lower and gold prices higher. Nitesh Shah, director, economist and commodity strategist at ETF Securities, told CNBC: "We expect gold to rise to US$1300/oz by mid-year (over 5% gain), before declining back to current levels by year-end. A dovish Fed will be met by inflation surprises over the coming quarter, which will lead to further decline in real interest rates."
Secova Metals Corp. (OTC: SEKZF) (TSX-V: SEK) is a Canadian gold exploration company focused on building a strong asset base through exploration of undervalued gold projects in Canada. Management has demonstrated expertise in advancing gold exploration projects into acquisition targets, most notably in the province of Quebec. Secova has the exclusive right and option to acquire from Tres-OR Resources Inc., an undivided 65% right, title and interest in the contiguous Duvay and Chenier Gold Projects. Secova can earn up to 90% of the property (an additional 25% ownership) by funding a pre-feasibility study after the initial exploration expenditures to bring the property towards production.
Just earlier today Secova Metals announced that it, "has increased its land position within the Windfall Lake district by acquiring 1107136 B.C. Ltd., a private B.C. Company which sole asset is 299 claims, or 16,500.55 hectares, for a purchase price of forty-thousand dollars and nine million shares of the Company.
The majority of the acquisition, 261 claims or 14,369.25 hectares, are adjacent to Secova's Eagle River project which is on a south-east trend to the Windfall Lake, Urban Barry and the Gladiator gold projects. This acquisition has increased the Eagle River Project by approximately 370% from its original size (as per the Company's November 29th, 2017 news release on the acquisition of the Eagle River project than totaling 4,354 hectares) and brings the Company's total contiguous land package to 19,778.7 hectares (356 claims).
With this acquisition, the Company also acquired three other claim blocks totaling 38 claims (or 2,141.3 hectares) that are strategically located in the western region of the gold camp and are adjacent to Osisko Mining's Windfall Lake project and Metanor's Urban-Barry project.
"This acquisition provides Secova's shareholders with an opportunity to participate in the development of the Windfall Lake gold project and surrounding properties," stated Brad Kitchen, CEO & Chairman of Secova. "Management and Consultants are reviewing historic data and are in conversation with airborne and ground geophysics companies to develop an exploration plan that will rely on both new technology and management's intimate understanding of the development of the area."
First Mining Finance Corporation (OTCQX: FFMGF) is a mineral property holding company whose principal business activity is to acquire high quality mineral assets with a focus in the Americas. The Company currently holds a portfolio of 25 mineral assets in Canada, Mexico and the United States with a focus on gold. Eventually, the goal is to continue to increase its portfolio of mineral assets through acquisitions that are expected to be comprised of gold, silver, copper, lead, zinc and nickel. The company had also completed acquisition of Ontario and Quebec gold projects. "We are very pleased to have acquired the additional Pickle Lake and Central Duparquet claims, as it furthers our efforts in consolidating the land packages in the regions we are active in, which should ultimately benefit each of our projects," said Chairman of First Mining, Keith Neumeyer.
GoldMining Inc. (OTCQX: GLDLF) is a public company with a focus on the acquisition, exploration and development of projects in Brazil, Colombia, the United States and Canada. The company is advancing its São Jorge Gold Project in northern Brazil, its Titiribi Gold-Copper Project in western Colombia, its Whistler Gold-Copper Project in southern Alaska, and its Rea Uranium Project in the western Athabasca Basin in northeast Alberta, Canada. GoldMining will aggressively execute its business plan to acquire and advance top-tier gold assets in the current depressed gold market environment.
Nexus Gold Corporation (OTC: NXXGF) is a Vancouver-based mineral exploration company focused on gold development projects in some of the world's premier exploration and mining districts. The company is currently developing two projects in Burkina Faso, West Africa. The Bouboulou gold concession is near-surface exploration project with numerous historical gold occurrences of both length and grade. The property was previously explored by Riverstone Resources and Roxgold Inc. The Niangouela gold concession is located on the Boromo Greenstone Belt, same as the Company's Bouboulou Gold Concession and is proximal to the Kalsaka deposit and the Sabce shear. The company has delineated a 1km quartz vein strike with samples as high as 2,950 g/t gold.
NuLegacy Gold Corporation (OTCQX: NULGF) is an advanced stage Nevada exploration company focused on expanding its Carlin-style near-surface Iceberg oxide gold deposit with an established exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonne, and exploring for additional gold deposits. The Iceberg gold deposit has similar geology to that of Barrick Gold's multi-million-ounce Pipeline deposit the discovery of which is credited to NuLegacy's Chief Geoscience Officer, Dr. Roger Steininger. The Iceberg is located on trend and adjacent to three of Barrick Gold`s multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are amongst Barrick's lowest cost and politically safest gold assets.
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