?? - Gold Scores Another Record High As USDX Slump
CEO.CA Presents the Chairman's Briefing - February 6th, 2025
“One of the most helpful things that anybody can learn is to give up trying to catch the last eighth—or the first. These two are the most expensive eighths in the world”
- Edwin Lefèvre, Reminiscences of a Stock Operator
Metals/Crypto Price
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On the Jay Martin Show, Goldshore Resources CEO Michael Henrichsen shares insights on the current sentiment in the gold market and gives an update on the company for investors
See full video?here.
Gold
Ball of Confusion—that's what the world is today (Woo Hey Hey).
Following Trump's one-month reprieve on the 25% tariffs against Canada and Mexico (his 10% tariff against China went into effect as scheduled), global equities reversed course, and the precious metal pushed higher, taking out all-time highs.
But the uncertainty remains. The markets are on edge. Everyone and their dog are wondering, what's next?
In the face of all this anxiety, the precious metal continues its upward trajectory, setting record highs in every currency around the globe. While it's steadily closing in on $2900 in US dollar terms, it's pushing past CAD$4100 level north of the border.
The metal's price strength gives miners a huge advantage, particularly those operating on Canadian soil, where the weak 'Loonie' lowers labor costs.
Those lamenting over the listless performance of the junior exploration arena can now turn their attention to the breakout unfolding in the TSX Venture, the CDNX. After chopping sideways and testing 630 resistance over the past few months, it finally broke out in a decisive move to higher ground...
Underpinned by surging precious metals prices, this rally could have legs.
A pair of bullish analyst comments marked the occasion of these breakouts...
Technically, April gold futures bulls have the strong overall near-term technical advantage. Prices are trending up on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,900.00 - Gold scores another record high as USDX slumps.
Despite a strengthening U.S. dollar and rising interest rates, gold prices have shown remarkable resilience, signaling a potential climb to $3,000 an ounce, according to Ronald-Peter Stoeferle, Managing Partner at Incrementum AG -?Gold price defies dollar strength, poised for $3,000 target – Ronald-Peter Stoeferle.
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Midnight Sun Mining Corp. (TSXV: MMA) announced high-grade drill results from the Kazhiba Target at its Solwezi Project in Zambia, near First Quantum’s Kansanshi Mine. Key results include 10.69% copper over 21m, 5.60% over 26m, and 3.01% over 15m. The 2024 drill program validated surface oxide copper mineralization, supporting resource development. A total of 54 holes (2,005m) were drilled, with extensions planned in 2025. Additionally, 625 samples and IP surveys were conducted, with results expected in Q1 2025. The project aims to confirm copper resource potential and identify primary sulfide sources, positioning Solwezi for significant near-term development.
See full press release here.
Silver
The bullish (analyst) sentiment is also spilling over into the silver arena. Eric Strand, founder of the boutique precious metals firm AuAg Funds, anticipates that silver will outperform gold with a test of its 2011 all-time highs at $50 per oz - Gold will do well in 2025 but silver prices will do much better - AuAg Fund’s Strand.
Strand: “Currently, the The gold/silver ratio (GSR) stands at a high 90:1, making silver particularly attractive as an investment,” Strand said. “Our short-term target for 2025 is for GSR to go towards 70:1, then gradually to 50:1, and then over several years, to 30:1. A GSR of 70:1, combined with a gold price of 3,000 – 3,300 USD, would give a silver price of 42 – 47 USD per troy ounce, which would be equivalent to an annual return of +45% and +62% respectively.”
General Mining Sector News
Artemis Pours First Au at Blackwater
Artemis Gold (ARTG.V) marked a significant milestone at its Blackwater Project earlier this week - Artemis Gold Announces First Pour at the Blackwater Mine.
Jeremy Langford, President and Chief Operating Officer of Artemis: "While still in commissioning, Blackwater's crushing circuit has displayed sustained crushing operations above its prescribed nameplate throughput. The milling circuit is also performing in line with expectations at this stage of the commissioning and ramp-up phase."
Hailed as a tier-1 gold project, and one of the largest in the country, the mine is expected to crank out 500k gold equivalent ozs each year over the next decade, generating annual free cash flow of roughly C$500 million at an all-in sustaining cost of $712 per oz.
With its Proven and Probable reserves of 8 million ozs of Au and 62.2 million ozs of Ag, Blackwater should see commercial production in Q2 2025.
Artemis boasts one of the more picturesque charts of all the development cos in the gold arena...
Collective Mining Tags Impressive Values at Apollo
Featured in these pages numerous times in the past, for obvious reasons, Collective Mining (CNL.V) continues to deliver outstanding results via the biz end of the drill bit - Collective Mining Expands the High-Grade Ramp Zone by Intersecting 51.95 Metres at 8.38 g/t AuEq Including 18.05 Metres at 16.32 g/t AuEq.
The company is aggressively pushing its flagship (multi-target) Guayabales Project along the curve.
This company knows Colombia's subsurface stratum intimately. This is the same team that discovered and developed the Buriticá Au deposit, which it propped up and sold to Zijin Mining for C$2 billion. The question now on shareholders' minds: in a takeover scenario, will Guayabales fetch more than two billion? The answer, according to some (via the CNL Channel over at CEO.CA)...
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Drill hole highlights from the New Ramp Zone discovery, its deepest hole drilled to date along the Apollo system (the hole bottomed in mineralization at approximately 1,200 meters below surface):
Ari Sussman, Collective's Executive Chair: "Drilling into the Ramp Zone appears to be confirming that not only have we discovered a new high-grade gold system at the deepest drilled depths of the Apollo system, but that we have potentially only drilled the top of it. Without question, the fluids depositing gold at the Ramp Zone are more reduced than the top 1,000 metres of the Apollo system with a very strong correlation between gold and bismuth grades. Additionally, the Ramp Zone shares certain geological characteristics with the multi-million-ounce Marmato Deeps deposit but so far has materially higher grades due to the more porous host rock and overprinting late-stage porphyry related CBM veins. The Marmato Deeps deposit has been drilled over 700 metres vertically where it remains open. If our Ramp Zone discovery evolves into a system with similar dimensions as Marmato Deeps, we are only at the cusp of drilling a very large endowment of high-grade gold at depth."
Did we mention we're witnessing an aggressive push along the (exploration) curve here? The company currently has five drill rigs turning on site as part of a (fully funded) 60,000-meter drill campaign. Two additional rigs will be added later this month. The Ramp Zone, clearly a priority, will see up to three rigs turning.
Collective's enviable price chart covering its trading action over the past seven months...
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Midnight Sun Tags High-grade Cu at Surface at Solwezi
Midnight Sun (MMA.V) is seeing steady accumulation after reporting a batch of high-grade copper assays from its Solwezi Project in Zambia (located approximately 6 kilometers southwest of First Quantum Minerals’ Kansanshi Copper Mine) - Midnight Sun Intersects High-Grade Oxide Copper at Kazhiba Target.
The drill hole values underpinning the accumulation stem from the Kazhiba Oxide Copper Target, one of 4 key target areas that comprise the Solwezi Project. The 54-hole, 2005 meter program was designed to validate and confirm the (near surface) oxide Cu potential at the Kazhiba target and represents phase-1 under the Cooperative Exploration Plan with First Quantum Minerals tabled last April.
Highlights from the drill hole values released last week:
Al Fabbro, Midnight Sun's President & CEO: "Through exploration work carried out across our Solwezi Project, we have outlined numerous areas of high-grade oxide copper mineralization at or near surface. Previously, we had considered oxide intercepts as pathfinders in our exploration for large sedimentary copper targets at depth. Now, a remarkable opportunity to utilize this oxide material has been identified, which could put Midnight Sun in a position to become a near-term producer. First Quantum's Kansanshi Mine has depleted oxide reserves and is transitioning to a large sulphide development. In the meantime, they have capacity potential to process oxide ore. Our property is just a few kilometres from their mine gate, and an existing haul road owned by First Quantum connects the two."
A 6-month Midnight Sun price chart...
Heliostar Expands Mineral Reserves at La Colorada Ahead of FS
The market appreciated the drill hole assays flowing from Heliostar Metals' (HSTR.V) La Colorada Mine project in Sonora, Mexico - Heliostar Delivers Strong Shallow Oxide Gold Hits at the La Colorada Mine, Sonora, Mexico.
La Colorada, which restarted production early last month, is undergoing a 12,500-metre program to expand mineral reserves ahead of a Feasibility Study and expansion decision planned for mid-2025.
Highlights from this round of drilling:
Heliostar CEO, Charles Funk: "At La Colorada, we are seeing the combined benefit of gold production at record prices and growth from the first significant investment into the project in many years. Our aggressive five-rig drill program is designed to increase the reserves of the Creston pit. Success to date in the shallow part of the pit could lower the upfront capital costs presented in the January 13th Technical Report. The Company will use the results of this drill program to finalize a Feasibility Study in mid-2025 and then make an expansion decision on La Colorada to 50,000-100,000 ounces per year of annual production. We are also hitting high grades and widths and deeper intercepts could drive underground mining optionality beyond the open pit. We will further test this target with additional drilling in this current drill program."
Projects based in Mexico are getting more love these days as more projects get the green light from Mexico's mining regulators.
A 1-year Heliostar daily...
And finally, briefly...
Goliath Resources (GOT.V) continues to outperform its peers on the back of recent high-grade assays from its Golddigger Property in the prolific Golden Triangle of northwestern British Columbia, where visible gold was observed in 92% of the holes drilled in 2024... and news that McEwen Mining snagged a $10 million stake in the exploreco.
McEwen Mining CEO Rob McEwen: "Worldwide, grassroots discoveries of high-grade gold in a mining-friendly jurisdiction well-known for high-grade gold mines are exceedingly rare."
A 6-month Goliath price chart...
Hits of the Week
Two former company executives with inside knowledge of Barrick Gold's operations in West Africa are helping to drive Mali's demands for a payment of around $200 million from the Canadian miner, according to people familiar with the talks. Mamou Toure and Samba Toure, key members of the government's negotiating team, both used to work in Mali for Randgold, a mining company that is now part of Barrick -?INSIGHT: How two former employees are driving Mali’s hardball talks with Barrick
Still on Mali: West Africa-focused gold producer Resolute Mining (ASX: RSG) announced on Monday the resignation of its chief executive officer, Terry Holohan, who was detained in Mali for 10 days in November. Holohan, along with two other Resolute employees, was held in Bamako, the country’s capital, amid negotiations with Mali’s military government over operational terms. The detentions ended after the miner agreed to pay $160 million in installments to settle a tax dispute. Holohan subsequently took a temporary leave of absence in December -?Resolute Mining CEO quits following detention in Mali
Not surprising, there's this - Mali's new mines law needs review to win back investors, gold mine CEOs say
British Columbia Premier David Eby on Thursday outlined a three-part plan to counter proposed United States tariffs on Canadian imports during remarks at the AME Roundup conference in Vancouver. Eby says the province will support federal ‘everything’s-on-the-table’ tariffs. It will work to strengthen B.C.’s economy through providing additional mining supports and by diversifying trade away from the U.S. The province’s mineral wealth is increasingly being treated as the province’s main bargaining chip and economic strength. “It’s bizarre to see the U.S. Department of Defense investing in Canadian mines one week and then labeling those same resources a threat deserving tariffs the next,” Eby said at the Association for Mineral Exploration’s Roundup conference - AME Roundup: BC Premier unveils a 3-pronged approach to ‘bizarre’ US tariffs threat
Alamos Gold (TSX: AGI; NYSE: AGI) has received environmental approval from Mexico’s Secretariat of Environment and Natural Resources to commence construction on the Puerto Del Aire (PDA) project in the Mulatos district. The project is expected to significantly extend the district’s mine life with a high-grade underground deposit, offering substantial exploration potential, the company said - Alamos receives environmental permit for Puerto Del Aire project construction
Chile’s environmental authority SMA?ordered on Thursday the “total and definitive” closure of Lundin Mining’s?(TSX: LUN) Alcaparrosa?mine, as a result of an almost three-year long probe into a massive sinkhole that emerged near the operation in 2022. The huge 36-metre-diameter sinkhole more than 60 meters deep that appeared close to the Alcaparrosa mine in northern Chile drew widespread global attention and saw Lundin being charged by authorities - Chile orders definitive closure of Lundin’s Alcaparrosa mine
"I just had a good call with President Trump," the prime minister wrote. "Canada is implementing our $1.3 billion border plan — reinforcing the border with new choppers, technology and personnel, enhanced coordination with our American partners, and increased resources to stop the flow of fentanyl. Nearly 10,000 frontline personnel are and will be working on protecting the border." But critics weighed in on the deal — and said Trump may have gotten outsmarted, as many of the promises were?already announced last year. "Trump got played again. Canada already has 8,500 frontline personnel at the border," wrote former MSNBC host Mehdi Hasan.?- 'Folding like a bad poker player': Critics say Trump 'got played' by Trudeau
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