Distributed on behalf of Blue Jay Gold
Why Goldman Sachs Sees Gold Reaching $4,900
Goldman Sachs believes the gold bull market is far from over. In fact, as noted by Kitco.com, Anthony Kim, Goldman Sachs’ global head of metals trading, gold’s extended pullback looks more like a pause than the end of its long-term rally. All of which could create a substantial opportunity for gold-related stocks, such as Blue Jay Gold (TSXV: JAY) (OTCQB: JAYGF), Newmont Corporation (NYSE: NEM), Barrick Mining (NYSE: B) (TSX: ABX), Kinross Gold (NYSE: KGC) (TSX: K), and Alamos Gold (NYSE: AGI) (TSX: AGI).
Several catalysts continue to support the bullish outlook. For one, central banks are still buying gold as they diversify away from traditional foreign-currency reserves. Goldman expects central-bank purchases to average roughly 50 tonnes per month in 2026, which is nearly three times the monthly average recorded before 2022. In addition, concerns about debt, currency stability and geopolitical risk are also keeping gold in the spotlight.
However, that doesn’t mean the road higher will be smooth. Inflation data and the Federal Reserve’s next interest-rate decision could create significant short-term volatility. Still, Goldman believes those pullbacks could create opportunity. The firm currently expects gold to reach $4,900 an ounce by the end of 2026, with the possibility of even greater upside if private investors begin buying more aggressively.
One of the Potential Beneficiaries is Blue Jay Gold (TSXV: JAY) (OTCQB: JAYGF)
Blue Jay Gold Corp. announced the first assay results from its maiden 2026 diamond drill program at the Steller Gold Project in the Yukon Territory. Hole SC26-003 returned 14.00 metres (m) of 6.15 grams per tonne (g/t) gold (Au) and 124 g/t silver (Ag), or 8.04 g/t gold equivalent (AuEq), from 495.00 m, including 10.50 m of 7.84 g/t Au and 154 g/t Ag (10.19 g/t AuEq). The intersection represents an approximate 32 m down-plunge extension of the mineralization intersected in drill hole SC21-027, which returned 14.8 m of 5.79 g/t Au and 100.9 g/t Ag in 20211. The results highlight continuity of the mineralization and its host structure across multiple intercepts, with room for further expansion.
The system displays an intermediate sulfidation epithermal style comparable to giant districts such as Fresnillo, Zacatecas and Pachuca in Mexico. Intercepts extending from surface to over 500 m down dip demonstrate the continuity and scale potential of the Skukum Creek system. Initial drilling at Mt. Skukum, the site of historical gold production between 1986 and 1988, returned 0.5 m of 57.4 g/t Au and 44.1 g/t Ag from 160.8 m in hole MS26-001. The historical high-grade production at Mt. Skukum, combined with the presence of multiple undertested vein sets, points to resource growth potential on this target corridor. The Company has identified similar potential for expansion along strike at other target areas across the Project's 170 km² land package.
"SC26-003 is the kind of result we underwrote when we bought this project," said Geordie Mark, CEO of Blue Jay Gold. "It confirmed mineralization more than 30 metres down-plunge of SC21-027, drilled in 2021, with effectively the same width, grade and grade distribution. That is what continuity looks like: not just a string of separate hits, but a zone you can follow. We identified this area as being completely open to depth and down-plunge. That was the call, and we have delivered results that exemplify our thesis.”
Most exploration programs start with a blank map. Steller handed us one already partly drawn, aided by historical drilling, 7.5 kilometres of underground development, and a high-grade resource in the ground. What has never existed is a structural framework that explains where the grade goes, and a hydrothermal model that predicts where other mineralized systems could be."
"Hyperspectral core logging is central to how we are building it," added Mark. "We have now put roughly 18,000 metres of historical core through the scanner system, reading alteration mineral distribution and chemistry directly from the core ahead of assay results from the lab. It shows a consistent, zoned alteration envelope around the mineralized structures that points toward mineralization. Every metre we scan turns rock we already own into data we can use to refine targets.
At Mt. Skukum, our first hole returned a high-grade intercept at the site of the former Mt. Skukum mine, which produced gold between 1986 and 1988. Seeing grades of that order in our own first holes tells us the system at Steller is not confined to a single deposit.
We are only about 3 months after listing, and the picture we formed in due diligence of Steller is holding. Rigs are turning and assays are pending on further holes. Today's results are the first assay confirmation that the framework we are building points the right way."
Highlights
· High-grade down-plunge extension at Rainbow Zone at Skukum Creek: 14.0 m of 6.15 g/t Au and 124.1 g/t Ag (8.04 g/t AuEq) from 495.0 m in SC26-003, including 10.50 m of 7.84 g/t Au and 154.0 g/t Ag (10.19 g/t AuEq), approximately 32 m below SC21-027 (14.8 m of 5.79 g/t Au, 100.9 g/t Ag) (Figure 1).
· Mineralization is continuous within the structure between drill holes: SC26-003 returned essentially the same width and grade as SC21-027, which is >30 m up-plunge. The structure carries consistent gold and silver tenor between the two holes rather than occurring as isolated lenses.
· Our interpretation, now drill-tested: we projected that this zone was open. SC26-003 is the first drilling phase to test it and has unearthed that reality.
· Hyperspectral logging of 18,000 m of core has produced a vectoring tool: a consistent, zoned alteration envelope wrapped around the mineralized structures, measurable directly in core and applicable to material already in the core yard. It has generated new targets along the Skukum Creek Structural Corridor.
· First drilling at Mt. Skukum returns high-grade gold: MS26-001 returned 0.5 m of 57.4 g/t Au from 160.8 m, on the site of the former Mt. Skukum gold mine, which recovered 77,790 ounces of gold between 1986 and 1988.
· Initial batch of many: 5 holes are reported today, with assays pending for further holes that have been completed. Mineralization at Skukum Creek remains open down-plunge and along strike, and rigs are turning.
Figure 1: Cross-section through the Rainbow zone that highlights the continuity of the Au-Ag mineralization, and the >30 metre down dip extension of SC-26-003 compared with the most proximal intersection (SC-21-027). Holes being surveyed during drilling.
Table 1: Assay Results
This press release is reporting on the first three holes at Skukum Creek hole 1, 3 and 4 and holes 1 and 4a at Mt. Skukum which is 200 samples in total. True widths are estimated at approximately 60-80 % of the down-hole interval based on currently available results and observations. Interval average grades are calculated using un-capped assays. Composites are calculated using a 1.0 g/t AuEq cut-off grade with a maximum of 2.0 m of internal dilution of below-cut-off material and a minimum composite length of 1.0 m.
1. Gold equivalent (AuEq) is calculated as AuEq (g/t) = Au (g/t) + [Ag (g/t)]* ($67*0.93/$4300*0.95)], using US$4,300/oz gold and US$67.00/oz silver. Project recoveries of 95% for gold and 93% for silver and are consistent with the assumptions used in the Mineral Resource Estimate with an effective date of October 31, 2025. AuEq values are provided for comparison only and do not reflect payable metal.
Hole SC26-001 returned 4.33 m of 4.63 g/t Au and 74.0 g/t Ag (5.76 g/t AuEq) from 444.63 m to 448.96 m, lending further support to the continuity of mineralization at Skukum Creek. Hole SC26-004 deviated from its planned trajectory and did not reach its intended target, returning 1.00 m of 1.15 g/t Au and 0.2 g/t Ag (1.15 g/t AuEq) from 377.00 m to 378.00 m in a separate zone for subvertical Au-Ag mineralization. The Company plans to re-drill this target in a future phase of the program.
Figure 2: Skukum Creek Plan Section showing drill traces for initial holes from 2026, compared with historical holes on the Northeast portion of the deposit area. Note that SC-26-004 drill hole deviated off target and out of structural plane.
Table 2: Drill Hole Collar Locations
Next Steps
Drilling is ongoing. Follow-up holes are being planned to test further down-plunge and along strike continuity of mineralization on the Rainbow zone. Drill results are expected to be delivered from Skukum Creek and other target areas on Steller during and post the completion of the exploration program.
Drilling and Geology Discussion
Structural Setting and Controls on Mineralization
The 2026 Skukum Creek drill program is testing structural extensions to Au-Ag mineralization hosted within composite breccia-shear zones. These zones acted as fluid conduits and record multiple pulses of overprinting hydrothermal alteration, Au-(Ag) mineralization and coeval felsic to intermediate dyking, all formed during the Eocene. This system is comparable to major epithermal districts including Guanajuato, Pachuca-Real del Monte, Fresnillo and Tayoltita in Mexico, and the Comstock district in Nevada and Creede in Colorado in the United States. These districts share a similar Eocene-Oligocene age and formed within calderas and large volcanic complexes, comparable to the geological systems preserved across the Stellar project.
Rainbow Zone Down-Plunge Extension
The holes reported today are the first tranche of results from the 2026 program and test the down-plunge extension of the Rainbow Zone.
SC26-003 extends high-grade Au-Ag mineralization >30 m down-plunge of SC-21-027, drilled in 2021. The intersection grades 8.04 g/t AuEq. over 14 m and preserves the across-structure grade distribution seen up-plunge. Equally important, the holes confirm that the bounding structures are continuous and that they remained active as conduits through repeated pulses of hydrothermal alteration, mineralization and Eocene dyking. This dyking is comparable to that found in the Mexican examples of major intermediate sulfidation systems, which can extend more than 1 km vertically and 8 km along strike, forming multi-million AuEq systems that enjoyed protracted mining histories. Our framework exploration represents the first systematic integration of Steller's historical data within the geological context of these major epithermal systems and the application of next generation geological tools (e.g., LithologIQ) to unravel Stellar’s potential.
Not to be overlooked, SC26-001 returned 4.33 metres grading 5.70 g/t AuEq. on the Rainbow Zone and importantly shows continuity of the structure that hosts mineralization. The Au-Ag mineralization is hosted within composition vein-breccia that is spatially associated with the same alteration patterns witnessed in SC26-003, as such we are developing an improved confidence in the hydrothermal evolution of this system.
Hyperspectral Core Logging and Alteration Zoning
Blue Jay has completed hyperspectral logging of approximately 18,000 m of archived drill core. The results show a consistent, zoned alteration envelope along and up-dip of the mineralized structures. Measured as down-hole lengths outward from the mineralized zone, the envelope grades from an outer white-mica-rich halo of more than 100 m, through an inner halo of up to 90 m in which chlorite becomes progressively more Fe-rich, to a proximal zone of tens of metres in which hydrothermal carbonate is Mg-rich.
The practical value is vectoring. The zoning is measurable in core, it repeats across holes, and it can be applied to material already in the core yard. It has generated new targets within the strike length of the mineralized corridor. This begins to define the scale potential for multiple target areas that warrant broad step out drilling.
The Skukum Creek Structural Corridor
Skukum Creek mineralization is currently defined over a strike length of more than 1 km. It sits within the Skukum Creek Structural Corridor, which extends for more than 15 km as defined by regional magnetic data and comprises a zone of multiple sub-parallel and curvilinear structures: the continuity and distribution of these structures were unmapped before magnetics could be interrogated.
These structures are interpreted as second order features relative to a longer-wavelength, north-south trending, deeper penetrative structure that shows spatial association with Eocene dyke swarms. Both the corridor length and the structural hierarchy are interpretations drawn from airborne magnetics, that was reprocessed and reinterpreted in 2026.
District-Scale Associations
The same spatial and temporal associations between alteration, mineralization, dyking and dilation are seen at Raca, at Goddell Gully, and more broadly across the Tellurium-rich, low sulphidation epithermal vein field at Mt. Skukum. North-south and east-west trending composite dyke swarms are documented across that field and around Skukum Creek, Raca, Chieftain and Goddell. Comparable associations are mapped historically along east-west trending composite dyke sets of rhyolitic, andesitic and quartz-feldspar porphyry composition east of Skukum Creek, where copper- and molybdenum-bearing mineralization is also present.
At depth in the altered footwall of the Rainbow Zone, a sub-population of quartz-pyrite-molybdenite veins has been documented. These form part of a hydrothermal evolution progressing from early potassic alteration, through localized magnetite alteration and sericite-quartz-chlorite alteration, to Au-Ag mineralization with Mg-rich carbonate, and finally to late low-temperature epithermal quartz veining. This progressive hydrothermal, magmatic and chemical evolution bears similarities to the geological systems documented in Guanajuato and Creede Colorado.
That progression, together with the copper-molybdenum mineralization east of Skukum Creek and the quartz-feldspar porphyry dykes, is interpreted as consistent with hydrothermal centres being driven by magmatic intrusions at depth. No drilling has ever tested that integrated interpretation, and no such target construction has been defined before.
Oriented Core
Oriented core is being collected at Steller and will be used for the first time in the property's history. It is one of the defining elements of this framework year of exploration and gives Blue Jay the capacity to target future drilling across a project that shows district-scale mineralization with broad commonalities within a major regional architecture.
1. 2026 Technical Report. TECHNICAL REPORT AND UPDATED MINERAL RESOURCE ESTIMATE OF THE STELLER GOLD PROJECT, WHITEHORSE MINING DISTRICT, YUKON TERRITORY, CANADA. P&E Mining Consultants Inc. Effective Date: Oct. 31, 2025. Cut-off: 3.0 g/t AuEq. Au: US$2,850/oz. Ag: US$34.20/oz. AuEq ratio = Au:Ag 85.6:1
Qualified Person
The scientific and technical content of this news release has been reviewed and approved by Freeman Smith, P.Geo., VP Exploration of Blue Jay Gold Corp., who is a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Other related developments from around the markets include:
Newmont and Barrick Mining Corporation reached an agreement under which excluded properties, including Barrick’s Fourmile and Newmont’s Fiberline and Mike developments, will be contributed into the Nevada Gold Mines (NGM) joint venture. The agreement concludes all outstanding disputes between the parties related to the NGM joint venture. With the resolution of all outstanding disputes and contribution of excluded properties, Newmont has provided its consent to Barrick’s proposed IPO of its North American gold assets. The agreement includes enhanced governance provisions under a modernized joint venture agreement and provides for consideration of $1.95 billion from Newmont to Barrick to reflect the contribution of excluded properties into the joint venture. This agreement positions both parties to maximize the value of the joint venture. Newmont and Barrick will continue working together to improve NGM's safety and performance, unlock the full value these assets are capable of delivering, and ensure the long-term success of the joint venture for the benefit of all stakeholders.
Barrick reported second quarter operating and financial results for the period ended June 30, 2026. Barrick produced 796,000 ounces1 of gold and 56,000 tonnes1 of copper in the quarter. The Company generated $5.29 billion in revenue, $1.70 billion in operating cash flow, $1.12 billion in attributable operating cash flow3, and $141 million in attributable free cash flow3. Net earnings per share for the quarter were $0.73, and adjusted net earnings per share3 were $0.82—up 55% and 74%, respectively, from Q2 2025. Mark Hill, President and Chief Executive Officer, said: “We achieved an historic agreement with Newmont. Newmont has consented to the IPO and the parties have agreed to expand NGM with the early vend-in of our excluded properties, as well as settling all disputes. Through this agreement with our joint venture partner, we have substantially extended the asset base, and provided greater flexibility and value.”
Source: https://www.barrick.com/English/news/news-details/2026/q2-2026-results/default.aspx
Kinross Gold announced that S&P Global Ratings has upgraded the Company’s long-term issuer credit rating and its issue-level rating on Kinross’ unsecured debt to 'BBB' from 'BBB-', with a stable outlook. In its announcement, S&P noted that Kinross’ credit measures have meaningfully improved in recent years, supported by solid cash flow and debt reduction. The stable outlook reflects S&P’s expectation that Kinross will maintain its strong net cash position, a competitive cost profile, and a pipeline of projects that support steady production and earnings diversity. “The S&P upgrade reflects Kinross’ exceptional financial position, consistent operating track record and disciplined cost management strategy,” said Andrea Freeborough, Chief Financial Officer. “Our balance sheet is in excellent shape, with a net cash position of $1.9 billion1 and total liquidity of approximately $4.4 billion2, as at June 30, 2026. We have also returned meaningful capital to shareholders – $1.4 billion since January 2025 – and are well-positioned to continue delivering on our operational and development goals while maintaining strong financial discipline.”
Source: https://www.kinross.com/English/news-and-investors/news-releases/press-release-details/2026/Kinross-upgraded-to-BBB-Rating-by-SP-Global-Ratings/default.aspx
Alamos Gold announced that the Company’s Board of Directors has declared a quarterly dividend of US$0.04 per common share. The Company has paid dividends for 17 consecutive years and including the upcoming dividend, has returned $106 million to shareholders thus far in 2026 through dividends and share buybacks. The dividend is payable on September 24, 2026 to shareholders of record as of the close of business on September 10, 2026. This dividend qualifies as an “eligible dividend” for Canadian income tax purposes.
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 Blue Jay Gold by Blue Jay Gold. We own ZERO shares of Blue Jay Gold. Please click here for disclaimer.
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