While gold has been disappointing this year, don’t write it off just yet. According to DoubleLine CEO Jeffrey Gundlach, as quoted by Kitco.com, “Gold has really underperformed other froth assets like bitcoin by incredible amounts, almost inconceivable amounts since that peak in gold above $2,000,” adding, “Gold is very likely to bounce because the selloff has been pretty powerful. Long-term gold is pretty interesting. Our model shows that gold is at fair value at $1,761. We don’t think the decline in gold is likely to continue.” That could be great news for Stevens Gold Nevada Inc. (CSE:SG)(OTC:STVGF), Barrick Gold Corp. (NYSE:GOLD)(TSX:ABX), Iamgold Corp. (NYSE:IAG), Equinox Gold Corp. (NYSE:EQX), and Newmont Corporation (NYSE:NEM)(TSX:NGT).
In addition, the gold sector is seeing a good deal of M&A activity this year. According to Mining.com, “2021 could see a lot of merger-and-acquisition (M&A) activity in British Columbia’s mining sector, especially in gold.” For example, Newmont just announced it will acquire all of the shares it doesn’t already own in GT Gold in a cash deal.
There’s also been exciting gold property developments. Look at Stevens Gold Nevada Inc.(CSE:SG)(OTC:STVGF) for example, which just announced that it will be deploying a crew of three geological technicians to Section 20 of its Millennium Gold property to undertake a soil geochemical survey. Gold mineralization is exposed at surface and in drill core in the form of low sulphidation epithermal mineralization and attendant alteration hosted by subaerially deposited volcanic rocks. Extensions of known gold zones are covered by overburden and can be an impediment to ongoing exploration.
The new sampling program will focus on an area of Section 20 where a previous Mobile Metal Ions soil survey in 2007 defined multi-sample ovoid and circular gold geochemical anomalies from widely spaced samples. High-contrast gold responses of up to 225 times background were defined by this survey defining an anomalous area of approximately 1 square kilometer. The new survey will reduce the sample spacing to provide focus for further prospecting, geophysical surveys and drilling.
Analyses will be undertaken at the Vancouver (B.C., Canada) laboratories of SGS Mineral Services. Assay results will be released as they are received. The technical information in this report was reviewed and approved by Dr. Mark Fedikow, P.Geo., of Mount Morgan Resources Ltd. Dr. Fedikow is independent of Stevens Gold Nevada Inc., is a “Qualified Person” as defined by NI 43-101.
Other related developments from around the markets include:
Barrick Gold Corp. released its annual reserve and resource declaration with its Q4 and year-end results to December 31, 2020. Attributable mineral reserves reflect a 76% replacement of depletion, with a consistent reserve grade maintained year-on-year, after adjustment for the disposal of Massawa. Similarly, excluding the impact of Massawa, the net reduction in reserves year-on-year is approximately 2%. Attributable group reserves, reported at $1,200/oz1, stand at 1,300 million tonnes at 1.66g/t for 68 million ounces2 of gold.
Iamgold Corp. reported its consolidated financial and operating results for the quarter and year ended December 31, 2020. “IAMGOLD’s efforts in advancing our peer-leading growth platform took a significant step forward in 2020 with the commencement of construction of the Côté Gold Project in Canada, supported by both robust gold prices and nearly $1.5 billion in liquidity at year-end. As reported on January 19, 2021, IAMGOLD achieved its updated production and cost guidance, generating $347.6 million in annual operating cash flows and producing 653,000 ounces of gold, resulting in $223.2 million in mine-site free cash flows,” commented Gordon Stothart, President and CEO of IAMGOLD.
Newmont Corporation and GT Gold Corp. announced that the companies have entered into a binding agreement in which Newmont will acquire the remaining 85.1% of common shares of GT Gold not already owned by Newmont. Under the terms of the agreement, Newmont will acquire each GT Gold share at a price of C$3.25, for cash consideration of approximately US$311 million (C$393.0 million).
Equinox Gold Corp. announced 2021 production guidance of 600,000 to 665,000 ounces of gold, a 33% increase over 2020 production of 477,200 ounces of gold. Cost guidance includes cash costs1 of $940 to $1,000 per ounce of gold sold and all-in-sustaining costs of $1,190 to $1,275 per ounce of gold sold. “2021 represents a year of investment for Equinox Gold as we direct our strong operating cash flow to our existing portfolio of mines and growth projects,” said Christian Milau, CEO of Equinox Gold. “These investments in 2021 will set the foundation for lower-cost production, longer-life mines and substantial near-term production growth with an increase to approximately 900,000 ounces of gold at significantly lower costs in 2022 and approximately one million ounces of gold from 2023.
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