Gold prices could test $3,000 over the next 12 months, say Citi analysts. All thanks to a combination of strong physical demand, central bank purchases, and macroeconomic factors that continue to support a bullish outlook for the yellow metal, as noted by Investing.com. With that potential, investors should consider some of the top gold stocks, such as Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF), Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX), Royal Gold Inc. (NASDAQ: RGLD), Franco Nevada Corp. (NYSE: FNV) (TSX: FNV), and Newmont Corp. (NYSE: NEM) (TSX: NGT).
One of the key factors driving gold is geopolitical uncertainty, which is fueling the de-dollarization trend that is still firmly in place.
China, for example, just unloaded $53.3 billion worth of U.S. bonds in the first quarter, escalating its move from dollar-denominated assets, says Business Insider. “To diversify from the dollar, Beijing is also diving harder into purchasing gold. Now, the metal makes up a 4.9% of Chinese reserves, the highest since at least 2015, Bloomberg said. It's a trend followed by other central banks as well, who have been snapping up bullion at record speeds,” they added.
Look at Calibre Mining, A Growing Gold Producer (TSX: CXB) (OTCQX: CXBMF)
Calibre Mining Corp. announced drill results from its 2024 exploration program within its 250 km2 Valentine Gold Mine complex (“Valentine”) in Newfoundland & Labrador, Canada. Today’s results are located immediately southwest of the Leprechaun deposit, on the edge of the open pit (2022 Mineral Reserves of 15.1Mt grading 1.73 g/t gold containing 0.84 Moz)1, one of the three open pits at Valentine.
Highlights from the Leprechaun Southwest drill program include:
- 2.25 g/t Au over 15.30 metres Estimated True Width including 24.68 g/t Au over 0.85 metres ETW in Hole LS-24-002;
- 1.87 g/t Au over 11.57 metres ETW including 9.26 g/t Au over 0.89 metres in Hole LS-14-007;
- 36.83 g/t Au over 0.91 metres ETW in Hole LS-24-010;
- 13.32 g/t Au over 0.85 metres ETW in Hole LS-24-011.
Darren Hall, President and Chief Executive Officer of Calibre, stated: “Today’s drill results reinforce the vast potential of the 32 km long Valentine Lake Shear Zone (“VLSZ”). Initial 2024 drilling intersected near surface gold mineralization outside of the current Mineral Reserve block model and in two holes outside of the Leprechaun Mineral Resource model. This new mineralization is located between 100 and 175 metres south of the recent high grade ore control drilling and both areas remain open for expansion.
This, coupled with earlier positive results from the Frank Zone (“Frank”), located approximately one kilometre south of today’s Leprechaun results, indicates potential for further expansion at near mine targets. This year, we plan to follow up with additional drilling on numerous targets in this area along the VLSZ towards Frank and infilling between the holes highlighted in this release.”
These initial 2024 drill results tested new targets up to hundreds of metres from the high grade ore control RC holes, as detailed in the news release dated February 14, 2024. From that infill program, several high-grade intercepts, including 46.53 g/t over 5.3 metres indicate significant gold mineralization outside of the current Mineral Reserve block model and remain open for expansion. New, near surface, in-pit gold mineralization was discovered, demonstrating upside potential to the 2022 Mineral Resource statement. Additional zones of mineralization have been identified and remain open along strike and at depth and will be followed up in upcoming drill programs. These results are within the three pit mine plan covering only six kilometres of the under-explored 32 kilometre VLSZ, the main control of gold mineralization at Valentine.
To view the interactive VRIFY 3D Model use the following link: https://vrify.com/decks/15932
Link 2 – Tables
Link 3 – Figures
Other related developments from around the markets include:
Barrick Gold announced that its subsidiary Barrick Gold (International Holdings) Ltd. has entered into an exploration earn-in agreement with Geophysx Jamaica Ltd. with respect to certain properties located in Jamaica. The Agreement initially provides Barrick with access to approximately 4,000 square kilometers of consolidated land positions throughout the country, with a favorable geological setting comparable to the Dominican Republic, where Barrick operates the Pueblo Viejo mine. Barrick will have the right to work with Geophysx to earn up to an 80% joint-venture interest in designated properties upon fulfillment of certain spending obligations and study-deliverable milestones. Barrick will act as the operator, in partnership with Geophysx, leveraging Geophysx’s existing personnel, knowledge, facilities and equipment.
Royal Gold announced that its Board of Directors has declared its third quarter dividend of $0.40 per share of common stock. The dividend is payable on Friday, July 19, 2024 to shareholders of record at the close of business on Friday, July 5, 2024.
Franco Nevada recently noted, “In late 2023, we were challenged by the unprecedented production halt at Cobre Panama. We are hopeful that the issues can be resolved, although we have taken a prudent approach for the carrying value of the asset”, stated Paul Brink, CEO. “Despite the issue at Cobre Panama, our business remains robust and we continue to benefit from a long- duration, diversified portfolio. We finished the year with no debt and $1.4 billion in cash and cash equivalents. The balance of our business performed well in 2023 and is expected to grow in 2024 with contributions from the completion of the Tocantinzinho, Greenstone and Salares Norte gold mines. Our growth outlook through 2028 is driven by numerous new mines and mine expansions. $2.4 billion of available capital positions us well for attractive acquisitions in an environment where many project developers are capital constrained.”
Newmont Corp. announced first quarter 2024 results and declared a first quarter dividend of $0.25 per share. "Newmont delivered a strong first quarter operational performance, producing 2.2 million gold equivalent ounces and generating over $1.4 billion in cash from operations before working capital changes," said Tom Palmer, Newmont's President and Chief Executive Officer. "Underpinned by the gold industry's leading portfolio of Tier 1 gold and copper operations, we remain well-positioned to achieve our full-year guidance and deliver meaningful synergies and productivity improvements from the combined portfolio. We remain focused on delivering on the commitments we laid out at the beginning of this year, creating an attractive value proposition for new and existing investors during this unique time in the gold industry."
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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