Gold Breaks Out To New Record High
Companies featured in this report are i-80 Gold, NevGold Corp., Borealis Mining, Amex Exploration and Abitibi Metals.
The beautiful move in gold today brought a lot of enthusiasm to the presenters at the 2024 Precious Metals Summit Beaver Creek.
I recently wrote about the basing that was happening in gold and looking for a breakout. We got that breakout today and it made a new record high.
Earlier in the year we had a basing period that lasted for a few months, then this summer we had another which was around half as long. Now we have another base that is much shorter in time than the last one. In addition, the ranges are getting tighter. Gold is a coiled spring primed for another strong rally.
There were some very good presentations at the Beaver Creek conference that I wanted to highlight in this report.
i-80 Gold (sponsor, see disclosure below)
Ewan Downie did a great job of talking about all their assets in only a 15-minute presentation. At the end he got a “wow” from moderator Brent Cook. They have a remarkable suite of assets, including great deposits and production facilities. Ultimately, it is clear that their assets will help them grow into a key Nevada focused miner. Currently, their historical resources have 14 million ounces of gold, which have seen consistent incredible drilling results that will help them significantly grow their gold resources. Plus, they have a very big undeveloped silver resource and high-grade base metal discoveries. As gold is gaining strength, they are well positioned to be one of a small menu of gold developers. When generalist investors get involved in gold stocks, there really are only a tiny amount of high-quality developers focused in Nevada. This will help them stand above the crowd of other gold mine developers. You can find Ewan’s interview here: https://www.gowebcasting.com/events/precious-metals-summit-conferences-llc/2024/09/12/i-80-gold-corp/play/stream/38891
NevGold Corp. (sponsor, see disclosure below)
NevGold recently did a significant financing that cashes them up to drill at both their Nutmeg Mountain project in Idaho and Limo Butte in Nevada. The Nutmeg project has around 1.25 million ounces of gold in the oxides, with room to grow. I am especially impressed with the depth potential below the oxides. They have an epithermal gold system, with the potential to see a cluster of epithermal veins that feed the gold into the oxides. The potential to find a cluster of gold-rich epithermal veins is very exciting because there are spectacular mines like Hishikari that are this style of deposits. Plus, their Limo Butte project is well situated in a part of Nevada where they are surrounded by major mining companies actively advancing their projects. There was past production on the project and yet it remains underexplored. You can find their presentation here: https://www.gowebcasting.com/events/precious-metals-summit-conferences-llc/2024/09/12/nevgold-corp/play/stream/38892
Borealis Mining (sponsor, see disclosure below)
Kelly Malcolm is an extremely talented geologist. He cut his teeth at the remarkable Detour Lake mine then went to Quebec where he was VP Exploration on a gold project that looks to be a multi million ounce gold mine of the future. Now he has put together an impressive project in Nevada that can be advanced through its mining operations and exploration drilling. They only started publicly trading a few weeks ago, and did remarkable things as a private company. The quality of the project enabled them to attract a who’s who of mining executives to their board. Plus, gain key shareholders including mining stock investors Eric Sprott and Rob McEwen. They both bought their positions when Borealis was private, with Rob McEwen buying a 16% interest in the company. Pending results include from drilling and more gold pouring from the existing leach pad and then putting material from the stockpile onto the leach pad. You can find Kelly’s presentation here:
Amex Exploration (sponsor, see disclosure below)
They have a remarkable project in Quebec which has a spectacular high-grade gold zone with exceptional continuity of the high-grade. Recently, they put out a resource estimate which was well constrained so they could immediately complete a preliminary economic assessment. Often resource estimates are full of arm waving which is why they take many years to see economics wrapped around them. It is very rare that a company does a resource estimate and then within a few months puts out a preliminary economic assessment, which is the schedule Amex is on with their Perron project. Another impressive aspect for Perron is that it has a series of zones that are all within close proximity that have the potential that they all could be coming off one very large and powerful source. The recent resource estimate is a good starting point and I like the potential for it to grow significantly. You can find their presentation here: https://www.gowebcasting.com/events/precious-metals-summit-conferences-llc/2024/09/12/amex-exploration-inc/play/stream/38904
Abitibi Metals
I’m a big fan of copper exploration, but there aren’t many juniors with great copper projects, Abitibi Metals certainly has one. Making it even better is that it is high-grade in Quebec. They are loaded up with cash to do extensive drilling and are currently drilling with assays pending from several holes. They got the B26 project from SOQUEM, a division of the Quebec government tasked with doing exploration then farming the projects out to partners in order to promote mining in the province. SOQUEM does exceptional work, which is the case at the B26 project that enabled Abitibi Metals to hit the ground running. Their early drilling has hit high-grade copper, close to the surface, that remains open at depth and along strike. A key to growing their deposit will be deeper drilling. It looks to have excellent chances to be successful based on the distribution of metals in the near surface drilling. You can find their presentation here: https://www.gowebcasting.com/events/precious-metals-summit-conferences-llc/2024/09/12/abitibi-metals-corp/play/stream/38916
In The News
Goliath Resources
Goliath announced this morning that they upsized their financing to $12,750,000 with strategic shareholder Rob McEwen buying $1 million in the placement. This is his third investment into Goliath Resources. They started the drilling season with a plan to drill 15k metres, but due to strong early results has funds flowing in to enable them to drill 36k metres. They currently have 8 drill rigs running and recently announced that 66% of the holes have hit visible gold. Of that visible gold it has been abundant fine grained and coarse grained. One of the best visible coarse grained gold samples was found at the surface recently as they were preparing for drilling at their Jackpot target. I’m really excited about this target as it looks like it has the potential to be the feeder to the gold mineralization in their largest zone at the Surebet discovery named the Bonanza zone. Goliath Resources is my highest conviction gold discovery pick because I know how exceptional it is and how hard they are to find. With all the drilling they are doing, they should have assays coming out on a regular basis from soon until early 2025.
Below is an image of the gold leaf found in preparation for drilling at the Jackpot target. It looks like Jackpot (in the volcanics) could be a possible feeder to the impressive Bonanza zone.
All the best,
Allan Barry Laboucan
Disclosure
i-80 Gold is a sponsor of Rocks And Stocks News, content creation about them is for the benefit of the company. Sponsors also benefit readers of the reports as it makes content creation possible for no charge to readers. NevGold Corp. is a sponsor of Rocks And Stocks News, content creation about them is for the benefit of the company. Sponsors also benefit readers of the reports as it makes content creation possible for no charge to readers. Borealis Mining is a sponsor of Rocks And Stocks News, content creation about them is for the benefit of the company. Sponsors also benefit readers of the reports as it makes content creation possible for no charge to readers. Allan Barry Laboucan is a shareholder of Borealis Mining and is a consultant to the company. Amex Exploration is a sponsor of Rocks And Stocks News, content creation about them is for the benefit of the company. Sponsors also benefit readers of the reports as it makes content creation possible for no charge to readers.
Rocks And Stocks News does not make buying or selling recommendations. The reports are for information purposes only. Sponsors pay a fee to Rocks And Stocks News for content creation. The business model of Rocks And Stocks News is to fund research and reporting on the sector, picks and sponsors through corporate sponsorship. We are thankful to sponsors for enabling commentary free of charge to readers and viewers of the reports. When reporting on sponsors it is on behalf of the sponsors discussed in the portion of the report mentioning the sponsor. Before making any investment decision it is important for you to speak with your financial advisors to consider your risk profile. It is also important to do your homework. To help in that process, Rocks And Stocks News means to be a gateway by doing reports and interviews of management of sponsors and picks. The reports and interviews should not be considered investment advice. Allan Barry Laboucan is the founder and owner of Rocks And Stocks News, he has worked in the mining sector since 1993 and has been reporting on the sector since 2005. He has worked with and been mentored by very talented geoscientists in geology, geochemistry and geophysics. He uses the skills he has picked up during his career to assess sponsors and picks in the reports. Whether a company is a pick or a sponsor they go through the same filter and are reported on when important news is made that Allan Barry Laboucan wants to discuss on the Rocks And Stocks News platform. He may own shares in sponsors and picks for investment purposes which he discloses when discussing them in the reports.
BINGO!