Kibali ‘to meet or beat’ guidance, says Barrick following record quarter

The underground operation at the Kibali gold mine, in the Democratic Republic of Congo, set new mining and shaft production records in the third quarter, keeping the Barrick Gold tier-one gold mine on track to meet or beat its guidance of 750 000 oz for the year. Throughput and recovery for the quarter were at or above the nameplate level, Barrick said on Wednesday of the mine that it owns in a joint venture with South Africa-headquartered major AngloGold Ashanti.

David Erfle – Gold Market Commentary – Wed 23 Oct, 2019

Weighing the near term drivers for gold – GDX technicals, Brexit, ECB and the Fed

Dave Erfle, Founder of The Junior Miner Junky joins me to share his thoughts on the trading pattern in GDX and the fundamental near term drivers he is watching for the overall gold sector. Still driven by politics and central banks the long term outlook is positive for gold but in the near term we could see some weakness.

Click here to visit Dave’s site and learn more about his newsletter.

Weekly SPX & Gold Price Cycle Report

October 23, 2019
Chris Vermeulen




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Common Stock Warrants & Junior Mining News

Centamin maintains full-year guidance despite lower third-quarter output

Egypt-focused gold miner Centamin still expects to reach the lower end of its full-year production guidance, at 490 000 oz, despite having reported lower production for the third quarter. The LSE- and TSX-listed company's Sukari mine, in Egypt, produced 98 045 oz of gold in the quarter ended September 30, a 17% decrease on the 117 913 oz produced in the second quarter of the year, as well as a 17% decrease on the 117 720 oz produced in the third quarter of 2018.

Gold can contribute to global decarbonisation, says WGC

Gold can be at the forefront of supporting the global decarbonisation transition, as this yellow commodity is expected to be more resilient to global economic changes as a result of climate change, World Gold Council (WGC) CFO Terry Heymann told Mining Weekly Online. This is because gold itself has an emissions profile that is consistent with leading mainstream investment assets and should be “an interesting investor option” for investors to remain interested in how emissions can be minimised within their portfolios, he elaborated.

Gold’s rally is driving a rush to one of metal’s final frontiers

Step aside Canada, Australia and South Africa: West Africa is fast becoming the hottest ticket in gold mining. Producers and prospectors are pouring money into the region as prices rally and the industry at the southern tip of the continent keeps shrinking. While gold miners face a dearth of new discoveries globally, large parts of West Africa have barely been explored. The deposits tend to be shallow – meaning easy access – and relatively low-cost.

Wallbridge rallies on Quebec excellent drilling results

Wallbridge Mining Co. Ltd. [WM-TSX; WC7-FWB] shares rallied Tuesday October 22 in active trading after the company tabled impressive drill results from its 100%-owned Fenelon Gold property in Quebec.

The results released Tuesday are from an ongoing 70,000-80,000-metre drill program, which is continuing to follow up on the recent Area 51 and Tabasco discoveries, and outline a large gold system on the property.

The company said drill hole FA-19-086, which was described in an earlier press release, assayed 27.00 g/t gold over 38.39 metres in the Tabasco Zone at a vertical depth of 500 metres. This further demonstrates the significant gold endowment of the gold system at depth, Wallbridge said in a press release that was issued following the close of trading on October 21, 2019. Further assay results from this hole are pending.

Meanwhile, on Tuesday, Wallbridge shares rose 10.7% or $0.04 to 41.5 cents on volume of 3.38 million. The shares are currently trading in a 52-week range of 15 cents and 48.5 cents.

Wallbridge has said it is establishing a pipeline of projects that will support sustainable production and revenue as well as organic growth through exploration and scalability.

Its portfolio includes the Fenelon Gold property, which covers 1,052 hectares and is located in northwestern Quebec, about 75 km northwest of Matagami. The project is proximal to the Sunday Lake Deformation Zone, which hosts the Detour Gold Mine in Ontario and Balmoral Resources Ltd.’s [BAR-TSX, BALMF-OTC] gold deposits at Martiniere.

Since acquiring the property in late 2016, Wallbridge has completed an updated resource estimate and a positive pre-feasibility study (PFS) on the existing gold resource, which consists of 38,000 ounces in the measured and indicated category, plus a further 1,900 ounces of inferred material.

Subsequent drilling, along with geological and structural modelling combined with a reinterpretation of the deposit have led to an expanded exploration target of an additional 70,000-120,000 ounces of gold.

“We couldn’t be more pleased to receive these exceptional assay results from the Tabasco Zone in hole FA-19-086, which confirmed our visual assessment of the significance of this intersection,” said Wallbridge President and CEO Marz Kord.

“We are very proud of the rapid exploration success we have achieved in 2019: a year ago, we only had a conceptual model of the gold zones below 200 metres vertical depth and now we have several significant, high-grade intersections at 500 to 600 metres depth,” Kord said.

“We have now accelerated the deep exploration to continue following these high-grade zones to depth, in order that we may plan for a greatly expanded drill program in 2020, which will provide us with the data required to complete the property wide resource/reserve estimate in early 2021.”

Of the six drills currently active on the property, four are focusing on exploration drilling from surface, doing large-spaced step-outs to define the footprint of the Fenelon gold system and two underground drill rigs are going for more closely-spaced drilling of the Tabasco zones and Area 51 near the existing mine workings.

A total of 56,000 metres have been drilled in 2019 and the drill program is on track to complete the 70,000-80,000 metres by the end of the year.

M3 Metals advances on Mohave Gold Project update

Metals 3 Corp. [MT-TSXV; XOVP-FSE] said Tuesday October 22 that it has secured the extensive physical database on the Mohave Gold Mine Project, which covers numerous historic gold mines in the Weaver mining district of Mohave County, Arizona.

M3 Metals recently gained an option to acquire a 100% interest in the property from two separate vendors.  In addition to the historic gold mines, there is an approximate five-kilometre gold-in-soil and gold-in-rock geochemical anomaly that extends across the entire length of the project.

M3 said the database records cover everything from historic resource drilling to mine planning and engineering, construction reports and targeting.

The company said initial efforts to compile and digitize the historic data has resulted in the identification of significant target areas.  “The most prominent area, newly termed the Dixie King, shows potential for a large-scale gold system over a two-by-two kilometre area, which overlaps with a string of historic mines commonly referred to as the Dixie Mines,” the company said.

This area has not seen any modern exploration.

M3 Metals shares rallied Tuesday, rising 4% or $0.005 to 13 cents on volume of 1.45 million.  The shares are trading in a 52-week range of $0.09 and 60 cents.

The Vancouver-based junior is currently advancing the Mohave Mine Gold Project along with its Block 103 Iron Ore Project in Newfoundland and Labrador. M3 Metals is also active on copper and gold projects in Manitoba.

The Mohave project covers over five km2 of strongly altered rocks and virtually all of an historic gold district that is estimated to have produced 100,000 tons at a grade of between 0.33 and 0.5 oz/ton gold. The project consists of 148 unpatented lode claims and 13 mill sites.

There have been more than 550 historic drill holes (68,000 feet) completed on the Mohave Project. Drilling was focused on the development of historic non-compliant resources within limited areas of the project. All historic drilling was done in the northern one-fourth of the property, and most of the holes were shallow, 100-foot deep, air-track holes, many of which stopped in mineralization.

Most of the work was done by private companies in the 1980s and 1990s. Previous work included blasting of an initial bench at the Klondyke Mine, work that represented the beginning of an open pit-style operation.

The historically reported high-grade underground mines on the property have not been exploited at a commercial scale and remain in place. M3 Metals said these areas have the potential to be brought into a NI 43-101 compliant resource with an aggressive drilling program.

Little effort from the previous operators focused on testing new targets or expanding on the historical resources. Instead work focused on construction of the heap leach operation and infrastructure.

The company said regional geological models indicate that there may be depth extensions or “feeder zones” beneath the well mineralized areas on the property in-line with similar systems on the region.

M3 Metals is currently completing an inventory on all historic records while digitizing and reviewing the geological data, including the historic soil, rock and drill hole assays.  Once complete, the data will be used in drill hole targeting.

Trans-Siberian aims for upper-end of guidance

London-listed gold producer Trans-Siberian on Tuesday reported a 32% quarter-on-quarter increase in gold production to 12 620 oz in the third quarter, on the back of an improvement in grades at the Asacha mine. The company reported a 6.3% year-on-year improvement in grade to 8.3 g/t and in the nine-months ended September, the average grade was 8.5 g/t – or nearly 26% better than the same period a year earlier.