Romios Gold Resources (TSXV:RG, OTCQB:RMIOF, Frankfurt:D4R) focuses on gold, silver and copper assets in the United States and Canada and prioritizes exploration programs on its two Nevada projects. The company fully owns two promising assets in Nevada: the Scossa Project (Gold) and the Kinkaid Project (Gold-Copper-Silver). Romios has recently re-focused its efforts on these core assets while still continuing exploration in British Columbia and Ontario, and opening discussions with potential investment partners for these large-scale exploration assets. In Canada, Romios Gold Resources’ land package includes 10 claim blocks covering over 400 km2 adjacent to the giant Galore Creek copper-gold-silver porphyry project co-owned by Trek and Newmont in the famed Golden Triangle of British Columbia. Two priority targets included here are the TREK South and JW copper-gold porphyry prospects. Company Highlights In 2022, Romios Gold Resources (Romios) undertook an audit of its significant portfolio of North American exploration assets and concluded that it was in the company’s best interests to focus its efforts on two promising, 100-percent-owned, assets in Nevada including:The Kinkaid Project, which includes 109 claims with more than 13 historic mine workings and prospects as well as significant blue-sky exploration potential for copper/gold/silver. The Scossa Project, which covers a high-grade gold mine that was in production from 1930 to 1941. The company’s past drilling intersected Bonanza Grades including 3.35 m @ 180.2 g/t Au, 4.02 g/t Ag; 1.98 m @ 268 g/t Au, 21.8 g/t Ag; and 1.51 m @ 62.49 g/t Au, 73.4 g/t Ag.Romios also has 100 percent ownership of extensive claim holdings covering several significant copper-gold porphyry prospects in the “Golden Triangle” of British Columbia, and additional exploration assets surrounding Newmont’s Musslewhite mine in Ontario.Romios is led by a strong management team composed of experts in exploration, corporate management and joint ventures.This Romios Gold profile is part of a paid investor education campaign.* Click here to connect with Romios Gold Resources (TSXV:RG, OTCQB:RMIOF, Frankfurt:D4R) to receive an Investor Presentation
Romios Gold Resources (TSXV:RG, OTCQB:RMIOF, Frankfurt:D4R) focuses on gold, silver and copper assets in the United States and Canada and prioritizes exploration programs on its two Nevada projects.
The company fully owns two promising assets in Nevada: the Scossa Project (Gold) and the Kinkaid Project (Gold-Copper-Silver). Romios has recently re-focused its efforts on these core assets while still continuing exploration in British Columbia and Ontario, and opening discussions with potential investment partners for these large-scale exploration assets.
In Canada, Romios Gold Resources’ land package includes 10 claim blocks covering over 400 km2 adjacent to the giant Galore Creek copper-gold-silver porphyry project co-owned by Trek and Newmont in the famed Golden Triangle of British Columbia. Two priority targets included here are the TREK South and JW copper-gold porphyry prospects.
This Romios Gold profile is part of a paid investor education campaign.*
Click here to connect with Romios Gold Resources (TSXV:RG, OTCQB:RMIOF, Frankfurt:D4R) to receive an Investor Presentation
Inflationary pressure has affected most markets, and gold was not immune from its effects. Despite gold prices stabilizing from a 19-month high in March 2022, analysts expect gold's global supply and demand to remain robust through 2026. Richard Kiyosaki, famed author of “Rich Dad, Poor Dad,” projects gold to reach upwards of US$5,000 over the next five years.
On the supply side, mining jurisdictions play a vital role in the success or failure of a mining project. A mining-friendly jurisdiction with a government and community that supports the industry creates a stable environment for projects to reach their full potential. Conversely, unfriendly jurisdictions can create endless hurdles and challenges, leaving impressive projects unable to reach full development. Nevada has once again earned a top spot on The Fraser Institute’s list of the top mining jurisdictions in the world. Nevada ranked in the top 10 on both of Fraser’s important lists: Investment Attractiveness and Policy Perception.
Romios Gold Resources (TSXV:RG, OTCQB:RMIOF, Frankfurt:D4R) is a North American exploration mining company focused on gold, silver and copper assets in the United States and Canada. The company recently shifted priority towards exploration programs on its two Nevada projects.
The company is led by an experienced team focused on unraveling the geological setting of the mineralization on each project through careful geological mapping, and the application of modern geophysical and geochemical techniques in order to increase the understanding and potential of each asset. Many of the Nevada targets were poorly understood due to their atypical geology, underexplored in terms of modern exploration techniques, and were mined for different commodities other than copper-gold-silver. All of these factors suggest the properties have not been tested for their true potential, and significant blue-sky opportunities for increased value are present.
The company fully owns two promising assets in Nevada: the Scossa Project (Gold) and the Kinkaid Project (Gold-Copper-Silver). Romios has recently re-focused its efforts on these core assets while still continuing exploration in British Columbia and Ontario, and opening discussions with potential investment partners for these large-scale exploration assets.
In Canada, Romios Gold Resources’ land package includes 10 claim blocks covering over 400 km2 adjacent to the giant Galore Creek copper-gold-silver porphyry project co-owned by Trek and Newmont in the famed Golden Triangle of British Columbia. Two priority targets included here are the TREK South and JW copper-gold porphyry prospects.
An experienced management team leads the company with a scientific approach to mineral exploration and a dedication to open engagement with First Nations and Indigenous communities. Stephen Burega, CEO and President, has significant experience managing natural resources projects, negotiating joint ventures and fundraising. John Biczok, Vice-President Exploration, is a professional geologist with over 40 years in the mineral resources industry. A longstanding and experienced board of directors brings additional experience in geology, property acquisition, business administration and international law.
The Kinkaid Project is located in Mineral County within the Walker Lane Trend and is 18 kilometers east of Hawthorne, Nevada. The claim block is made up of 109 claims covering 2,252 acres, with numerous historic mine workings and prospects across the property, including:
Multiple samples of quartz vein material collected from the Kinkaid Project in 2022 returned elevated gold values from 0.48 g/t gold to 33.7 g/t gold; silver values from 1 g/t silver to 1,725 g/t silver (55 oz/t silver); and copper values from 0.55 percent copper to 7.39 percent copper.
Romios Gold Resources is currently undertaking a detailed geological mapping and sampling program across the Kinkaid property, as well as a drone magnetic survey of the northern claims, with diamond drilling of several showings anticipated in 2023.
The Scossa Gold Project is located in Pershing County, Nevada, at the intersection of the prolific Sleeper & Rye Patch Trends, and covers a former-producing, high-grade gold mine that was in production from 1930 to 1941. The project is eight miles southeast of the Hycroft Gold Mine, which has an estimated gold resource of 9.65 million ounces measured and indicated.
Scossa was an underground mine during the 1930s before it was shut down during WWII. It was explored to a limited degree historically but has yet to be explored using modern, leading-edge technologies or ore deposit models that are critical to successful exploration of deposits like this. Past production was from five epithermal veins in faults up to 6 ft. wide with an average grade of over 1 oz/t gold. Some ore was so rich it was stored in the bank vault in Lovelock. Historic production was limited to the upper 400 ft. while the geology of similar deposits nearby suggests there should be 1,000 ft. of potential ore left beneath old workings. Some additional veins that were never tested by drilling are now known.
Romios Gold Resources completed a series of drill campaigns in the early 2000s with some spectacular results, including diamond drill holes which returned assays up to:
According to VP for Exploration John Biczok, “Epithermal gold-silver veins like those at the Scossa property typically form when hydrothermal ore fluids under pressure begin to boil as they rise to an elevation shallow enough to overcome the hydrostatic pressure.” He further explained, “Changes in the fluid due to boiling cause the gold and silver to precipitate and it can then be carried upwards in finger-like shoots at various intervals along the veins. These shoots can be very high-grade and it is important to determine where the mineralized shoots are versus the low-grade background vein material.”
Romios Gold Resources’ Nevada projects are its flagship assets, but the company is also simultaneously carrying out exploration campaigns on its Canadian projects. These projects are located in British Columbia and Ontario.
Stephen Burega has been in management and operations in the mining and natural resources sectors for the past 13 years and also has extensive experience in corporate development and fundraising, joint venture due diligence and negotiations, and management of public markets. His deep emerging markets background, along with a strong understanding of stakeholder management, social development, and structured community engagement and programming positions him well to lead Romios’ First Nations community engagements. His eight years of corporate communications and media relations, coupled with extensive issues management experience, are additional assets to be leveraged as Romios builds towards the future.
John Biczok, P. Geo., is a professional exploration geologist with over 40 years of experience in a wide range of ore deposit types, including many that are relevant to Romios' various mineral properties such as copper-gold skarns, massive sulphides, shear-hosted gold, iron formation-hosted gold and various exhalative type deposits (lead-zinc, barite). Biczok began work with Romios in August 2016 as a consultant in charge of the Lundmark-Akow Lake drill program in northwestern Ontario. His interpretation of the geology in those drill holes led to a new genetic model for the copper-gold mineralization and the subsequent discoveries of the first base metal massive sulphide and high-grade gold zones in the area. Before joining Romios, he worked at Goldcorp's (now Newmont) Musselwhite gold mine (18 km south of the Lundmark-Akow Lake property) for 12 years, most recently as senior exploration geologist and senior research geologist. Prior to this, he led Phelps Dodge Exploration's copper, gold and lead-zinc exploration efforts in India from 1999 to 2002, and worked for a number of mining companies in western Canada, including Mattagami Lake Exploration, Noranda Exploration and Manitoba Mineral Resources managing exploration programs for base metals, gold and nickel. Among his achievements with these companies was the discovery of a new ore zone at Musselwhite, initiation of the work that led to the discovery of the past-producing Brewery Creek gold deposit in Yukon, and leading the team that discovered the Monument Bay gold deposit in northern Manitoba.
Frank van de Water holds a B.Comm. from Concordia University, Montreal, and is a member of the Canadian Institute of Chartered Professional Accountants. He has had a 40-year career in financial roles with a variety of companies including a multinational mining, metal processing and metal trading company, and extensive experience with mining companies operating in Canada, Africa and Europe, all listed on the TSX, TSXV or LSE. He has held the positions of controller, VP finance, CFO and president at various times, and was the finance director of a large metal dealer on the London Metal Exchange. Van de Water is also a director at five other public companies.
Romios Gold Resources Inc. (TSXV: RG) (OTCQB: RMIOF) (FSE: D4R) ("Romios Gold" or the "Company") is pleased to report that it has completed an extensive exploration program on six of the company's projects in the Golden Triangle of northwestern British Columbia (see Map 1). Field work by Romios' crew began in early July and continued until mid-September. Assay results are now being received and compiled, and will be reported on when complete. Field observations on some of the claim blocks are very encouraging, particularly those from the Trek South Porphyry Cu-Au-Ag prospect. Many of Romios' projects in the Golden Triangle are close to the giant Galore Creek porphyry Cu-Au-Ag project held by a Teck-Newmont JV (GCMC) and currently in the final stages of a pre-feasibility study.
Romios' VP of Exploration Mr. John Biczok, P. Geo, commented, "we are very pleased that the first ever IP-MT survey has been successfully completed on the Trek South porphyry Cu-Au-Ag prospect, and a 3D model is now being generated of this significant target. Romios' 2022 work in the Golden Triangle also resulted in the discovery of numerous, often substantial, quartz veins near historic gold showings on several properties and we look forward to receiving and evaluating those results soon."
Stephen Burega, President and CEO, stated, "The 3D modelling will be key to opening conversations with potential funding partners for the Trek South prospect. Management has been cultivating numerous contacts to initiate their review/assessment of the potential at Trek South. We are looking forward to correlating these results with the mineralized surface exposures, and to sharing more in the near future once the modelling is competed."
PHOTO 1: Chalcopyrite (copper sulphide) covered fractures on boulder along Trek South IP survey line.
To view an enhanced version of Photo 1, please visit: https://images.newsfilecorp.com/files/5376/138858_photo1rg.jpg.
North West Claims: Located 10 km west of Galore Creek, they were explored to follow-up the discovery of gold bearing quartz veins in 2021 (5 - 9 g/t Au) and 2010 (16.5 g/t Au). Numerous additional veins were located at this latter site and several large veins up to 1.2 m wide were discovered elsewhere this season, some with visible copper mineralization. Assays are pending.
PHOTO 2: Newly discovered copper-stained quartz vein, ~70 cm wide, North West Claims
To view an enhanced version of Photo 2, please visit: https://images.newsfilecorp.com/files/5376/138858_photo2rg.jpg.
Burega continued, "the discovery of additional quartz veins of substantial size on the North West claims in the vicinity of historic showings was another highlight of the summer program. Romios personnel also completed several weeks of exploration work on three of our projects in NW Ontario and a summary of that work will be forthcoming shortly."
The samples discussed in this document were grab and chip samples considered representative of the outcrops, veins and boulders being sampled. They were submitted to the ISO/IEC 17025 accredited ALS Canada Ltd. laboratories in Terrace and Vancouver, BC for assay and multi-element analyses. As a matter of procedure, a rigorous quality assurance and quality control program was implemented to ensure reliable assay results by inserting alternating blanks and commercial assay standards at every 10th position in the sample series.
Map 1: Location of Romios' projects in the Golden Triangle, NW British Columbia
To view an enhanced version of Map 1, please visit: https://images.newsfilecorp.com/files/5376/138858_map1rg.jpg.
The technical information in this news release has been reviewed and approved by John Biczok, P. Geo., VP-Exploration for Romios Gold and a Qualified Person as defined by National Instrument 43-101. In addition to his extensive experience with several major mining companies exploring for a wide variety of ore deposit types across Canada and India, Mr. Biczok spent 12 years conducting exploration and research at the Musselwhite gold mine in NW Ontario.
About Romios Gold Resources Inc.
Romios Gold Resources Inc. is a progressive Canadian mineral exploration company engaged in precious-and base-metal exploration, focused primarily on gold, copper and silver. It has a 100% interest in the Lundmark-Akow Lake Au-Cu property plus 4 additional claim blocks in northwestern Ontario and extensive claim holdings covering several significant porphyry copper-gold prospects in the "Golden Triangle" of British Columbia. Additional interests include the Kinkaid Nevada claims covering numerous Au-Ag-Cu workings and two former producers: the La Corne molybdenum mine property (Quebec) and the Scossa mine property (Nevada) which is a former high-grade gold producer. The Company retains an ongoing interest in several properties including a 20% carried interest in five of Honey Badger Mining's claim blocks in the Thunder Bay silver district of northwestern Ontario; a 2% NSR on McEwen Mining's Hislop gold property in Ontario; a 2% NSR on Enduro Metals' Newmont Lake Au-Cu-Ag property in BC, and the Company has signed a definitive agreement with Copperhead Resources Inc. ("Copperhead") whereby Copperhead can acquire a 75% ownership interest in Romios' Red Line Project in BC.
For more information, visit www.romios.com
This News Release contains forward-looking statements which are typically preceded by, followed by or include the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not guarantees of future performance as they involve risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update these forward-looking statements and shareholders are cautioned not to put undue reliance on such statements. TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) do not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Stephen Burega, President - 647-515-3734 or sburega@romios.com
John Biczok, P. Geo., VP of Exploration - 613-410-7877 or jbiczok@romios.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138858
News Provided by Newsfile via QuoteMedia
Romios Gold Resources Inc. (TSXV: RG) (OTCQB: RMIOF) (FSE: D4R) ("Romios Gold" or the "Company") is pleased to announce that it has retained Robert Samuel Grier of Stirling Merchant Capital Inc. (the "Stirling"), as an investor relations consultant to provide communication and marketing services. Stirling will be paid $3250 per month for each month that investor relations services are provided by Stirling. In addition to the foregoing stock option grants, Stirling will be granted 300,000 stock options exercisable at $0.05 for up to three years. Neither Stirling nor its principal, Sam Grier, own any securities of the Company directly or indirectly or have any intention to acquire any securities of the Company except for the exercise of stock options.
Stirling Merchant Capital, a Calgary based Investor relations company, was founded by Sam Grier, BA Econ., who has been in the Investor Relations business for over 20 years. He has conducted successful in person road shows all across Canada and has built solid relationships with Investment Advisors, Accredited investors, analysts & small cap fund managers in the Canadian Investment community. Sam is also a member of the Mineral Exploration Group (Calgary).
The Company is also pleased to announce that it has retained Natrinova Capital Inc. ("Natrinova") as an investor relations consultant to provide communication and marketing services. Natrinova will be paid $3250 per month for each month that investor relations services are provided by Natrinova. In addition to the foregoing stock option grants, Natrinova will be granted 300,000 stock options exercisable at $0.05 for up to three years. Neither Natrinova nor its principal, Natalya Tararinova, own any securities of the Company directly or indirectly or have any intention to acquire any securities of the Company except for the exercise of stock options.
Natrinova Capital Inc. is a boutique Investor Relations firm focused on junior companies and penny stock in the public markets. Built on 30+ years of strong relationships we provide a personal approach to all our clients. We have built strong relationships with brokers, analysts & fund managers across the country and have conducted road shows for TSX & TSX.V listed companies in both large & small Canadian cities.
The engagements of Stirling and Natrinova are subject to TSX Venture Exchange ("TSXV") approval.
The Company wishes to announce that it has issued 5,550,000 options to the Company's directors, officers and consultants. The options are exercisable at a price of $0.05 for a period of five years. The grant is subject to acceptance by the TSXV.
About Romios Gold Resources Inc.
Romios Gold Resources Inc. is a progressive Canadian mineral exploration company engaged in precious-and base-metal exploration, focused primarily on gold, copper and silver. It has a 100% interest in the Lundmark-Akow Lake Au-Cu property plus 4 additional claim blocks in northwestern Ontario and extensive claim holdings covering several significant porphyry copper-gold prospects in the "Golden Triangle" of British Columbia. Additional interests include the Kinkaid Nevada claims covering numerous Au-Ag-Cu workings and two former producers: the La Corne molybdenum mine property (Quebec) and the Scossa mine property (Nevada) which is a former high-grade gold producer. The Company retains an ongoing interest in several properties including a 20% carried interest in five of Honey Badger Mining's claim blocks in the Thunder Bay silver district of northwestern Ontario; a 2% NSR on McEwen Mining's Hislop gold property in Ontario; a 2% NSR on Enduro Metals Corp.s' Newmont Lake Au-Cu-Ag property in BC, and the Company has signed a definitive agreement with Copperhead Resources Inc. ("Copperhead") whereby Copperhead can acquire a 75% ownership interest in Romios' Red Line Project in BC.
For more information, visit www.romios.com
This News Release contains forward-looking statements which are typically preceded by, followed by or include the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not guarantees of future performance as they involve risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update these forward-looking statements and shareholders are cautioned not to put undue reliance on such statements. TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) do not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Stephen Burega, President & CEO - 647-515-3734 or sburega@romios.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135817
News Provided by Newsfile via QuoteMedia
Romios Gold Resources Inc. (TSXV: RG) (OTCQB: RMIOF) (FSE: D4R) ("Romios Gold" or the "Company") is pleased to announce that Mr. Stephen Burega has been appointed CEO of the Company. Mr. Burega was appointed President of the Company in September 2021. Tom Drivas has resigned as CEO. The Board of Directors wishes to thank Mr. Drivas for his guidance and his service to the Company as CEO from its inception. Mr. Drivas will remain a director of the Company.
"Tom founded Romios Gold more than 27 years ago, and over the years, he did an exceptional job at identifying prime locations to accumulate sizeable exploration claim blocks in Canada and Nevada," stated Stephen Burega, President and CEO. He continued, "I want to thank Tom for all of his efforts and direction over the years in developing Romios and securing strong partnerships and assets."
He continued, "Plans are currently underway to move the Company's assets forward with a focussed effort to streamline our approach and to bring our Nevada assets to the forefront of future exploration activities. We are actively looking for strong partnerships for our core assets in British Columbia and Ontario. All exploration activities will be supported with a well-developed communications and marketing effort that began in early 2022 to re-introduce the Company to the investing marketplace."
Upon his resignation, the employment agreement with Mr. Drivas was terminated effective January 31, 2022 and the Company paid $144,000 on account of his accrued salary.
About Romios Gold Resources Inc.
Romios Gold Resources Inc. is a progressive Canadian mineral exploration company engaged in precious- and base-metal exploration, focused primarily on gold, copper and silver. It has a 100% interest in the Lundmark-Akow Lake Au-Cu property plus 4 additional claim blocks in northwestern Ontario and extensive claim holdings covering several significant porphyry copper-gold prospects in the "Golden Triangle" of British Columbia. Additional interests include the Kinkaid Nevada claims covering numerous Au-Ag-Cu workings and two former producers: the La Corne molybdenum mine property (Quebec) and the Scossa mine property (Nevada) which is a former high-grade gold producer. The Company retains an ongoing interest in several properties including a 20% carried interest in five of Honey Badger Mining's claim blocks in the Thunder Bay silver district of northwestern Ontario; a 2% NSR on McEwen Mining's Hislop gold property in Ontario; a 2% NSR on Enduro Metals Corp.'s Newmont Lake Au-Cu-Ag property in BC, and the Company has signed a definitive agreement with Copperhead Resources Inc. ("Copperhead") whereby Copperhead can acquire a 75% ownership interest in Romios' Red Line Project in BC.
For more information, visit www.romios.com.
This News Release contains forward-looking statements which are typically preceded by, followed by or include the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not guarantees of future performance as they involve risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update these forward-looking statements and shareholders are cautioned not to put undue reliance on such statements. TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) do not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Stephen Burega, President - 647-515-3734 or sburega@romios.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/131005
News Provided by Newsfile via QuoteMedia
Romios Gold Resources Inc. (TSXV: RG) (OTCQB: RMIOF) (FSE: D4R) ("Romios Gold" or the "Company") is pleased to report that it has contracted Simcoe Geoscience of Stouffville, Ontario, to undertake a next-generation APLHA IPTM induced polarization geophysical survey across the 1 km wide Trek South porphyry Cu-Au-Ag target in the Golden Triangle of northwestern British Columbia (Map 1).
As reported in November 2021 (See news release, November 18), Romios' field work in the Trek South area over the past 2-3 years has discovered and partially delineated a >1 km wide zone of porphyry-style alteration and veinlet-hosted Copper-Gold-Silver (Cu-Au-Ag) mineralization. Simcoe's advanced IP technology is expected to detect key sulphide mineralization present below surface to depths of 550 to 650 m for drill targeting.
The IP survey is scheduled to begin in early July and will take approximately 7 days to complete, weather permitting.
"The upcoming IP survey over the Trek South porphyry target is a very important milestone for this project and could be a game-changer for Romios if it is successful in detecting sulphide mineralization at depth beneath the surface exposures," stated Stephen Burega, President. He continued, "we are also very keen to complete the first-ever IP survey over the core of the JW porphyry prospect if time permits. This site has both historic drill intersections of porphyry type mineralization and exposures of mineralization and intense alteration along the margin of the pluton, but the high potential centre of the pluton has never been tested. To have another such promising porphyry prospect so close to Galore Creek is an incredible asset for Romios."
BACKGROUND ON THE TREK SOUTH TARGET
Romios' TREK South claim block covers ~18 sq km of highly prospective ground known to contain at least 8 historic and underexplored Cu-Au-Ag showings in addition to the recently discovered porphyry-style alteration and mineralization. It is just 3 km from Romios' Trek North Zone, one of the few known and partially drill-defined porphyry Cu-Au-Ag zones in the area not held by the Teck-Newmont Galore Creek JV (Map 1). Both the Trek North and Trek South sites are within 1.4 km of the partly cleared road route to Teck and Newmont's enormous Galore Creek Cu-Au porphyry deposit(s) and just 13 km from the proposed Galore Creek mill site (www.gcmc.ca).
Following Romios' 2019 discovery of garnet-epidote-pyrite skarn veins on the Trek South claims (Photo #1), a hyperspectral survey of part of the target area in 2020 by HEG & Associates confirmed the presence of porphyry-type alteration minerals in two broad areas. Skarn zones are commonly developed on the margins of many porphyry copper systems and are especially prominent in many of the Golden Triangle deposits.
PHOTO 1 (Left): Close-up view of part of the extensive garnet-epidote-amphibole skarn network on the west margin of the Trek South porphyry system (red pencil magnet section is 7 cm long). PHOTO 2 (Right): Example of the mineralized pyrite +/- quartz veinlet stockwork at Trek South (hammer at top is approx. 81 cm long).
To view an enhanced version of Photo 1 and Photo 2, please visit: https://images.newsfilecorp.com/files/5376/130246_e03d40056416692a_002full.jpg.
In 2021, Romios personnel undertook detailed mapping and sampling across part of the Trek South claims that until recently had been covered by relatively thin glacial ice and snowfields, resulting in the discovery of the porphyry-type mineralized and altered zone (see Photo #2). In addition, the 2021 survey partially defined previously unknown intrusions which may be related to the mineralizing event, as well as numerous boulder trains of massive epidote alteration, +/- local copper mineralization, apparently derived from an area still hidden beneath the glacier. Extensive areas of strong epidote alteration occur along ridges surrounded by snow and ice immediately south of the Trek South exposures and Cu-Au-Ag mineralized boulders have been found on the small glacier originating in this area. These areas remain to be mapped and sampled in 2022.
Map 1: Romios Gold' claim holdings and porphyry Cu-Au-Ag prospects in the Golden Triangle
To view an enhanced version of Map 1, please visit: https://images.newsfilecorp.com/files/5376/130246_e03d40056416692a_003full.jpg.
QA/QC: The samples discussed in this document were grab and chip samples considered representative of the veins and boulders being sampled. They were submitted to the ISO/IEC 17025 accredited ALS Canada Ltd. laboratories in Terrace and Vancouver, BC for assay and multi-element analyses. As a matter of procedure, a rigorous quality assurance and quality control program was implemented to ensure reliable assay results by inserting alternating blanks and commercial assay standards at every 10th position in the sample series.
The technical information in this news release has been reviewed and approved by John Biczok, P. Geo., VP-Exploration for Romios Gold and a Qualified Person as defined by National Instrument 43-101. In addition to his extensive experience with several major mining companies exploring for a wide variety of ore deposit types across Canada and India, Mr. Biczok spent 12 years conducting exploration and research at the Musselwhite gold mine in NW Ontario.
About Romios Gold Resources Inc.
Romios Gold Resources Inc. is a progressive Canadian mineral exploration company engaged in precious- and base-metal exploration, focused primarily on gold, copper and silver. It has a 100% interest in the Lundmark-Akow Lake Au-Cu property plus 4 additional claim blocks in northwestern Ontario and extensive claim holdings covering several significant porphyry copper-gold prospects in the "Golden Triangle" of British Columbia. Additional interests include the Kinkaid Nevada claims covering numerous Au-Ag-Cu workings and two former producers: the La Corne molybdenum mine property (Quebec) and the Scossa mine property (Nevada) which is a former high-grade gold producer. The Company retains an ongoing interest in several properties including a 20% carried interest in five of Honey Badger Mining's claim blocks in the Thunder Bay silver district of northwestern Ontario; a 2% NSR on McEwen Mining's Hislop gold property in Ontario; a 2% NSR on Enduro Metals Corp.s' Newmont Lake Au-Cu-Ag property in BC, and the Company has signed a definitive agreement with Copperhead Resources Inc. ("Copperhead") whereby Copperhead can acquire a 75% ownership interest in Romios' Red Line Project in BC.
For more information, visit www.romios.com.
This News Release contains forward-looking statements which are typically preceded by, followed by or include the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not guarantees of future performance as they involve risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update these forward-looking statements and shareholders are cautioned not to put undue reliance on such statements. TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) do not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Stephen Burega, President - 647-515-3734 or sburega@romios.com
John Biczok, P. Geo., VP of Exploration - 613-410-7877 or jbiczok@romios.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/130246
News Provided by Newsfile via QuoteMedia
First hole intercepts pegmatite at Lucky Sump Prospect plus wide zones of silicification-sulphide hit in core drilling to extend resource
Kairos Minerals (ASX:KAI) owns 100% of the flagship 1.1 Mozs Mt York Gold Project that was partially mined by Lynas Gold NL between 1994 and 1998. Pre-feasibility work is progressing rapidly underpinned by a +20,000m diamond and RC drilling campaign to collect important information for further resource expansion, metallurgical testwork, mining and process engineering to determine viability and optimal pathway to develop a sustainable, long-lived mining project. Current resources at a 0.7 g/t Au cutoff grade are shown in the table below.
Highlights – Mt York Gold Project
“At our flagship Mt York Gold Project, drilling has intersected spectacularly wide silicified- sulphide zones within the mine stratigraphy in both hangingwall and footwall positions to the main mineralised banded iron formation.
“We expect to continue seeing very thick sulphide-silicified zones known to be associated with mineralisation outside the current resource estimate as we have just seen in hole KMYD070, because this deposit is very much untested by drilling.
“We feel extremely confident that our targeting strategy based on 3D modelling and structural interpretation will extend the mineralisation significantly beyond the current 1.1 Mozs resource in preparation for the prefeasibility study”.
Click here for the full ASX Release
This article includes content from Kairos Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
The first week of the third quarter treated gold relatively well — after falling to US$1,622 per ounce on September 28, the yellow metal bounced back, rising to around US$1,725 on Tuesday (October 4).
Gold finished the five day period lower, coming in at US$1,695, but its uptick has soothed worried investors.
I heard this week from David Erfle of Junior Miner Junky, who shed some light on gold's interesting recent price activity. He said that last week was filled with bearish sentiment, and he was prepared to see the precious metal drop to US$1,550. That would have been a 50 percent retracement after gold's doubling from late 2015 to August 2020.
Of course, we now know that didn't happen — according to David, gold was buoyed by turmoil in Europe, and this allowed it to get back over the crucial US$1,675 level. Here's why he thinks that price point is important:
Click here to watch the full interview with David; he also shares how he's approaching gold stocks right now.
Aside from gold, I also want to touch briefly on silver, which got back above the US$21 per ounce mark this week.
The speed of the white metal's rise in particular has attracted attention — it jumped from US$18.13 on September 28 to a high point of US$21.14 on Tuesday, although it closed the week lower, at US$20.16.
The move has brought renewed focus on the #SilverSqueeze hashtag on Twitter (NASDAQ:TWTR), and it's a topic we'll definitely be talking about next week when the INN team attends the New Orleans Investment Conference.
As a final comment, it's worth noting that according to the US Department of Treasury, the country's debt reached US$31 trillion this week, which is a new high. Putting that into perspective, a report from the Peter G. Peterson Foundation shows that this amounts to US$236,000 per American household, or US$93,000 per person.
If you've been following along on our channel, you'll know that many commentators have pointed to ballooning US debt as a major problem that rising interest rates are only exacerbating — this is one of the reasons some experts believe that sooner or later the US Federal Reserve will have to stop hiking or risk creating an untenable situation.
The Fed's next move remains to be seen, but debt will no doubt stay in the spotlight in the lead-up to its November meeting.
Want more YouTube content? Check out our YouTube playlist At Home With INN, which features interviews with experts in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
And don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
The Veladero gold mine has reached its 17th anniversary since first gold in October 2005 and the company remains committed to improving the asset, building on strong partnerships with the local community, and exploring to increase its resources.
At a media briefing here today, Barrick president and chief executive Mark Bristow said recent integrated work from the exploration team in the Veladero district has identified four high interest targets that will be tested with drilling campaigns starting in October 2022.
Also, to continue developing an open partnership with local communities, Veladero will launch four new Community Development Committees (CDC) in the departments of Iglesia and Jáchal, bringing the total to six, and increasing the frequency of participatory environmental monitoring. The role of the CDC is to allocate the community investment budget to projects prioritized by local stakeholders, with each committee made up of a mix of local leaders and a variety of community members.
"We call San Juan our home and since 2019 we have significantly improved our relations with all stakeholders based on our DNA of open and transparent communication. I'm thrilled to see this commitment expand with the installation of new Community Development Committees in our neighboring communities of Iglesia and Jáchal", Bristow said.
Another important initiative is to enhance environmental participatory monitoring. The first activity took place at the start of October when water quality samples were collected at Veladero's Compliance Point by community members and analyzed at a certified laboratory. Over the next six months, monitoring will occur monthly and then quarterly, significantly increasing participation from the current annual frequency.
In terms of value creation, the participation of local community suppliers reached US$ 22 million in goods and services supplied to the mine in the last 12 months. This development process has generated new opportunities such as earthworks, construction, manufacturing of grinding balls, glass cutting, hardware, mining road maintenance, and cargo transportation among others. At the same time, the company has developed an incubation program for non-mining related small businesses, which has produced about 60 initiatives in the last three years.
We are exploring in the San Juan province and across the country, and at the same time, we have raised concerns about the mining industry's viability. At Veladero we have observed how the current financial situation in Argentina, with currency restrictions, inflation, and taxation, combines with the global financial crisis to create risks for the mine plan. As partners we urgently need to work together for a sustainable long-term future, Bristow said.
Contact Marcelo Álvarez Executive Director of Government Relations South America +11 3188 9957
Veladero is a 50/50 joint venture between Barrick and Shandong Gold, located in the San Juan province of Argentina, at an elevation between 4,000 and 4,850 meters above sea level.
Since the start of operations in 2005, Veladero has exceeded US$10 billion in goods and services, taxes and salaries paid in Argentina. The mine's employee and contractor workforce is 4,162 with 99% national employees, and 89% from San Juan.
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "commit", "believe", "expect", "strategy", "potential", "project", "continue", "future", "will", "could", "would", "should", "may" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: high-potential exploration targets at Veladero; the anticipated benefits of participatory environmental monitoring and other environmental initiatives; the potential for Community Development Committees and other initiatives to strengthen Veladero's relationship with surrounding communities; Barrick's strategy, plans, targets and goals in respect of environmental and social governance issues, including local community relations and investments (including local content programs and planned investments to develop local suppliers and businesses); Veladero's ability to convert resources into reserves; mine life and production rates; Barrick's global exploration strategy and planned exploration activities at Veladero; the potential impact of local currency restrictions, inflation and taxation in Argentina on Veladero; and expectations regarding future price assumptions, financial performance and other outlook or guidance.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be consistent with the Company's expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this press release are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments Argentina or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of or failure to obtain key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; damage to the Company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company's handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick's operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption of supply routes which may cause delays in construction and mining activities; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with Barrick's infrastructure, information technology systems and the implementation of Barrick's technological initiatives; the impact of inflation, including global inflationary pressures driven by supply chain disruptions caused by the ongoing Covid-19 pandemic and global energy cost increases following the invasion of Ukraine by Russia; risks related to competition in the mining industry; employee relations including loss of key employees; availability and increased costs associated with mining inputs and labor; risks associated with diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; risks related to the failure of internal controls; and risks related to the impairment of the Company's goodwill and assets. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
News Provided by GlobeNewswire via QuoteMedia
Click here to read the previous gold price update.
Gold continued to battle headwinds over the third quarter, shedding 6.15 percent. Catalysts that were expected to add to its value were unable to buoy the yellow metal over the summer months thanks to a strong US dollar.
Considered a hedge against inflation, gold struggled to retain any gains over the three month period. Rising interest rates and geopolitical instability also offered no support for the metal, even though it is also often bought during times of uncertainty.
The gold price started the quarter at US$1,809.30 per ounce, which ended up being the highest value the metal achieved over the 90 day session. Price pressures pushed gold to a two year low by the end of September, when values sank to US$1,620.30.
Although tailwinds that usually propel gold higher were in place, the metal was overshadowed by strength in the US dollar, which has exhibited its best performance since 2002.
22 year US Dollar Index performance.
In late September, the US Dollar Index, which weighs the greenback against a basket of other global currencies, hit a 20 year high of 114.78. Gold and the US dollar tend to have an inverse correlation, and this was in full force in Q3.
The yellow metal’s predictable reaction to a strong dollar came as little surprise to market watchers; however, gold’s disappointing performance amid so many traditional tailwinds has been unexpected.
Most notable was the rapid inflation seen in the first half of 2022. Reaching four decade highs, costs for energy, food and transportation soared as a result of pandemic monetary stimulus, supply chain disruptions and Russia's invasion of Ukraine.
As mentioned, inflation and uncertainty are usually prime gold price catalysts. But as Joe Cavatoni, head of the Americas region at the World Gold Council, explained to the Investing News Network (INN), gold found itself caught between the rising equity values of 2020 and 2021, along with a market correction and economic turmoil.
“What we saw at the beginning of the year was another systemic issue. Russia-Ukraine war uncertainty kicked gold into positive return territory in the first half of the year,” he said at the Gold Forum Americas.
In fact, gold marked its highest value ever on March 8, when levels topped US$2,074.60. “But now the … monetary fiscal policy, (the) shifting in rates to try and manage the inflationary pressures that we've got (is) starting to put up headwinds,” he said.
Although the yellow metal slipped to its lowest point since April 2020 during the final days of Q3, Cavatoni pointed to the cyclicality of the market and the opportunity cost of holding gold.
“In the case of gold short term, when rates are moving, opportunity cost means that people are looking for asset positioning, so they sell and look where the opportunities are — bond markets, for example,” he said. “And they start to use gold as a liquid asset to be a source of some of that income.”
As inflation in the US held steady at roughly 8 percent from August through September, across the ocean the UK saw inflation spike above 10 percent in July; it has remained in the 9 percent range since then.
Global inflationary pressures have prompted central banks to raise interest rates, and the US Federal Reserve is the most-watched of all. It hiked the federal funds rate five times between January and October, bringing the target to 3 to 3.25 percent.
The Fed’s most recent rate hike coincided with gold’s end-of-quarter decline to US$1,698.10 at the close of September.
Gold’s position as a hedge against inflation has left many wondering why it hasn’t performed positively, something Juan-Carlos Artigas, head of research at the World Gold Council, attributes to opportunity cost and perspective.
He explained that there are four key drivers for gold: economic expansion, risk and uncertainty, opportunity cost and momentum.
“In recent months, gold has also had to contend with much higher opportunity costs, both from continuously increasing interest rates and the strongest US dollar for 20 years,” he said. “This has offset some of the support gold has had from greater risk and uncertainty, the most obvious coming from geopolitical tensions.”
The lead researcher also touched on why inflation has not added more upside to gold’s value.
“High inflation has also been a contributing factor, but its effect has been more muted given that not all investors have perceived inflation risks in the same way,” he said. “This is illustrated by the stark difference between the US consumer price index and long-term inflation expectations implied by the bond market.”
By September 30, gold had shed 5.7 percent from January. That's still markedly better than both of the main US indexes, which declined 20 percent or more in the same timeframe.
“In reality, gold has outperformed most major assets so far in 2022, including inflation-linked bonds both in the US and elsewhere,” Artigas said. “The fact that gold has performed as well as it has, all things considered, is a testament to its global appeal and more nuanced reaction to a wider set of variables.”
For companies that mine and find gold, the precious metal’s sizeable decline from its Q1 high to its year-to-date low has been impactful, especially when paired with rising energy cost and overhead expenses.
Geopolitical uncertainty and the effects of inflation were key topics at this year’s Gold Forum Americas, held in late September.
“We continue to monitor the impact of cost inflation,” said Sandeep Biswas, CEO of Newcrest Mining (TSX:NCM,ASX:NCM), during his presentation. Speaking about the company's 2023 fiscal year, he commented, "We estimate the inflationary pressures will increase our cost base between 6 to 8 percent, though the short-term outlook cost forecasts are obviously quite unpredictable.”
Newcrest, which is one of the world’s top 10 gold-producing companies, plans to use the jurisdictions of its projects to its advantage to help counter inflationary pressures.
“From a geographic perspective, we expect inflationary pressures to be lower at our Canadian sites, largely driven by consumables, maintenance and parts,” Biswas said. “We also expect continued pressure on our capital costs given the competition for labor from other infrastructure projects in all jurisdictions, and high steel prices.”
The mining executive also explained that he expects some of the latter price drivers to decline; regardless, he believes Newcrest remains “well-positioned and well-structured to match these constant pressures.”
At South America-focused Aura Minerals (TSX:ORA,OTC Pink:ARMZF), CEO Rodrigo Barbosa has been able to combat rising costs despite mounting inflationary pressures across Latin America, which he credited to the miner’s spending stance.
“We've seen the impact of inflation in the countries that we operate — 5, 6, 8 and 10 percent, sometimes,” he told INN at the Gold Forum Americas. “But the fact is that we've been able to fight back … we have been very well-aligned and cautious about costs.”
Aura has been able to mitigate the rapidly growing cost of energy at its projects in Brazil, Mexico and Honduras through the use of green energy. “We use renewable energy in Brazil, we use renewable energy in Honduras; most of the energy that we buy comes from a plant that is just 1 kilometer from our mine,” he said. “We plan to do wind or solar in Mexico.”
The use of renewables has helped keep overhead in check; however, Barbosa admitted that the company is not immune to the rising energy costs. “It's going up, mostly on oil; electricity is also going up in Mexico,” he said. “Brazil is fortunate to have over 70 percent of its electricity produced by hydroelectric power plants. So we don't see that huge impact on electricity (prices) in Brazil.”
Despite being somewhat insulated from inflationary pressures, Barbosa acknowledged the impact of the Fed's interest rate hikes on the market. “(Interest rate increases) will affect gold prices,” he said. “However, we are a low-cost producer — our cash costs are US$900 per ounce or below that, so it will affect us less than the average company.”
After ending Q3 at the US$1,660 level, gold has crept higher to hold above US$1,700. Whether the metal will continue to trend higher or slip lower is hard to determine, leaving many to warn market participants to stay cautious.
“We know that we need to prepare for a lower gold price and hope for higher prices,” Barbosa said.
In early October, the Fed again signaled its commitment to beat down inflation with continued interest rate hikes.
“If we do our jobs well, and we communicate to the public why we are doing what we are doing and why the interest rate path we are taking is necessary to get inflation down, and that price stability for us is extremely important, as is doing it as gently as possible so that the economy can be in a balanced state as easily as possible — whatever that looks like, we are going to take the easiest path we can find,” San Francisco Federal Reserve Bank President Mary Daly told Reuters.
Rates have the potential to surpass 4.6 percent next year, so the Fed’s ability to push down inflation without causing a recession — or worse, stagflation — is becoming increasingly important.
“Looking forward, while we expect interest rates and the US dollar to continue to weigh on gold's performance, we remain cautiously optimistic,” said the World Gold Council's Artigas. “For one, given how much tightening has occurred so far — including recent rate hikes by the US Fed, Bank of England and Swiss National Bank — we would expect monetary policy to slow down, allowing some of gold’s other supporting factors to play a more important role."
The head of research went on to point out that the defensive stance central banks, aside from the Fed, are taking is aimed partially at curbing inflation and also at defending their currencies, which should weigh on the US dollar.
For Aura’s Barbosa, two of the three main gold drivers — geopolitics and inflation — have already taken root, and he is now awaiting the third to take hold: real interest rates.
“If by any chance the Fed doesn't catch up with what they're promising in terms of rate hikes, then we will see a significant increase in gold prices,” he said.
Don't forget to follow us @INN_Resource for real-timeupdates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
After six months of price declines, David Erfle of Junior Miner Junky believes the gold market is getting exciting again.
Speaking about the yellow metal's recent fall to the US$1,622 per ounce level, he called it a "false breakdown" and said it was significant to see gold not only get back above the US$1,675 level, but also continue higher.
"That's what happens with the gold sector — it does this every single time there's a major bottom," Erfle said. "You have a false move first to get everybody out of the boat, and then when most everybody's out that's when it reverses."
In terms of what's next for the precious metal, Erfle has a number of signals he'll be watching for.
One is a move above US$52 per share for major miner Newmont (TSX:NGT,NYSE:NEM), which he believes will bring generalist investors back into the sector. Erfle is also looking for gold to break US$1,800, which he thinks will spark interest in the juniors.
When asked if he thinks those events will happen in 2022, Erfle said it's possible, but too soon to say.
"It's really going to be interesting how the gold price reacts now, because the dollar's coming off after going up (in such a) parabolic move," he said. "I don't think that the rise in the US dollar is over, I think it's just correcting. What I believe is going to happen is when the US dollar starts to rise again, I think gold will go up with it as a crisis hedge."
Erfle said earlier this year that he was focusing on later-stage junior developers that are at the feasibility stage, or at or close to the financing phase. He still sees potential in these types of companies, and noted that valuations for some "have become really attractive." However, with US elections still to come he is also maintaining a large cash position.
Watch the interview above for more from Erfle on the gold market.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Franco-Nevada today announced it will report its third quarter 2022 results as follows:
November 7 th before market open
Replay (available until November 14 th ):
Toll‑Free: 1-888-390-0541
View original content: https://www.prnewswire.com/news-releases/franco-nevada-to-release-third-quarter-2022-results-301643149.html
View original content: http://www.newswire.ca/en/releases/archive/October2022/06/c9194.html
News Provided by Canada Newswire via QuoteMedia
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.