Central banks bought 399 tons of gold in the third quarter of the year – a 300% jump year over year, according to the World Gold Council, as noted by Kitco.com. Year to date, central banks have now bought 673 tons, the most since 1967, they added. In addition, it was noted that, “Turkey, Uzbekistan, and Qatar emerged as the biggest known buyers. But there was still a sizeable unknown contingent. "The level of official sector demand in Q3 is the combination of steady reported purchases by central banks and a substantial estimate for unreported buying.” That could be great news for Calibre Mining Corp. (TSXV: CXB) (OTCQX: CXBMF), Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX), Newmont Corporation (NYSE: NEM) (TSX: NGT), B2Gold Corp. (TSX: BTO) (NYSE: BTG), and Equinox Gold Corp. (TSX: EQX) (NYSE: EQX).
In addition, gold prices have a history of running 62% in the six months following midterm elections, according to a World Gold Council report, as noted by The Wall Street Journal. “This year, according to Joe Cavatoni, chief market strategist at World Gold Council, gold prices are more dependent on broader factors than the outcome of the election. Gold prices have retreated 8% so far this year, dragged down by higher bond yields and a stronger U.S. dollar.”
Look at Calibre Mining Corp. (TSXV: CXB) (OTCQX: CXBMF), For Example
Calibre Mining Corp., a 220,000 oz. per year gold producer just announced results from its 2022 drill program at its 100% owned Gold Project located in White Pine County, Nevada in the Battle Mountain – Eureka gold trend. The federally permitted project is located within a prospective 78 km2 land package with numerous high-priority targets.
The initial purpose of the 2022 drill program was to de-risk the Gold Rock, near-surface oxide project through infill and condemnation drilling, geo-metallurgical classification, and structural modelling. During the program, Calibre intersected high-grade, sulphide mineralization in areas previously untested by drilling. Historic drilling at Gold Rock targeted shallow, oxide mineralization. As evidenced in Figure 2, mineralization plunges from south to north along both limbs of the Gold Rock Anticline and these gold chutes remain open to depth. Multi-element analysis reveals increasing arsenic, bismuth, and tellurium geochemistry, suggesting a highly favourable gold environment while magnetic data shows a large, deep seated magnetic low, typical of Carlin-style feeder systems.
Highlight Results from the 2022 Drill Program
- 5.5 g/t Au over 3.0 metres in hole GC22-008; 7.1 g/t Au over 2.1 metres in hole GC22-013;
- 6.6 g/t Au over 5.8 metres in hole GC22-015; 4.1 g/t Au over 8.1 metres in hole GC22-016;
- 3.0 g/t Au over 19.2 metres in hole GCM22-001; 4.6 g/t Au over 4.6 metres in hole GR22-006;
- 6.7 g/t Au over 3.0 metres in hole GR22-091; 6.8 g/t Au over 4.6 metres in hole GR22-102;
- 5.5 g/t Au over 3.0 metres in hole GR22-115; 4.1 g/t Au over 3.0 metres in hole GR22-151;
- 3.2 g/t Au over 43.8 metres including 6.1 g/t Au over 8.1 metres in hole GC22-018;
- 5.3 g/t over 3.0 metres in hole GR22-152; 8.0 g/t over 1.52 metres in hole GR22-041
Darren Hall, President, and Chief Executive Officer of Calibre stated: “We are very pleased with these high-grade results out of our Gold Rock project. The existing federal permits allow for sulphide treatment in the processing stage, as such, we are excited about the increasing grade potential at depth. With only shallow drilling completed to date and a small portion of the overall land package, we have confirmed the existence of an oxide gold deposit, similar in mineralogy to that of our Pan mine deposit, but with better grades and recoveries (see news release dated June 29, 2022). These new results indicate there could be a large, untested Carlin-style mineral system at depth, thus we are shifting our focus to beyond the near-surface oxide deposits.
“We are also pleased to announce that our 100% owned Pan mine, located adjacent to the Gold Rock project, has received the United States Bureau of Land Managements’ approval to modify the existing mining permit. By consolidating multiple open pits and expanding two waste rock areas, this modification would add five additional years of mining to our Pan mine heap leach operation in Nevada.”
Tom Gallo, Senior Vice President, Growth of Calibre stated: “Our location on the Battle Mountain – Eureka gold trend further supports our belief that Gold Rock is a viable target for deeper, higher-grade mineralization as seen in other prolific deposits to the north (see Figure 3 here). Given Pan mine and Gold Rock have never been meaningfully explored at depth, a tremendous opportunity exists across our 222 km2 property package. The 2023 drill program at Gold Rock will focus on testing this target at depth. We believe there is considerable potential for a multimillion-ounce Carlin-style target at depth throughout the Gold Rock corridor.”
Link 1 – Figures
Link 2 – Drilling Tables
Other related developments from around the markets include:
Barrick Gold Corporation announced the declaration of a dividend of $0.15 per share for the third quarter of 2022. The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of the year. The Q3 2022 dividend will be paid on December 15, 2022 to shareholders of record at the close of business on November 30, 2022.In addition to the enhanced dividends declared so far in 2022, Barrick has continued to repurchase shares under the share buyback program that was announced in February of this year. As of the end of Q3, Barrick has repurchased 18 million shares1 under the program, or approximately 1% of Barrick’s issued and outstanding shares at the time the program was announced, for net cash of $322 million, including $141 million paid during Q3 2022.
Newmont Corporation announced that its Board of Directors declared a dividend of $0.55 per share of common stock for the third quarter of 2022, payable on December 29, 2022 to holders of record at the close of business on December 8, 2022. “With this dividend declared, Newmont will have returned nearly $4 billion since the introduction of our dividend framework, clearly demonstrating our commitment to returning cash to our shareholders with a proven track record of doing so,” said Tom Palmer, President and CEO.
B2Gold Corp. announced its operational and financial results for the third quarter of 2022. The Company previously released its gold production and gold revenue results for the third quarter of 2022. Total gold production of 227,016 ounces in Q3 2022, expected to increase significantly in Q4 2022: Lower than expected production at the Fekola and Otjikoto mines in the third quarter of 2022 due to temporary mining sequence changes. Strong production anticipated in the fourth quarter of 2022 at both operations. At Fekola, ore production from Fekola open-pit Phase 6 has commenced and is forecast to average between 3.4 to 3.5 grams per tonne gold. Over the full fourth quarter of 2022, gold grade mined is anticipated to average over 3.0 g/t gold at Fekola. At Otjikoto, gold production is anticipated to benefit as mining has reached a higher-grade zone in the Otjikoto pit and with stope ore production from the Wolfshag Underground mine.
Equinox Gold Corp. announced its third quarter 2022 summary financial and operating results. Greg Smith, President and CEO of Equinox Gold, commented: “As expected, gold production in the third quarter increased meaningfully from production in the second and first quarters. Costs, however, were higher than expected as the result of persistent global inflationary pressures coupled with lower than planned production. We are reviewing mine plans across the portfolio with a focus on improving productivity while managing costs. Based on production to date, we expect full-year production to be approximately 540,000 ounces of gold and costs to exceed the upper end of guidance by approximately five percent. We continue to advance our long-term growth strategy. Our new Santa Luz mine in Brazil achieved commercial production effective October 1st, and our Greenstone project in Ontario was more than 57% complete at the end of October. The Greenstone team continues to perform admirably, keeping the project on budget in an inflationary environment and on schedule to pour first gold in H1 2024.”
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Calibre Mining Corp. by Calibre Mining Corp. We own ZERO shares of Calibre Mining Corp. Please click here for full disclaimer.
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