NEW YORK, January 22, 2018 /PRNewswire/ --
Gold price rose higher on Friday as U.S. dollar continued to weaken. Gold Spot was traded 0.5 percent higher at $1,333.63 per ounce during the Friday trading session. While U.S. Gold future for February delivery rose 0.50 percent to $1,333.8 per ounce. The U.S. dollar was near a three-year low due to concerns over a U.S. government shutdown. In addition, expectations of higher global inflation also drive the gold price higher. According to Bloomberg, global holdings in gold exchange-traded funds surged to the highest level since 2013. Gold has gained 2.48 percent this year. Genesis Metals Corp (OTC: GGISF), Golden Star Resources Ltd. (NYSE: GSS), Vista Gold Corp. (NYSE: VGZ), Asanko Gold Inc (NYSE: AKG), Solitario Zinc Corp (NYSE: XPL)
According to Kitco News, MKS PAMP said in its annual outlook that gold price has the potential to hit $1,440 an ounce in 2018. Frederic Panizzutti, MKS PAMP's managing director of the Dubai office, said: "As the demand is set to improve, the supply side will remain under pressure. This combined with ongoing geopolitical tensions and the official sector expected to be a net buyer prompts us to set the yearly average at 1365.00 USD/oz,"
Genesis Metals Corp (OTCQB: GGISF) is also listed on the TSX Venture Exchange under the ticker symbol 'GIS'. Earlier today the company announced breaking news that, "drilling returns 8.73 g/t gold over 21.35 m from Chevrier Main Zone. The results from the second phase of drilling completed at the Chevrier gold project (the "Project") near Chibougamau, Quebec. Highlights from Main Zone:
- 8.73 g/t Au over 21.35 m including 37.97 g/t Au over 3.00 m in hole GM-17-42
- 3.59 g/t Au over 22.60 m in a separate zone in hole GM-17-42
- 4.26 g/t Au over 19.40 m including 8.99 g/t Au over 7.80 m in hole GM-17-48
- 4.47 g/t Au over 12.45 m within an interval of 1.08 g/t Au over 84.85 m in hole GM-17-46
- 5.06 g/t Au over 8.45 m and 1.23 g/t Au over 43.00 m in two intervals in hole GM-17-41
- 4.53 g/t Au over 13.80 m in hole GM-17-44
- 1.04 g/t Au over 50.05 m including 1.94 g/t Au over 17.10 m in hole GM-17-44
Brian Groves, CEO of Genesis commented "We are very pleased with these new results as they now appear to define a near surface zone of higher grade with the potential for expansion at depth. We will now focus on refining our geological model for the Main Zone as we work towards an updated global resource for Chevrier in 2018."
Discussion of Results: Holes GM-17-45 and GM-17-46 were drilled to test for extensions to Hole GM-17-09 (2.94 g/t Au over 37.40m - previously reported in Company news release dated October 3, 2017). This drilling has identified a new north-east trending shallow extension of mineralization encountered in Hole GM-17-09. Similarly, the results from Holes GM-17-41 and GM-17-44 define a new deeper south west extension of the mineralization encountered in GM-17-09. This large and well mineralized zone now appears to be defined over a distance of more than 300m. This zone is a priority for geological modeling.
- The results from the highlighted holes above would suggest an area of shallow higher grade mineralization has been defined and still remains open at depth in the southern part of the Main Zone.
- The majority of mineralized intercepts reported herein are less than 150 m depth
- All 18 holes drilled into the Main Zone intersected mineralization with only one hole returning gold grades of less than 1 g/t.
Future Plans - The Company has identified key controls to gold mineralization within the Main Zone. Gold essentially correlates with higher percentages of veins which are themselves hosted in a larger sheared zone characterized by mylonitic texture and strong ankerite-fuchsite-tourmaline-silica alteration…"
Golden Star Resources Ltd. (NYSE: GSS) announced recently its production results for the fourth quarter and full year ("FY") of 2017 and its guidance for FY 2018. Gold production from the Wassa complex increased by 31% in FY 2017 to 137,234 ounces, compared to FY 2016. In the fourth quarter of 2017, gold production was 42,001 ounces, an increase of 43% compared to the fourth quarter of 2016. "Achieving our 2017 production guidance while simultaneously operating two underground mines in the early stages of production is a great achievement and I would like to thank our teams at both operations for their hard work and commitment. I'm particularly pleased to see the strong results from Wassa Underground in the fourth quarter of 2017, including a 55% increase in grade compared to the third quarter, and I look forward to stronger production in 2018 as we increase the mining rate further. In 2018 our primary focus will be high grade, high margin underground ounces.
Vista Gold Corp. (NYSE: VGZ) earlier in November issued the results of its previously announced metallurgical testing program for the Mt Todd gold project located in the Northern Territory, Australia. The test work confirms that the inclusion of automated sorting and a re-designed, 2-stage grinding circuit will enable the project to achieve a finer grind size, higher gold recoveries/higher gold production, and lower processing costs with no material increase in project capital. Vista's President & CEO, Frederick H. Earnest, commented, "Mt Todd is one of the largest, advanced-stage gold development projects in Australia. Last year we initiated a comprehensive program to optimize the Mt Todd project and demonstrate its viability at a US$1,250 per ounce gold price."
Asanko Gold Inc (NYSE: AKG) announced last week production results for the fourth quarter ("Q4") and full year ("FY") of 2017. FY 2017 gold production of 205,047 ounces and Q4 production of 51,550 ounces, in line with 2017 revised production guidance of 205 - 225,000 ounces. US$62.6 million in gold revenue at an average realized price of US$1,264 per ounce for Q4. Gold production for the quarter was 51,550 ounces with gold sales of 49,561 ounces at an average realized price of US$1,264 per ounce, generating gold sales revenue of US$62.6 million. At December 31, 2017 the Company's balance sheet had approximately US$49.3 million in unaudited cash, US$2.1 million in gold receivables and US$4.1 million in dore (with a market value of US$5.9 million).
Solitario Zinc Corp (NYSE: XPL) announced last year that is has initiated metallurgical testing to determine the potential to recover silver at its recently acquired Lik zinc project in Alaska. The Lik resource, besides being a high-grade zinc deposit, contains a significant silver inventory that averages about 50 grams per tonne silver. Metallurgical testing to date has focused on the recovery of zinc and lead with virtually no work conducted on silver recovery.
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