Gold prices are pushing aggressively higher this morning. Last checked, the metal was up about $14 to $1,957.51. All as investors become optimistic about the Federal Reserve’s rate policy decision later today. “The probability of the Fed pausing in the upcoming meeting has risen, but strong economic activity is suggesting the Fed will remain hawkish in the short term. This could see the gold price consolidating,” ANZ Research said, as quoted by Yahoo Finance. “However, ANZ further noted that when the Fed does stop raising rates, it could act as a tailwind for gold, as would a falling US dollar.” All could be positive for Golden Cariboo Resources (TSXV: GCC) (OTC: GCCFF), Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX), Newmont Corporation (NYSE: NEM) (TSX: NGT), Franco Nevada Corp. (NYSE: FNV) (TSX: FNV), and Osisko Development Corp. (NYSE: ODV) (TSXV: ODV).
In addition, the World Gold Council (WGC) just said that about a quarter of central banks plan to increase their gold holdings over the next 12 months as the future role of the US dollar comes into question, as also noted by Yahoo Finance.
Look at Golden Cariboo Resources (TSXV: GCC) (OTC: GCCFF), For Example
Golden Cariboo Resources reported that the first drill hole of 2023 has been completed, and it has revealed multiple new semi massive zones of mineralization above the 200 Level of the Quesnelle Gold Quartz Mine, and a continued southeast extension of replacement mineralization below the 400 Level of the Mine.
The semi massive sulphide and replacement zones are located at the Main Zone in variably altered metasediments and phyllite in close proximity to the greenstone-phyllite contact along the western margin of a 1.8km airborne magnetic anomaly. The largest semi massive sulphide intercept is about 8.3m wide (true width not known) with up to 60% pyrite (pictured below and on the Company website www.goldencariboo.com) hosted by sericitic-carbonate altered siltstone and phyllite. This zone includes a 0.4m mineralized quartz vein and is located in a previously untested area about 50-60m vertically below the surface and about 10-20m above the 200 Level. These semi massive sulphide zones correlate with a vertical extension of an historically mapped quartz vein (No.8 vein) and a near-vertical 75m long high-grade ore zone where a winze was installed and mined between the 200 and 400 Levels of the mine. Mineralization appears to be open at depth.
The Company also intercepted at least four mineralized quartz veins above the Koch vein, partly within a series of drifts or mined stopes of the Koch Tunnel area. Additionally, while replacement mineralization is also noted intermittently throughout the hole, the narrow zones of replacement encountered in QGQ22-02 were also observed to continue at least 70m to the southeast in QGQ23-01, also below the lowest level of the mine. This zone is open to the northwest and the southeast. Core logging is in progress, along with digitizing of historical underground geology and assay data.
The technical information in this news release has been reviewed by Jean Pautler, P.Geo., a qualified person with respect to NI 43-101.
Other related developments from around the markets include:
Barrick Gold Corporation announced the declaration of a dividend of $0.10 per share for the first quarter of 2023. The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022. The Q1 2023 dividend will be paid on June 15, 2023 to shareholders of record at the close of business on May 31, 2023. “Through the maintenance of a robust balance sheet, we are able to continue to provide a strong base dividend to our shareholders, with our Performance Dividend Policy providing shareholders with the potential for additional upside going forward,” said senior executive vice-president and chief financial officer Graham Shuttleworth.
Newmont Corporation announced that following completion of due diligence it has entered into a binding Scheme Implementation Deed under which Newmont will acquire 100 percent of the issued share capital in Newcrest by way of an Australian court-approved Scheme of Arrangement. “The combination of Newmont and Newcrest represents an exceptional value proposition for shareholders and other stakeholders. It creates an industry-leading portfolio with a multi-decade gold and copper production profile in the world’s most favorable mining jurisdictions,” said Tom Palmer, President and CEO of Newmont. “Following a robust due diligence process, we have identified a number of opportunities to unlock substantial value and will apply our experience and expertise to Newcrest’s complementary and exceptional portfolio of long-life, low-cost gold and copper assets. Leveraging our experience from the acquisition of Goldcorp four years ago, we are positioned to deliver an estimated $500 million in annual synergies and an estimated $2 billion in incremental cash flow from portfolio optimization opportunities, both part of our strategy to maximize value for shareholders and other stakeholders.”
Franco Nevada Corp. reported its first quarter results. Our diversified portfolio continues to generate strong cash flows and high margins. The first quarter was impacted by production disruptions at Cobre Panama and Antapaccay as well as lower energy prices. Stronger precious metal deliveries are anticipated in Q2 with both assets having returned to normal operations. “Cobre Panama’s CP 100 Expansion is on-track for year-end and we look forward to initial contributions from Magino, Se´gue´la and Salares Norte during the year”, commented Paul Brink, CEO. Franco-Nevada is debt-free, is growing its cash balances and has a strong pipeline of growth opportunities.
Osisko Development Corp. announced new 2023 underground diamond drilling results at its 100%-owned Trixie test mine, within the Company's wider Tintic Project and to provide an overview of the ongoing 2023 exploration program at Tintic, located in the historic East Tintic Mining District in central Utah, U.S.A. In addition, the Company is also reporting the remaining DD and reverse circulation drilling results from its 2022 exploration program. Chris Lodder, President of Osisko Development, commented, "The underground diamond drilling results from this year's drill campaign continue to generate targets and understanding of the epithermal veins and breccias at Trixie. High-grade gold and silver is observed in the footwall of the T2 and T1 zones, as both disseminated and vein mineralization. As these initial results indicate, the drillholes are intersecting all zones within the deposit area and continue to build upon the exploration successes achieved in 2022. We are also excited to launch our initial drill campaign to target copper porphyry potential at Tintic, which is slated to begin in Q3 2023."
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 Golden Cariboo Resources by Golden Cariboo Resources. We own ZERO shares of Golden Cariboo Resources. Please click here for disclaimer.
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