Government Action Spurs Gold Volatility

NEW YORK, March 9, 2021 /PRNewswire/ -- As a result of as the dollar and U.S. Treasury yields' continuous rise, gold prices slid more than 1% on Monday to a nine-month low. However, there are signs of some economic recovery this year, and in addition, the U.S. Congress approved President Joe Biden's USD 1.9 Trillion relief plan. As a result, inflation is materializing, which ultimately means yields have room to move higher. While gold is considered a hedge against inflation, higher bond yields this year have threatened that status because bond yields translate into a higher opportunity cost of holding bullion. Exploits Discovery Corp. (CSE: NFLD) (OTC: RNRRF), Avino Silver & Gold Mines Ltd. (NYSE: ASM), McEwen Mining Inc. (NYSE: MUX), Alamos Gold Inc. (NYSE: AGI), NovaGold Resources Inc. (NYSE: NG).

The value of gold is difficult to predict, as it depends on many economic variables as well as on decisions made by the Federal Reserve. Nevertheless, gold prices are often viewed as a safe-haven in a time of economic and political uncertainties. Kitco News indicated that there is still plenty of long-term value in the gold market, with equities looking extremely attractive even as the precious metal trades below USD 1,700 an ounce, according to one fund manager. Peter Grosskopf, CEO of Sprott Inc. explained that, although mining equities have dropped sharply since the start of the year, they are currently trading at a level that offers "real" value for investors, especially compared to the overheated general equity market.

Exploits Discovery Corp. (CSE: NFLD) (OTCQB: RNRRF) announced last week breaking news that, "the Company has submitted drill permit applications for 4,500 metres of drilling at the Little Joanna and Quinlan Vein prospects within the Dog Bay Gold Project, Newfoundland.


Exploits has planned and submitted diamond drilling applications for 18 holes totaling a length of 4,500 metres across the Little Joanna Veins and Quinlan Veins prospects.

9 holes (2,250m) at the Little Joanna Veins, 9 holes (2,250m) at the Quinlan Veins prospects.

The diamond drill applications are in addition to the applications submitted at the Schooner and Jonathan's Pond prospects, totalling 10,500m over 33 holes across 4 prospects.

Exploits drilling placement follows on the same targeting techniques used by New Found Gold Corp. in the discovery hole at the Keats Zone (19m of 94g/t Au) targeting secondary and tertiary displacement structures that are thought to be responsible for gold mobilization and concentration in the Exploits Subzone*.

*sampling on adjacent properties may not be representative of results from Exploits claims.

Exploits inaugural drilling programs are to commence pending approval in Spring 2021.

Michael Collins, President and Chief Executive Officer of Exploits, commented: "The successful sampling campaign Exploits conducted in late 2020, coupled with the efforts of our inhouse team and partner GoldSpot Discoveries, has doubled our tier one drill targets to four across our projects in the Exploits Subzone. The Exploits team is excited to refine each high value target for drilling programs as we drive towards discovery in 2021."

About 2021 Diamond Drilling: Exploits has identified 2 discrete targets, in addition to the 2 targets previously announced on February 2nd, within the Dog Bay Gold Project that are nearing drill ready status. These targets are the named the Little Joanna Veins and Quinlan Veins prospects. Drill permits have been submitted for each prospect totalling 18 holes for a combined length of 4,500 metres. 9 holes (2,250m) have been applied for at the Little Joanna Veins, targeting quartz veins with visible gold at surface that assayed up to 194 g/t Au. These veins are interpreted to be structurally controlled by a regional secondary, sub-parallel to the deep-seated Dog Bay Line fault zone, and an approximately 2 km long tertiary displacement fault, named the Little Joanna Fault. 9 holes (4,500m) were applied for at the Quinlan Vein prospect, targeting quartz veins with visible gold at surface, returning assays of up to 61.3 g/t Au and 189 g/t Ag. These veins are also interpreted to be structurally controlled by a regional secondary fault structure, stemming from the deep-seated Appleton Fault zone. Additional targets are located at the interpreted intersection of the aforementioned faults, testing possible structural dilations suitable for the deposition of gold. Both the Little Joanna Veins and Quinlan Veins targets are deemed analogous to New Found Gold's Keats Zone due to the similarities in structural control and lithological host units.

While the permitting applications are being reviewed, Exploits plans to refine each target with follow up field work. Ground geophysics, outcrop mapping, and trenching are being planned to fine-tune each target to be drill ready once the permits have been approved.

The Little Joanna Veins and Quinlan Veins are located within a series of claims optioned from Eddie and Roland Quinlan, (the "Quinlan Option"), on August 20, 2020 where Exploits can earn a 100% interest by paying or issuing property by paying an aggregate of $220,000 cash and issuing a further 2.5 million common shares and $560,000 in either cash or common shares.

Quality Assurance – Quality Control ("QA/QC")

All rock samples are collected by company personnel and bagged in the field with a sample tag for identification. The bags are sealed with tape and kept secure at a company facility until they are transported directly to the lab by Exploits staff.

All rock samples are analyzed at Eastern Analytical of 403 Little Bay Road, Springdale, NL, a commercial laboratory that is ISO/IEC 17025 accredited and completely independent of Exploits Discovery Corp. Eastern Analytical pulverized 1000 grams of each sample to 95% < 89 μm. Samples are analyzed using fire assay (30g) with AA finish and an ICP-34, four acid digestion followed by ICP-OES analysis. All samples with visible gold or assaying above 8.00 g/t Au are further assayed using metallic screen to mitigate the presence of the nugget effect of coarse gold. Samples in this report were run for Ore Grade Assay when with multi-acid digestion with AA finish for samples above detection limit for silver."

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Avino Silver & Gold Mines Ltd. (NYSE: ASM) reported on January 13th an updated mineral resource estimate for the Company's Avino Property located near Durango in west-central Mexico. Increase in gold and copper grades by 6% and 11%, up to 0.67 g/t and 0.41%. The updated include: an increase of 60% in silver equivalent ounces, up to 75.9 million ounces, and an increase in gold and copper grades by 6% and 11%, up to 0.67 g/t and 0.41%. Avino President and CEO, David Wolfin commented: "We are thrilled to have successfully gone over and above replacing mining depletion since the previous report, by adding significant additional measured and indicated resources at the Avino property. The updated mineral resource estimate provides us with a robust long-term outlook. With several areas on the property that have yet to be explored, there is a strong in-situ potential for further potential resource extension. Many thanks to our hard-working operation team in Mexico for their hard work over the years to more fully understand the extent of mineralization at Avino. The drills will be active again during the first quarter and the 2021 exploration program will continue to build on the success of our past operations."

McEwen Mining Inc. (NYSE: MUX) reported earlier this year an updated Indicated Resource Estimate of 499,000 contained gold ounces and Probable Reserve Estimate of 302,000 recoverable gold ounces for the Gold Bar Mine in Nevada ("Gold Bar"). See Tables 1-3 for the updated estimates. Gold Bar's estimated after-tax net present value (NPV) discounted at 8% and using a gold price of USD 1,500/oz is in the range of USD 62 to USD 76 Million; while the upside case at a gold price of USD 1,900/oz is in the range of USD 150 to USD 170 Million. Potential mine life is in the range of 5 to 7 years based on currently estimated reserves. In Q1 2020, the Company reported that a significant reduction in contained ounces at Gold Bar was likely. Since that time significant work, as described below, has been completed to determine the extent of the reduction and mitigate it. To provide perspective on the changes that have occurred at Gold Bar, consider that in 2019, when we started mining, the Reserve estimate was 430,000 gold ounces. 

Alamos Gold Inc. (NYSE: AGI) reported back in August results of the positive internal economic study completed on its fully permitted La Yaqui Grande project located in the Mulatos District in Sonora, Mexico. Given the project's strong economics and its proximity to the existing Mulatos operation, the Company is proceeding with construction of the project starting in the second half of 2020. Average annual gold production of 123,000 ounces per year starting in the third quarter of 2022. This will replace higher cost production from the main Mulatos pit, keeping combined production at approximately 150,000 ounces per year.

NovaGold Resources Inc. (NYSE: NG) announced last year that its flagship Donlin Gold project, which NOVAGOLD owns equally with Barrick Gold Corp. ("Barrick"), received the final State Right-of-Way (ROW) authorization for the buried natural gas pipeline, issued by the Alaska Department of Natural Resources (ADNR) on January 17th, 2020. Additionally, ADNR denied an appeal and affirmed the Division of Mining, Land, and Water's original January 18th, 2019 approval of Donlin Gold LLC's Reclamation Plan and its accompanied permit. "We are very pleased to see the issuance of key transportation and energy infrastructure approvals for Donlin Gold," said Greg Lang, President and CEO.

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