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These Three Top Catalysts Could Send Gold Prices to Higher Highs

BayStreet.ca - Tue Oct 31, 2023

Gold prices could rally well above $2,000, near-term. For one, investorsare turning to gold as a safe haven with geopolitical issues. Two, gold stillhas plenty of room to run higher, especially with the U.S. debt problemcreating further economic uncertainty. In addition, we have to consider theU.S. fiscal outlook isn’t very attractive. In fact, according to The ConferenceBoard, we could see a short recession next year. They added, “This outlook is associated with numerous factors,including, elevated inflation, high interest rates, dissipating pandemicsavings, rising consumer debt, lower government spending, and the resumption ofmandatory student loan repayments. We forecast that real GDP will grow by 2.2percent in 2023, and then fall to 0.8 percent in 2024.” All could easily sendgold prices well above $2,000, serving as a strong catalyst for companies suchas Calibre Mining Corp. (TSX: CXB)(OTCQX: CXBMF), Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX), Newmont Corporation (NYSE: NEM) (TSX:NGT), Franco Nevada Corp. (NYSE:FNV) (TSX: FNV), and Royal Gold Inc. (NASDAQ:RGLD).

Look at Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF), For Example

Calibre Mining Corp. announced a series of drill results from its 2023 resource expansion drill program within the Libertad Mine complex. High-grade gold from underground drilling, approximately 100 metres below the main Jabali resource, confirms mineralization and continuity down-dip with strong potential for resource expansion. Additionally, scout level drilling across the property has identified three new target areas located within 10 km of the Libertad mill. First pass results shown in the Figures linked below demonstrate the potential for additional, near surface gold resources.

Highlights at the Jabali Underground Mine include:

- 10.80 g/t Au over 14.3 metres Estimated True Width (“ETW”) including 26.72 g/t Au over 4.5 metres ETW in Hole JB-23-538A;

- 18.84 g/t Au over 3.1 metres ETW including 31.30 g/t Au over 1.8 metres ETW in Hole JB-23-539;

- 4.51 g/t Au over 3.1 metres ETW including 9.04 g/t Au over 1.5 metres ETW in Hole JB-23-540, and

- 8.44 g/t Au over 8.9 metres ETW including 22.08 g/t Au over 3.0 metres ETW in Hole JB-23-541

Darren Hall, President, and Chief Executive Officer of Calibre stated: “Its exciting to see high-grade gold mineralization intercepted close to the existing underground development, signaling potential expansion of the Jabali Underground Mine. Mineral Resource grades at Jabali average 4 g/t gold; with higher grades indicating the potential for significant upside at depth where the deposit remains open for expansion.

Initial drill results, along the same trend as the recently announced Volcan open pit resource, demonstrate strong potential to expand resources and discover new zones. As a result, several high-grade areas at the Calvario, Salvadorita, Mestiza vein systems are scheduled for immediate follow-up.”

Highlights from our scout level drill program include:

- 14.39 g/t Au over 2.3 metres ETW including 48.91 g/t Au over 1.2 metres ETW in Hole CV-23-022;

- 32.84 g/t Au over 2.1 metres ETW in Hole CV-23-032;

- 17.40 g/t Au over 1.2 metres ETW in Hole CV-23-023;

- 156.7 g/t Au over 0.44 metres ETW in Hole SAL-23-004;

- 9.65 g/t Au over 2.1 metres ETW including 20.00 g/t Au over 0.8 metres ETW in Hole VN-23-137;

- 4.22 g/t Au over 1.8 metres ETW including 8.00 g/t Au over 1.0 metres ETW in Hole SAL-23-009;

- 4.08 g/t Au over 1.4 metres ETW in Hole CV-23-030;

- 2.29 g/t Au over 3.0 metres ETW including 4.73 g/t Au over 1.4 metres ETW and 2.73 g/t Au over 4.2 metres ETW including 7.40 g/t Au over 1.0 metres ETW in Hole MZ-23-023, and

- 6.88 g/t Au over 2.1 metres ETW and 1.69 g/t Au over 1.5 metres ETW in Hole MZ-23-0252.00 g/t Au over 6.9 metres ETW including 6.15 g/t Au over 1.8 metres in Hole VN-23-142

Other related developments from around the markets include:

Barrick Gold Corporation reported preliminary Q3 sales of 1.03 million ounces of gold and 101 million pounds of copper, as well as preliminary Q3 production of 1.04 million ounces of gold and 112 million pounds of copper. Q3 production was higher than Q2, although lower than previous plans for the quarter, especially at Pueblo Viejo where equipment design deficiencies contributed to the delayed ramp up of the expansion project. We continue to expect a significant increase in fourth quarter production volume. The average market price for gold in Q3 was $1,928 per ounce while the average market price for copper in Q3 was $3.79 per pound. Preliminary Q3 gold production was higher than Q2 primarily as a result of higher production at Cortez driven by higher oxide production from the Crossroads open pit and Cortez Hills underground. In addition, production was higher at Turquoise Ridge due to planned autoclave maintenance in the previous quarter and at Kibali driven by improved grades. This was offset by lower production at Carlin due to lower grades resulting from an increase in stockpiled ore processed. Compared to Q2, Q3 gold cost of sales per ounce2 is expected to be 2% to 4% lower, total cash costs per ounce3 are expected to be 4% to 6% lower and all-in sustaining costs per ounce5 are expected to be up to 6% to 8% lower.

Newmont Corporation’s President and Chief Executive Officer, Tom Palmer issued the following statement after the Scheme of Arrangement, under which Newcrest Mining Limited (will be acquired by Newmont, became legally effective under Australian law. This followed lodging of the orders of the Federal Court of Australia with the Australian Securities and Investments Commission after Newcrest’s shareholders voted in favor of the Scheme. "This milestone represents a pivotal and historic moment in our strategy to create the world’s premier gold and copper company by consolidating Tier 1 assets in the world’s most favorable mining jurisdictions," said Tom Palmer, Newmont’s President and Chief Executive Officer. "Once complete, our combined business will feature 10, Tier 1 operations supporting decades of safe, profitable, and responsible gold and copper production, with best-in-class sustainability performance. We appreciate Newcrest’s and Newmont’s shareholders’ vote of confidence in our value-focused strategy, proven operating model and seasoned management team."

Franco Nevada Corp. announced "Our portfolio continues to generate strong cash flows and high margins. The second quarter's results benefited from our core assets returning to normal production and deliveries caught up from the disruptions in Q1. Revenue from our Diversified assets was impacted by lower oil, gas and iron ore prices compared to the relative highs of the prior year period" stated Paul Brink, CEO. "We expect Total GEOs for the year to be at the low end of our guidance range provided in March this year. We are looking forward to increased contributions from Cobre Panama, where the CP100 Expansion is on-track for year-end, and to contributions from royalties on several new mines. Franco-Nevada is debt-free and is growing its cash balances."

Royal Gold Inc. announced that Newmont Corporation issued a press release announcing that it has reached a preliminary agreement with the National Union of Mine, Metal and Allied Workers of the Mexican Republic aiming to end the strike initiated by the Union on June 7, 2023, at Minera Peñasquito in the Mexican State of Zacatecas. According to Newmont, the preliminary agreement was ratified by the General Assembly of the Union on October 5, 2023, and this preliminary agreement is intended to be formalized into a definitive agreement, which the parties will have to agree, approve, sign, and file with the Federal Labor Tribunal for Collective Affairs in Mexico City for final approval.

Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Calibre Mining Corp. by Calibre Mining Corp. We own ZERO shares of Calibre Mining Corp.Please click here for disclaimer.

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Ty Hoffer
Winning Media
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Ty@winning.media