It seems whatever else fails in the stock market, no matter the factors, gold always seems to shine. Thursday, when indices resumed their plunge, proved no exception.
While gold and materials sank in New York, dropping 3.6%, the sector gathered steam in Toronto, gaining 2.7%.
South of the border, Americas Gold and Silver Corporation (NYSE:USAS), a growing North American precious metals producer, told investors the Relief Canyon gold mine in Nevada has successfully poured its first gold and to provide other corporate updates.
The Relief Canyon gold mine poured its first gold over the weekend. Initial construction was completed nine months after construction formally commenced in mid-May 2019. The initial capital spend is estimated to be within the guidance range the Company provided of $28 to $30 million U.S.
The ramp up at Relief Canyon is proceeding well with approximately 200,000 tonnes of ore stacked on the leach pad. Twenty-four-hour operation was introduced in late January which will enable the stacking rate to reach its design target of approximately 14,500 tonnes per day.
CEO Darren Blasutti declared, "We are thrilled to have poured first gold from Relief Canyon and excited as the asset advances toward commercial production in the second quarter of this year.”
USAS shares gained 10 cents, or 4.3%, to $2.42, on volume of 357,000.
On the Canadian side, Vancouver-based Sky Gold Corp. (TSX-Venture:SKYG) revealed news that made prices jump, well, for the sky. The miner has begun the permitting process for diamond drilling on the newly acquired Mustang and Virginia Properties, located in Central Newfoundland.
The Mustang property hosts the "Outflow Prospect", where gold mineralization was discovered at the Outflow Prospect in 1987 by Noranda Exploration Company Limited, who completed geologic mapping, trenching and shallow (average 84 m) diamond drilling (12 holes totaling 1007.6 m).
Sky Gold is a junior mineral exploration company engaged in acquiring and advancing mineral properties in Canada and the States.
Its price jumped in price two cents, or 25%, to 10 cents early Thursday afternoon, on volume of 86,000 shares.
