NEW YORK, February 28, 2017 /PRNewswire/ --
Gold prices continued its upward momentum due to global political uncertainty. Gold price hit a three-month high of $1,264.90 per ounce on Monday. Last week, the yellow metal climbed 1.76 percent to 1256.74 per ounce, marking its fourth-straight weekly gain and on track to log its second straight month increase. Concerns about the political uncertainty in the United States and Europe is the biggest driver of gold value as a safe-haven asset. Investors are interested in safer assets as they worry that elections in the Netherlands, France and Germany this year may bring fear to the financial markets. Bravura Ventures Corp. (OTC: BRVVF) (CSE: BVQ.CN), Timmins Gold Corporation (NYSE: TGD), Tanzanian Royalty Exploration Corporation (NYSE: TRX), Golden Star Resources Ltd. (NYSE: GSS), Vista Gold Corporation (NYSE: VGZ)
Gold investors will focus on two key speeches from U.S. president and Fed Chair Janet Yellen this week. The U.S. president will give a speech to Congress on Tuesday night, which is expected to be focused on economic policy, while Federal Reserve Chair Janet Yellen will speak in Chicago on Friday. Naeem Aslam, chief market analyst at Think Markets, said: "Investors are edgy and they want more information what these new phenomenal tax plans are and this is impacting the sentiment. This ambiguity is driving the price of gold higher and we think that the path of least resistance is skewed towards the upside," MarketWatch reported.
Bravura Ventures Corp. (OTC: BRVVF) (CSE: BVQ.CN) is a mineral-exploration resource company, currently acquiring, and intends to begin exploring, the advanced exploration-stage Gold Projects.
On February 15th Bravura Ventures Corp. announced "the filing on SEDAR of a National Instrument 43-101 report on its Musgrove Creek gold project near Salmon, Idaho."
This report, titled "Musgrove Creek Project, December 2016 Summary Report", provides an independent comprehensive review of historical mining and exploration activity at Musgrove Creek, describes the geology as it is currently understood, and proposes a program for continued gold exploration and resource definition by Bravura during 2017.
Musgrove Creek is an advanced-stage exploration project for which Bravura controls a 100% operating interest1. The project contains an "historic" resource estimate at Johny's Point of 8 million tonnes at 1.22g/t Au at a gold cut-off of 0.8 g/t, for a total of 9,761 kg (313,822 oz) of gold at zero dilution. Originally modeled and calculated by David Makepeace, P. Eng. of Geospectrum Engineering in 2004 using Surpac International's Vision mining software package, and disclosed on SEDAR by prior operator Wave Exploration Corp., this resource calculation is now considered an "historic" resource as a qualified person has not done sufficient work to classify the historical estimate as a current mineral resource or mineral reserve (the historic resource was disclosed in a report titled "Technical Report on the Musgrove Creek Gold Project, Salmon, Idaho", by W. Gruenwald and D. Makepeace, February 25, 2004). Bravura intends to re-model the mineralization in the Johny's Point zone and calculate a new mineral resource upon completion of additional definition drilling and the acquisition of high-quality topography (LIDAR or orthophotography derived). Therefore, Bravura is not treating the historical estimate as current mineral resources or mineral reserves.
The new report states that: "The hydrothermal system at Musgrove Creek is strong and well mineralized, with significant discovery potential for economic gold deposit(s) with a silver credit." Accordingly, this report recommends that Bravura concentrate their near-term efforts towards establishing a new resource model and resource calculation at Johny's Point. This news release has been reviewed and approved by Robert M. Hatch, an independent QP for Bravura on Musgrove Creek, and the author of the new 43-101 report."
Timmins Gold Corporation (NYSE: TGD) provided an update on its 100 percent owned Ana Paula project located in the Guerrero Gold Belt, in the State of Guerrero, México. Ana Paula is a high-grade, open pit gold development project that was the subject of a positive Preliminary Economic Assessment in February 2016. Some highlights include: Significant intercepts included 151 meters of 8.98 g/t gold and 48.4 meters of 12.16 g/t gold and preliminary metallurgical testing complete, as well as overall recovery improved over PEA. "After joining the Company earlier this month, I am very encouraged by the progress that has been made at Ana Paula. The results from the infill drilling are validating the previous drilling campaigns and increasing the confidence and robustness of the resource model and our understanding of the lithological domains in the deposit," said Greg McCunn, Chief Executive Officer of Timmins Gold.
Tanzanian Royalty Exploration Corporation (NYSE: TRX) is an exploration-stage company and its mining properties are located outside the United States. The Company is a mineral resource company, which engages in the acquisition of interests in and the exploration of natural resource properties in the future and the possible development of those properties. The Company's main area of interest is in the exploration and development of gold properties, with a primary focus on exploring for and developing gold properties in Tanzania. Its principal exploration and development properties are located in the United Republic of Tanzania, Africa.
Golden Star Resources Ltd. (NYSE: GSS) updates on its mineral reserve and resources. Highlights include: Proven and Probable Mineral Reserves of 1.9 million ounces of gold, eight percent increase in head grade of Proven and Probable Mineral Reserves to 3.05 grams per tonne compared to 2015 estimate, and a measured and Indicated Mineral Resources of 4.4 million ounces of gold. "It is pleasing to see from the 2016 Mineral Reserve estimate that despite the reduction in ounces due to mining depletion, the head grade has increased by 8%. This reflects our mine plan, which sees Golden Star mining higher grade, more profitable ore going forward and underlines our strategy to become a high grade, low cost producer," said Sam Coetzer, President and Chief Executive Officer of Golden Star.
Vista Gold Corporation (NYSE: VGZ) is a well-funded gold project developer. The company's principal asset is its flagship Mt Todd gold project in Northern Territory, Australia where they continue to work to identify opportunities to improve project economics with the goal of advancing the project toward development. Vista Gold also holds approximately 4.4 percent of the outstanding common shares of Midas, non-core projects in Mexico and the United States and royalty interests in Indonesia.
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