NetworkNewsWire
Editorial Coverage: With government spending skyrocketing and
the value of the U.S. dollar sinking, savvy investors are turning
to gold, which surpassed $2,000 an ounce in August. Experts predict
that the precious metal could go much higher in light of depressed
bond yields, inflation fears, and the reverberations of COVID-19 on
the global economy. Gold’s 32% rally this year has made it “one of
the world’s best-performing mainstream assets,” as reported in a Financial Times article. Given global
economic conditions and surging demand, savvy mining resource
companies are making strategic moves to leverage their expertise
and position themselves to reap long-term benefits from the trend.
In just the past six months, GoldHaven Resources Corp. (CSE: GOH) (OTCQB:
ATUMF) (ATUMF
Profile) has entered into agreements to acquire
seven impressive gold projects in the highly productive Maricunga
Gold Belt of Chile. Gold
Fields Limited (NYSE: GFI) (JSE: GFI) has announced an
investment of $860 million to process its recently discovered 5
millon ounce discovery at Salares Norte. Kinross Gold
Corporation (NYSE: KGC) (TSX: K) released the
promising results of a prefeasibility study for its Lobo-Marte
project in Chile. Barrick
Gold Corporation (NYSE: GOLD) (TSX: ABX) has
strengthened its exploration team with the addition of eminent
geologists. And Newmont
Corporation (NYSE: NEM) (TSX:
NGT) is ramping up operations in its Peñasquito,
Mexico, property following the government’s designation of mining
as an essential activity.
- Investors “aim for gold” as experts predict prices as high as
$3,000 an ounce.
- GoldHaven is in unique position with agreements in place to
acquire seven high-priority gold projects in the Maricunga Gold
Belt.
- GOH to commence a drill program in January 2021.
Click here to view
the custom infographic of the GoldHaven Resources Corp.
(CSE: GOH) (OTCQB:
ATUMF) editorial.
Investors Aim for Gold
With the COVID-19 pandemic, financial markets around the world
have taken a beating. Investors everywhere are searching for the
right place to be, and one of those places appears to be gold. In
its report titled “The Fed Can’t Print Gold,” the Bank of America
recently raised its 18-month gold-price target to $3,000 an ounce —
more than 50% above the existing price record (http://nnw.fm/ko9fz).
A “Bloomberg” article reporting the move noted that “analysts
including Michael Widmer increased the target from US$2,000
previously, as policy makers across the globe unleash vast amounts
of fiscal and monetary stimulus to help shore up economies hurt by
the coronavirus.
‘As economic output contracts sharply, fiscal outlays surge, and
central bank balance sheets double, fiat currencies could come
under pressure,’ the report said. ‘Investors will aim for
gold.’
Making Moves in Gold Mining
Recognizing long-term trends, GoldHaven
Resources Corp. (CSE: GOH) (OTCQB: ATUMF) is
making significant moves in the gold mining industry. In the
business of acquiring and exploring mineral resource properties,
the Canada-based exploration company has so far identified
four of its seven properties as high-priority targets and
anticipates beginning a drilling program in January
2021.
These priority targets
were defined following field evaluations including mapping,
geochemical sampling and satellite imagery, as well as their
location relative to existing deposits and discoveries. GoldHaven’s
Coya project, for example, is located approximately 16 km northeast
of the Kinross 6.2 M oz Au La Coipa mine. Similarly, GoldHaven’s
Rio Loa and Alicia projects are located 25 and 30 km respectively
from Gold Field’s 5 M oz gold Salares Norte discovery.
The substantially gold-mineralized Maricunga Gold Belt
straddles the border between Chile and Argentina, extending
approximately 150 kilometers north-south and 30 kilometers
east-west. Within the past 20 years, discoveries totaling in excess
100 million ounces of gold, 450 million ounces of silver and 1.3
billion pounds of copper have been made in this belt.
High Hopes for High-Priority Targets
Initial rock geochemical studies on GoldHaven’s Rio Loa project
have discovered highly anomalous arsenic and lead values, a key
characteristic of potential gold mineralization. Results of
geophysical surveys at Rio Loa are comparable to those seen
at neighboring mines such as the Gold Fields Salares Norte deposit,
which has reported more than five million
ounces in estimated gold reserves with AISC (all-in
sustainable costs) estimated at $552 per ounce.
Location is also a key component for GoldHaven’s Coya project,
which is situated within close proximity to one of the richest and
largest epithermal gold and silver districts in Chile. The La Coipa
property, an active mining site owned and operated by Kinross, is
in close proximity, and its production of more than 6.2 million
ounces of gold to date bodes well for Coya.
Geochemical rock sampling at Coya revealed favorable gold and
silver values, in some cases ranking as high as 764 grams/tonne of
gold and 719 grams/tonne of silver.
Both the Alicia and Roma projects are also near drill ready.
Both properties are located in an area just southeast of the Gold
Fields Salares Norte deposit, and both projects have undergone
preliminary geological mapping and geochemical sampling with more
than a thousand soil and rock samples collected and analyzed with
promising results. Encouraged by the due diligence exploration
results received to date on the Maricunga projects, GoldHaven is
working to identify specific drill targets on these properties
within the next few months.
Support, Expertise Key to Success
GoldHaven’s entrance in the Maricunga Belt and ability to begin
work on the properties in the area is, in part, a result of support
from the Chilean government. Over a decade ago, the Chilean
Economic Development Agency ("CORFO") launched a $150
million initiative designed to encourage exploration and mining
prosperity in the country, as well as strengthen Chile’s position
as a world leader in the sector.
As part of CORFO’s program, a total of $15.3 million was
allocated to the private equity fund IMT Exploration and was used
to evaluate 403 projects beginning in 2011. This led to a
generative program carried out between 2016 to 2019, resulting in
126 potential epithermal targets from which 57 field evaluations
were made, followed by due diligence work on 19 of those. Work
programs were then conducted, including geological mapping, rock
and soil sampling and TerraSpec (PIMA) analyses on geochemical
grids for alteration mapping, and as a result, the five
high-priority Maricunga projects were identified, which GoldHaven
is in the process of acquiring.
While no drilling has been carried out on any of the Maricunga
projects, the company plans to begin drilling as early as next
year. Playing a key role in GoldHaven’s ability to acquire these
projects and begin operations so quickly is the company’s solid
management team, which has decades of experience in the mining
industry and has developed invaluable relationships and contacts
within Chile, including both government and the private sector.
GoldHaven president and director David Smith has co-founded two
successful environment-related companies that traded on the TSX;
both companies were sold, providing a significant profit to
shareholders. Smith has been immersed in the mining industry for
the last eight years, working in corporate development and
finance.
Patrick Burns, VP of exploration and a director, is an
exploration geologist. Burns was educated at the University of
British Columbia and has spent over 40 years in Chile and
Argentina. He speaks fluent Spanish and is essentially a fixture in
the mining industry in Chile. He was directly involved in the
discovery of the Escondida porphyry copper deposit in Chile,
currently the world’s largest copper mine, and the San Cristobal
gold mine, also located in Chile. Burns has been involved in
publicly traded mining companies in Chile for 35 years.
GoldHaven director Gordon Ellis has more than 50 years of
expertise in the mining industry as a professional engineer. Ellis
holds an MBA in international finance and numerous senior
positions in the mining industry; he is presently a director of a
multibillion-dollar ETF. Scott Dunbar, also a GoldHaven director,
is a professor and the department head of Mining at the
University of British Columbia. Dunbar has been involved in mining
exploration, geotechnical engineering and mine design projects
around the world.
The unique combination of government support and seasoned
management experience is a distinctive advantage in setting
GoldHaven apart from others maneuvering for position in the gold
mining space.
Mining Could Shine Well into the Future
With the price of gold rocketing skyward, the future of the
industry looks brighter than ever. Mining companies that establish
a strong relative position in the sector at the outset of this
trajectory may mine the rewards far into the future.
Kinross Gold
Corporation (NYSE: KGC) (TSX: K) recently
released the results of its prefeasibility
study on its Lobo-Marte project. The study reported that Lobo-Marte
offers the potential of a cornerstone asset with attractive, all-in
sustaining costs to enhance Kinross’ long-term production profile.
The project adds a significant 6.4 million gold ounces,
representing an approximate 25% increase to the company’s 2019
year-end mineral reserve estimates in a favorable mining
jurisdiction.
In line with its objective of finding and developing the best
assets, Barrick
Gold Corporation (NYSE: GOLD) (TSX: ABX) announced the
appointment of well-known geologists McGrath
and Sastre to its exploration team in the newly created positions
of vice president exploration for Africa and Middle East, and Latin
America and Asia Pacific respectively. McGrath has worked with and
led exploration teams in Africa, North and South America and
Europe, and her experience spans the full spectrum of company size
and exploration stages. Sastre was previously mine operations and
technical manager at the Veladero gold mine.
Newmont
Corporation (NYSE: NEM) (TSX: NGT) begin safely
ramping up operations at Peñasquito in May
after the government determined mining was an essential activity
and identified the placement of COVID-19 restrictions. Newmont will
continue to utilize protective measures for workers and neighboring
communities, including screening, physical distancing, deep
cleaning and avoiding exposure for at-risk individuals.
Gold
Fields Limited (NYSE: GFI) (JSE: GFI) is adding more generalist investors as they search for
yield amid low bond-market returns. According to Gold Fields CEO
Nick Holland, the sector, which once largely drew the attention of
specialist funds, is now attracting a broader base of investors who
previously considered gold miners too leveraged and high-risk.
Bullion's surge to a record earlier this month is increasing that
allure. "We can give you the cash yield through a dividend policy
that will pay out more at higher prices because of higher
earnings," Holland said. "I think we're going to get a lot
more interest as people start doing updated valuations on us."
As companies rush to establish a foothold in an industry looking
to set market records, smart companies with a focus on acquiring
and capitalizing on valuable precious metals projects in
mineral-rich districts stand to emerge stronger than ever.
For more information about GoldHaven, please visit
GoldHaven
Resources Corp. (CSE: GOH) (OTCQB: ATUMF).
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