NEW YORK, August 29, 2017 /PRNewswire/ --
Gold price yesterday rose above $1,300 as the U.S. dollar weakened against the euro after the European Central Bankers refrained from talking about the strong euro. Gold Spot rose 1.49 percent to $1,310.45 per ounce on Monday. While U.S. Gold futures for December delivery also jumped 1.34 percent to $1,315.30 per ounce. Gold price was also lifted by expectations for slower U.S. rate hikes, as Federal Reserve Chair Janet Yellen made no comments of monetary policy at the meeting in Jackson Hole. In regards to the mining industry, Transparency Market Research indicates that the global base metal mining market is projected to reach 160.19 MMT (Million Metric Tons) by 2023, which is a CAGR of 5.01% by 2023. Major mining metals include lead, copper, zinc, cobalt, and aluminum. Gold, platinum, palladium, and silver are among the precious mining metals. AbraPlata Resource Corp. (OTC: ABBRF), Golden Star Resources Ltd. (NYSE: GSS), Vista Gold Corp. (NYSE: VGZ), General Moly, Inc. (NYSE: GMO), Solitario Zinc Corp (NYSE: XPL)
A report published recently by S&P Global Market Intelligence states, "If last year was good for mining, 2017 promises to be even better. Analysts are increasingly bullish about the sector, and Goldman Sachs, for example, recently advised clients to buy commodities." The report also explains what is behind the optimism for the industry in the United States. "There is optimism based on an infrastructure-fueled metals boom in the U.S., facilitated by fiscal expansion and easier corporate regulations."
AbraPlata Resource Corp. (OTCQB: ABBRF) is also listed on the TSX Venture Exchange under the ticker symbol 'ABRA'. AbraPlata assembled portfolio of gold, silver and copper exploration assets. On August 4th, the company announced that it has engaged Roscoe Postle Associates ("RPA") of Toronto, Canada and GR Engineering Services Limited ("GRES") of Perth, Australia to undertake a Preliminary Economic Assessment ("PEA") of the Diablillos Ag-Au project located in southern Salta Province in northwestern Argentina.
The Diablillos property covers an area of some 79km2 and hosts epithermal precious metal mineralization in nine mineral occurrences. One of these, the Oculto Deposit, contains all the Indicated Resources known from the property which, as recently estimated by RPA, amounts to 27.7m tonnes at a grade of 91.2g/t Ag and 0.85g/t Au and containing 81.3m oz Ag and 755k oz Au (ie, 135m oz AgEq or 1.9m oz AuEq). In addition, the Company is currently drilling-off additional mineralization at the Fantasma Mineralized Zone some 800m west of Oculto with a view to further defining and expanding the existing resource base from the property. This will allow AbraPlata to establish the parameters necessary for undertaking a PEA which will be completed by RPA and GRES over the next three to four months.
"We are pleased to have RPA and GRES assist AbraPlata with the PEA," commented Hernan Zaballa, Executive Chairman of AbraPlata. "Both of these highly skilled and reputable firms have individual team members that have a wealth of professional experience on a variety of diverse projects in Latin America. We are looking forward to working closely with them as we continue to advance the Diablillos project through an increasingly detailed analysis of its development potential."
Golden Star Resources Ltd. (NYSE: GSS) is an established gold mining company that owns and operates the Wassa and Prestea mines situated on the prolific Ashanti Gold Belt in Ghana, West Africa. On July 6th, the company reported 14 results from the 2017 in-fill drilling program at its Prestea Underground Gold Mine ("Prestea Underground") in Ghana. Sam Coetzer, President and Chief Executive Officer of Golden Star, commented, "This in-fill drilling program has further increased our confidence in the grade, continuity and thickness of the currently defined West Reef Mineral Reserve. Our exploration team will begin the extension drilling of the West Reef during the second half of 2017 and I am looking forward to announcing those results in due course. The development of our first raise is complete and our second raise is going well, with the raise climber now having advanced 90 metres up from 24 Level. Prestea Underground is one of the highest grade development projects in West Africa and when it commences production it will contribute strongly to Golden Star's transformation into a high grade, low cost gold producer."
Vista Gold Corp. (NYSE: VGZ) is a gold project developer. Our principal asset is our flagship Mt Todd gold project in Northern Territory, Australia. Mt. Todd is one of the largest undeveloped gold projects in Australia. On July 24th, the company announced the completion of the automated sorting tests on the coarse fractions of the four 5-tonne bulk samples from its Mt Todd gold project. The tests, completed at the facilities of Tomra Sorting Solutions near Hamburg, Germany, demonstrate that plus 5/8" (16 mm) product from the HPGR crusher can be efficiently sorted to separate the non-gold-bearing particles from the gold-bearing sulfides and quartz/calcite veining, at production rates.
General Moly, Inc. (NYSE: GMO) is a U.S.-based molybdenum mineral development, exploration and mining company. The Company's primary asset, an 80% interest in the Mt. Hope Project located in central Nevada, is considered one of the world's largest and highest grade molybdenum deposits. Combined with the Company's wholly-owned Liberty Project, a molybdenum and copper property also located in central Nevada, General Moly's goal is to become the largest pure play primary molybdenum producer in the world. Earlier in May, the company announced its financial results for the first quarter ended March 31, 2017.
Solitario Zinc Corp (NYSE: XPL) is a U.S.-based zinc exploration company. With the Zazu acquisition, Solitario now holds a 50% operating interest in the Lik zinc-lead-silver deposit in Northwest Alaska, which is large tonnage, high-grade and potentially open pittable. Solitario Exploration & Royalty Corp. and Zazu Metals Corporation are pleased to announce that Solitario has completed its acquisition of Zazu Metals Corporation pursuant to the plan of arrangement previously announced on April 27, 2017. The Arrangement was approved by the Ontario Superior Court of Justice on July 7, 2017, after overwhelming approval by both Solitario and Zazu shareholders on June 29, 2017.
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