NEW YORK, January 19, 2017 /PRNewswire/ --
http://www.Financialbuzz.com - Uncertainty in the global financial market continues to boost gold price in the first month of 2017 as investors considered the precious metal as safe-haven asset. Societe Generale Head of Metals Research Robin Bhar said in a statement, "Trump's stance on trade and protectionism has been well aired and it will always be a key factor. But until we get more clarity on what exactly it means, this should help to underpin gold…This year there are lots of uncertain political events, including elections, so if you looking for a bit of a refuge from stormy seas gold will be one of those safe assets that you would park some money in." Fiore Exploration Ltd. (TSX-V: F.V) (OTCQB: FIORF), Barrick Gold Corporation (NYSE: ABX) (TSE: ABX.TO), Agnico Eagle Mines Ltd. (NYSE: AEM) (TSE: AEM.TO), McEwen Mining Inc. (NYSE: MUX) (TSE: MUX.TO), B2Gold Corporation (NYSE: BTG) (TSE: BTO.TO)
Gold price hit its highest level since Nov.22 on Tuesday as President-elect stated the U.S. dollar was "too strong", in the Wall Street Journal interview. In addition, investors' concerns over the future economic policies linger even after the inauguration this week helped boost the demand for the precious metal. Gold was up 1 percent on Tuesday and had rose about 6 percent this year. It gained 8.1 percent in 2016.
Fiore Exploration Ltd. (OTCQB: FIORF) (TSX-V: F.V) is a Latin America focused gold explorer, who is engaged in the business of acquiring, exploring, evaluating and developing mineral resource properties. The Company's principal activity is the acquisition and exploration of mineral properties in Canada. The company holds an interest in approximately nine claims in the Thunder Bay Mining District of North Central Ontario, known as the Dotted Lake Property, which includes over two Lampson Lake claims.
Earlier today, Fiore Exploration Ltd. announced that, "exploration has commenced on its Cerro Tostado project in Chile, where high-grade epithermal silver veins were previously intersected by three of eighteen holes drilled between 2010 and 2012 by Sociedad Quimica Y Minera de Chile SA ("SQM"). Significant intersections from SQM's drilling at Cerro Tostado included:
- 3.0 m of 637.0 g/t silver in hole CTAR-01
- 2.0 m of 830.3 g/t silver in hole TEAR-01, and
- 2.0 m of 332.5 g/t silver in hole CTAR-02.
Fiore has signed a definitive agreement with SQM to acquire the Cerro Tostado property, on terms previously announced (see PR of November 14, 2016 for details), and has issued subject to exchange approval 10,000 common shares to Fiore Management and Advisory Corp., in conjunction with this acquisition pursuant to its mandate agreement.
Exploration began with a ground magnetic survey completed in early December by Argali Geofisica Chile E.I.R.L., consisting of 324.3 line kilometres of ground magnetic surveying at 50 m line spacing. The survey identified a number of ENE-SSW, and NW-SE linear structures, with the intersection of these structures representing the most favourable location for epithermal vein emplacement. In January 2017, Fiore geologists began a program of re-logging and resampling the material from the SQM RC holes, which had been stored at a secure SQM facility in Chile. A field program of geological, structural and alteration mapping as well as surface sampling is scheduled for Q1 2017, to build up a more complete picture of the epithermal veins encountered in the previous program. A combined diamond and RC drilling program will follow in early Q2 2017.
Tim Warman, Fiore's CEO stated, "We're very excited to begin work on Cerro Tostado, following up on the earlier high-grade silver intercepts drilled by SQM, while we await the final results from Pampas El Peñon. The geology of Fiore's land package surrounding Yamana's flagship El Peñon Mine is very favourable for both high and low-sulphidation precious metal deposits like those at the El Peñon Mine Complex, particularly at Cerro Tostado where mineralized veins have been encountered over a strike length of approximately 160 m, with the veins open along strike and at depth. At the same time, Fiore continues to advance its strategy of acquiring other undervalued and underexplored assets in Latin America, focusing on areas where the management team can provide a competitive advantage through its experience and local knowledge."
Barrick Gold Corporation (NYSE: ABX) (TSE: ABX.TO) has gold mining operations in Argentina, Australia, Canada, Chile, Dominican Republic, Papua New Guinea, Peru, Saudi Arabia, the United States, and Zambia. Over 75% of its gold production comes from the Americas region and the company's five core mines in the US are expected to account for about 70% of its total production in 2016, at a cost of sales applicable to gold of $790-$840 per ounce, and all-in sustaining costs of $620-$650 per ounce. The company has an average reserve grade of 1.88 grams per tonne, compared to that of its peer group average, is more than double.
Agnico Eagle Mines Ltd (NYSE: AEM) (TSE: AEM.TO) is a gold producer which mainly deals in precious metal properties in Canada, US, Mexico, and Central and South America. Goldcorp is headquartered in Vancouver, British Columbia and employs more than 15,000 people worldwide. The Company's operating assets include four mines in Canada, four mines in Central and South America, and two mines in Mexico. By the end of 2015, its project the LaRonde mine, had a mineral reserve of roughly 3.1 million ounces.
McEwen Mining Inc. (NYSE: MUX) (TSE: MUX.TO) has announced its 2016 full year report fourth quarter production results of 145,530 gold equivalent ounces using a gold to silver ratio of 75:1, or 101,482 gold ounces and 3,303,709 silver ounces, doubling its liquid assets during the year to $64 million in cash, cash equivalents and precious metals, and no debt. McEwen Mining's principal assets consist of the San José Mine in Santa Cruz, Argentina (49% interest), the El Gallo Mine and El Gallo Silver project in Sinaloa, Mexico, the Gold Bar project in Nevada, USA, and the Los Azules copper project in San Juan, Argentina.
B2Gold Corporation (NYSE: BTG) (TSE: BTO.TO) is a Canada-based gold producer with approximately four operating mines and one mine under construction. The Company has a portfolio of other evaluation and exploration projects in various countries, including Mali, Colombia, Burkina Faso, Finland, Chile and Nicaragua. Its material mineral properties consist of three mines and one mine under construction: the Otjikoto Mine, an open pit gold mine located approximately 300 kilometers north of Windhoek; the Masbate Gold Mine, an open pit gold mine located near the northern tip of the island of Masbate; the La Libertad Mine, an open pit gold mine located over 110 kilometers due east of Managua and 32 kilometers northeast of Juigalpa, and the Fekola gold project, an open pit gold mine under construction located approximately 40 kilometers south of the city of Kenieba.
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