Exploration

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Chinchillas prevent Gold Fields from accessing 3.5 million gold ounces

South African bullion producer Gold Fields (TSX, NYSE: GFI) could soon access 3.5 million ounces of extractable gold in northern Chile – if an operation to capture and relocate a population of critically endangered chinchillas living around the project proves successful.

Hunted for centuries for their thick, soft pelt, chinchillas are now only found in the wild in parts of Chile and are protected by law. Chief executive Nick Holland acknowledged in 2017 the animals were among the main obstacles facing the company at the Salares Norte asset.


US Gold adds Idaho project to portfolio, shares up

US Gold (NASDAQ: USAU) is adding a new exploration project to its portfolio through its acquisition of Northern Panther Resource Corporation, which holds the Challis gold project in Idaho.

US Gold is currently focused on developing the advanced-stage Copper King project in Wyoming and the Keystone project in the Cortez Gold Trend of Nevada.

Under the terms of the merger agreement, US Gold has issued 581,053 restricted common shares to shareholders of Northern Panther as well as 106,894 shares of newly created preferred stock, each potentially convertible into 10 common shares of US Gold.


Novagold sues J Capital Research for defamation

Novagold (NYSE, TSX: NG) announced on Tuesday that it had served short-seller J Capital Research USA (JCAP) with a civil action lawsuit for defamation in the United States District Court for the Eastern District of New York.

Novagold and Barrick have reopened the Donlin camp last month following a two-month due to the covid-19 pandemic

The company alleged that on May 28, JCAP issued a “report” on Novagold that contained false and misleading statements as part of what the company believes to be a “short and distort” attack.


Egypt says $1.8 billion gold deposit found

Egypt’s Ministry of Petroleum and Mineral Resources revealed on Tuesday the discovery of a gold deposit with estimated resources of 1 million ounces, worth about $1.8 billion at today’s prices.

The asset was found in the mineral-rich Eastern Desert, on a mining concession run by state-owned Shalateen Mining Company, Ahram Online reports.

The government did not provide details on the methodology used to determine the deposit’s size.

It did note it expected more than $1 billion in investments related to the development of the deposit over the next 10 years.


Barrick, Japan Gold kick off exploration program

Barrick (TSX: ABX) (NYSE: GOLD) and Japan Gold (TSX-V: JG) have begun their joint exploration program in the Asian country under an alliance formed in February, which seeks to uncover the nation’s gold mining potential.

The partnership, known as Barrick Alliance, will see the Canadian gold giant sole-fund a two-year initial evaluation phase of 28 out of the Japan Gold’s 30 projects in the country.

Barrick will also finance a third year of explorations on assets that meet its criteria.


Egypt greenlights new gold mine, first in over a decade

Canada’s Aton Resources (TSX-V: AAN) became the first company in more than a decade to secure a gold mining licence in Egypt, which last year issued new regulations to ease foreign investment in the sector.

The new rules eliminated the need for miners to form joint ventures with the Egyptian government and limits state royalties to a maximum 20%, measures long advocated by the private sector.

The company said the licence underscored the country’s new commitment to developing its exploration and mining sector.


Global Snapshot: Gold and silver exploration projects to watch

With the rise in the price of gold over the past year, precious metals exploration has picked up steam worldwide. Below we feature eight companies across the exploration, development and production spectrum that maintain a focus on discovery.

Compass Gold

Compass Gold (TSXV: CVB; US-OTC: COGDF) is focused on the Farabakoura gold discovery in southern Mali. The company wholly owns the 850-sq.-km Sikasso project consisting of nine permits within the Birimian gold belt.


Gold rush in Canada’s Nova Scotia unearths opportunities and criticism

While the Canadian province of Nova Scotia has been
attracting local and international companies lured by its untouched gold riches and the easy access to most assets, located nearby existing highways, some groups warn of potential impacts to watersheds and communities.

“Nova Scotia has a golden opportunity to create jobs in gold mining,” Sean Kirby, executive director of the Mining Association of Nova Scotia (MANS) said while opening an industry conference last week.


M3 Metals to acquire Mohave Mine in Arizona

M3 Metals (TSXV: MT) secured an option from two separate vendors to acquire a 100% right, title and interest in the Mohave Mine gold project in the US state of Arizona.

The project is comprised of 160 claims including lode claims and mill-site claims. According to M3, it covers numerous historic gold mines in the Weaver mining district.

M3 has secured the mineral rights to all the historic mines falling within the project and believes they may be related to a property-wide gold system “In addition to the historic gold mines on the project, there is an approximate 5-kilometer gold-in-soil and gold-in-rock geochemical anomaly that extends across the entire length of the project,” the Canadian miner said in a media statement.