Dr. Georg Josef Pollert (the "Acquiror"), a director of Blue Star Gold Corp. (the "Company") announces that, on June 23, 2022, he has acquired ownership of 3,077,000 common shares in the capital of the Company ("Shares") at a price of $0.65 per Share. The Shares were issued in connection with the closing of a non-brokered private placement carried out by the Company (the "Private Placement").
Prior to the acquisition of Shares under the Private Placement, the Acquiror held 24,284,961 Shares, 200,000 Stock Options and 1,250,000 Share Purchase Warrants and the Acquiror's non-diluted shareholdings represented approximately 45.7% of the Company's issued and outstanding Shares.
As a result of the acquisition of Shares under the Private Placement, the Acquiror now holds 27,361,961 Shares, 200,000 Options and 1,250,000 Warrants. The Acquiror's non-diluted shareholdings now represent approximately 45.5% of the Company's issued and outstanding Shares.
Thus on a partially diluted basis (i.e., assuming full exercise of all Warrants and Options and no other issuances of Shares by the Company), the Acquiror would hold a total of 28,811,961 Shares, representing approximately 46.7% of the Company's issued and outstanding Shares.
To obtain a copy of the early warning report filed by the Acquiror, please contact the Acquiror at 011.49.172.946.1380 or refer to the Company's SEDAR profile at www.sedar.com.
Click here to connect with Blue Star Gold Corp. (TSXV: BAU)(FSE: 5WP0)(OTCQB: BAUFF) to receive an Investor Presentation
Nunavut, Canada's easternmost territory, was a marvel of natural resources and investment opportunities long before its split from the Northwest Territories in 1999. Since then, the territory has seen a mining and economic boom that many new, modern states rarely see. Mineral exploration investment has increased five-fold and Nunavut is now the northern leader in exploration investment.
On the global stage, Nunavut ranks within the best 30 jurisdictions worldwide based on the geologic attractiveness and government policies in support of exploration. The territory hosts a perfect storm of investor interest and several highly prospective precious minerals projects, including an operational diamond mine and permitting-stage gold projects.
Blue Star Gold (TSXV: BAU, FSE: 5WP0, OTCQB: BAUFF) is an exploration and development company focused on high-grade gold and silver projects in Nunavut. The company delivers a significant opportunity for value creation based on its highly prospective precious metal assets and resource growth potential. Blue Star's experienced and skilled team primes the company for success in mining endeavors and strong relationship formation with regulatory bodies and local communities.
Nunavut boasts a politically stable and mining-friendly jurisdiction. Over several decades, the territory has built significant investor relations in the natural resource sector and hosts some of the lowest capital, small business and corporate taxes in the country. These conditions strategically position Blue Star Gold for fast-tracked development and provide the excellent potential for resource expansion and future advanced drilling campaigns.
The company currently has two contiguous gold projects in operation, its flagship Ulu gold project and Hood River property. The Ulu gold project hosts an extensive high-grade gold resource that Blue Star intends on expanding in the future. New discoveries on this core asset also demonstrate high-quality mine transformation potential.
Ulu's main deposit called Flood Zone has approximately 605,000 ounces of gold measured and indicated at grades of 7.5 g/t gold over 2.5 million tonnes. Further inferred resources show an additional 226,000 ounces of gold at 5.57 g/t over 1.26 million tonnes.
The Hood River property is relatively unexplored but poses an exciting opportunity for precious metal discovery. Historic work from neighboring projects forecast promising gold yield, which has since been supported by high-grade surface samples on numerous showings on the property. Blue Star currently has over 20 gold drill targets identified for future resource growth.
When asked about immediate plans for the next 12 months, Blue Star Gold CEO Grant Ewing discussed advanced technological data collection and analysis. “We've had several generations of work, but no one has really put the data altogether. So that's the first step we've undertaken with this Ulu project." This foundational step would create an in-depth geological scaling model of the property compiled in a state-of-the-art GIS database.
Much of Blue Star's success can be attributed to its very supportive shareholder base and strong management team. Combining expertise from geological, exploration and financial sectors, the management and technical team primes the company for significant growth.
With a core gold asset and another very high-quality exploration project, the company has a clean focus that prioritizes development and stakeholder interests.
The Ulu property covers an area of 947 hectares approximately 523 kilometers north of Yellowknife, Northwest Territories, and within the Kitikmeot Settlement Area of Nunavut. The project site is accessible via fixed-wing aircraft or seasonal ice road and benefits from local infrastructure, including telecommunications, administrative and housing structures.
The property's main deposit, the Flood Zone, is a northwest-trending, shear hosted anastomosing vein/alteration system. A 2020 exploration program reported gold assay results that measured 14.95 g/t gold over 13.8 meters (upper zone) and 9.65 g/t gold over 6.0 meters (lower zone). Additionally, the secondary Gnu Zone deposit has seen partial drilling exposure of its inferred 66,000 ounce gold resource and it is open for expansion with numerous proximal targets.
In 2020, Blue Star conducted a significant diamond drilling program at its Ulu and Hood River properties. The operation included 7,624 meters of drilling over 38 diamond drilling holes.
Future plans include an updated resource estimate, as well as exploration focused on expanding resources at the Flood and Gnu deposits. Past metallurgical tests indicate excellent gold recoveries, which poses exciting possible discoveries and economic prosperity in Blue Star Gold's future.
The Hood River property spans an 8,015 hectare area in Nunavut, Canada, and has a 20 year renewable Mineral Exploration Agreement (MEA) issued by Nunavut Tunngavik in June 2013. The property covers the southern portion of the High Lake Greenstone Belt, known for rich gold resources and structural characteristics similar to the prolific Red Lake Belt in Ontario.
Exploration of the property identified 26 mineralized showings spread across five main zones: North Fold Nose, Crown, Penthouse South, Penthouse North and Blackridge. A 2019 drilling and prospecting program reported significant mineral samples graded between 3.9 g/t gold and 31 g/t gold, the highest of which was at North Fold Nose.
The project's underexplored history presents investors with an entry-level opportunity for this high-quality project. Blue Star Gold plans to conduct further prospecting and sampling to identify and prioritize prospective gold targets.
Grant Ewing is an accomplished mining executive with a strong technical foundation and solid business acumen. He is a professional geologist by background and has over 25 years of experience in the mineral industry and the last 10 years in senior executive roles.
Ewing's extensive knowledge base covers the entire mine development cycle, from early-stage exploration to production, in several different commodities. He has experience building value by managing the development of exploration assets from the discovery phase to economic evaluation. Strong corporate development and investor relations, merger and acquisitions and capital markets knowledge complement his mineral industry experience.
Ewing has experience with several successful mineral exploration and development companies at the executive level throughout his career, including Rockridge Resources, Kiska Metals/AuRico Metals and Acadian Mining, among others. Ewing is also a qualified person under National Instrument 43-101.
Robert James Metcalfe is a lawyer and was a senior partner with the law firm Lang Michener LLP for 20 years. He is the former President and CEO of Armadale Properties and Counsels to all of the Armadale Group of Companies, with significant holdings across numerous industries including finance, construction of office buildings, airport ownership, management and refurbishing, land development and automotive dealerships as well as newspaper publishing, radio and television stations. Metcalfe has served as president, CEO, lead director, chairman and committee member on numerous publicly listed natural resource and industry company corporate boards in Canada, the USA, England, South America and Africa.
As director and shareholder, Metcalfe has been engaged in numerous acquisitions, divestitures, corporate reorganizations, financings and corporate improvements, and served on multiple special committees across many sectors. He is a member of the Institute of Corporate Directors and a member in good standing of the Law Society of Upper Canada.
Andrea Yuan is a Chartered Professional Accountant in British Columbia and a Certified Public Accountant in New Hampshire. Yuan obtained her Bachelor of Economics from Shanghai University of Finance and Economics in 1994 and started her career as an internal auditor and then as team head of the internal audit department at the Bank of China's Shanghai Pudong branch in China from 1994 to 1999. After arriving in Canada in 1999, she worked in various senior accounting positions. From 2004 to 2011, she worked at Davidson and Company LLP, Chartered Accountants, where she advanced to an audit principal. In November 2011, Yuan started her own financial and management consulting company, Black Dragon Financial Consulting Services Inc. She acted as CFO for several public companies listed on the TSX Venture Exchange.
Darren Lindsay is a registered professional geoscientist in BC, NU and NT with over 25 years of mineral exploration experience across four continents, focusing on orogenic gold systems. In addition to more than 15 years working in the Slave Structural Province with BHP Minerals, Inmet Mining, Miramar Hope Bay, Newmont and NxGold, Lindsey has also worked on orogenic gold deposits in Ontario, Guyana, Ghana and Western Australia. He was directly involved with and led teams for belt-scale exploration, resource expansions, and feasibility level studies of gold deposits in the Hope Bay Belt, Nunavut. Also, Lindsey was a key member of the team that defined prospective stratigraphy hosting the northern deposits of the Hope Bay belt that led to the targeting and substantial expansion of the mineral resources leading to the purchase of Miramar Hope Bay by Newmont.
Lindsey holds a B.Sc. honors degree in geology from the University of British Columbia and a B.Sc. honors degree in biochemistry from Carleton University.
Peter M. Kuhn is a proactive mining executive recognized for vision and creative problem solving with extensive experience in international projects. He has held senior positions with Thyssen Mining Construction, BLM Mining Services in Sudbury, Bullion River Gold and his own private company. In 2014, he joined WPC Resources and was General Manager of Blue Star Gold Corp. until he was appointed a Technical Advisor. Kuhn holds a Master of Engineering degree from the Technical University of Clausthal, Germany.
Eugene Flood is a professional geologist with more than 35 years of experience in Canada and internationally. Flood discovered the Flood Zone on the Ulu property in June 1989 for BHP Minerals and found several additional mineralized zones on this property, including the Central Zone, West Limb, East Limb, South Zone, Gnu Zone, Zebra, Apex, and the Northern Fold Nose Zone. Flood has also been involved in all aspects of the Ulu project, including mapping, drilling and calculating the first resource on the Flood Zone and identified the Doris Lake area in North Hope Bay, Nunavut.
As the owner of Flood Consulting, he has provided GIS-based spatial prospectively analysis for such clients as Goldfields, B2 Gold and Goldcorp. Currently, he acts as technical advisor to Aurion Resources in the Central Lapland Greenstone Belt in Finland. In addition to 10 years working in the Slave Structural Province, Eugene has also worked on orogenic gold deposits in Ontario, Sweden, Finland, French Guyana and Brazil.
Flood graduated from Lakehead University with a B.Sc. degree in geology in 1985.
Blue Star Gold Corp. (TSXV: BAU) (FSE: 5WP0) (OTCQB: BAUFF) ("Blue Star" or the "Company") announces that, further to its news release of June 2, 2022, and subject to the final approval of the TSX Venture Exchange (the "Exchange"), it has closed its non-brokered private placement (the "Private Placement") by issuing 3,077,000 common shares (each a "Share") at $0.65 per Share, 2,523,289 flow-through shares (each a "FT Share") at a price of $0.73 per FT Share, and 1,340,031 charitable flow-through common shares (each, a "Charitable FT Share") at a price of $0.91 per Charitable FT Share raising total gross proceeds of $5,061,479. The Company paid finder's fees of $134,520 to GloRes Securities Inc. and Qwest Investment Fund Management Ltd., and issued 85,943 common shares to GloRes Securities Inc., Teresa Schmid, and Qwest Investment Fund Manager.
The Shares, FT Shares and Charitable FT Shares are subject to a four-month and one day hold period pursuant to securities laws in Canada and, where applicable, the Exchange. The Company intends to use the net proceeds from the FT Share and Charitable FT Share Private Placement to incur Canadian exploration expenses (the "Qualifying Expenditures") on its projects in Nunavut prior to December 31, 2023. The Company will renounce the Qualifying Expenditures to subscribers of FT Shares for the fiscal year ended December 31, 2022.
Dr. Georg Pollert, a director and controlling shareholder of the Company, received 3,077,000 Shares pursuant to the Share Private Placement. As a result, the issuance of these Shares is considered a related party transaction (as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101")). The Company relied upon the "Fair Market Value Not More Than 25% of Market Capitalization" exemption from the formal valuation and minority shareholder approval requirements.
About Blue Star Gold Corp.
Blue Star is a gold company focused on exploration and development within Nunavut, Canada. Blue Stars landholdings total approximately 270 square kilometres of highly prospective and underexplored mineral properties in the High Lake Greenstone Belt, Nunavut. The Company owns the Ulu Gold Property lease, an advanced gold project, the highly prospective Hood River Property that is contiguous to the Ulu mining lease, and the Roma Project. A significant high-grade gold resource exists at the Flood Zone deposit (Ulu lease), and numerous high-grade gold occurrences and priority targets occur throughout the Ulu, Hood River and Roma Projects.
For information on the Company and its projects, please visit our website: www.bluestargold.ca.
For further information, please contact: Grant Ewing, P. Geo., CEO Telephone: +1 778-379-1433 Email: info@bluestargold.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX-Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.
This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
This news release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Such statements are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128766
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Blue Star Gold Corp. (TSXV: BAU) (FSE: 5WP0) (OTCQB: BAUFF) ("Blue Star" or the "Company") announces that its drill program has commenced, with the first drill hole on the Flood Zone now completed. The exploration program consists of a multi-prong approach including airborne and ground geophysics, regional geochemical sampling, prospecting, and mapping, and a focused diamond drilling program. The work program will be carried out across the Company's Ulu, Hood River, and Roma projects with two key focuses: infill and expansion drilling, and pipeline target review and development throughout the prospective landholdings.
Blue Star is the largest title holder in the highly prospective and underexplored High Lake Greenstone Belt in Nunavut, controlling +45 km of the Belt. The Company holds a 100% interest in three projects including the Ulu Gold project, the contiguous Hood River project, and the Roma project. The Ulu project hosts the Flood Zone deposit, where a significant high-grade gold resource has been outlined.
Blue Star's CEO, Grant Ewing, commented, "The launch of our 2022 exploration program has been executed very efficiently. The multi-prong program will entail drill testing several high priority targets close to the Flood Zone deposit and progressively advance the extensive pipeline of targets throughout our landholdings. The initial drill holes will test potential extensions to the Flood Zone deposit followed by testing targets in the Gnu Zone area where a new high-grade vein system was discovered by Blue Star in 2021."
Exploration Program Summary The first drill hole on the Flood Zone, DD22-FLO-001, has been completed following up on a shallow open intersection (96UL-28 graded 6.02 g/t over 8.35 m from 15 m downhole); the drill hole was shutdown in mineralisation. DD22-FLO-001 intersected variably mineralised zones between 4.65 m and 17.00 m. The drill is now collared on the second site that will evaluate the geometry of the basalt-sediment contact in an area hosting previous intercepts of 6.66 g/t over 5.09 m, 10.21 g/t over 11.11 m and 7.29 g/t over 9.28 m (04UL-02, 04UL-32 and 89VD-20 respectively, all intervals are true width). A minimum 2,500 metre drill program will be conducted during the exploration campaign focused on resource expansion and high priority target evaluation.
Ground geophysical surveying using a walking magnetics and VLF-EM system has covered the known vein structures at the Gnu Zone and extensions to prospective stratigraphy inferred to have potential to host similar structures. Targets are the recently discovered Gnu Zone polymetallic vein that returned 5.34 m of 3.7 g/t in drill hole 21BSG020 and 8.15 m of 20.8 g/t in drill hole 21BSG007, and similar blind mineralized structures. Additional geophysical grids are also planned as part of the target review process to determine if this type of survey can refine drill targeting at other showings.
Precision GeoSurveys Inc. ("Precision") has been engaged to undertake a comprehensive high resolution heli-borne geophysical survey utilizing Precision's proprietary four-sensor magnetic gradient system to refine the structure, lithology, and alteration prior to mapping and prospecting programs. The geophysical program for 2022 covers the entire Roma landholdings, and the entire Ulu lease and Hood River concession that had not been previously flown and is currently 90% complete (~2,750 km of 3,055-line kms).
Figure 1: Ulu and Hood River Projects.
To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/2421/128542_697256de046449e3_003full.jpg
Blue Star Gold's Projects The Company's properties are located approximately 525 km NNE of Yellowknife, NT in the Kitikmeot region of western Nunavut. Kugluktuk is approximately 210 km to the NW. The Roma property lies approximately 30 km north of the Ulu-Hood River property. The total area of Blue Star's projects cover +45 km of the highly prospective and underexplored High Lake Greenstone Belt.
The Ulu lease and the contiguous Hood River property together encompass greater than 12,000 hectares of highly prospective exploration ground. The recent acquisition of the prospective and underexplored Roma property that lies approximately 30 km north increased the Company's landholdings by more than 14,000 hectares in the High Lake Greenstone Belt.
The Ulu lease hosts the advanced stage Flood Zone gold deposit, where a significant high-grade gold resource has been outlined. Several additional gold prospects (including, but not limited to, Zebra, Contact, Central, Axis, and Gnu) are spatially related to the axis of the 5 km long Ulu Fold, which extends from the Ulu lease onto the northern part of the Hood River property and culminates at the North Fold Nose Zone. The recent expansion of the Hood River concession added several new target zones south of the Flood Zone gold deposit. The eastern side of the Hood River property is contiguous to the Ulu lease, and hosts over twenty known gold showings. The Hood River prospects have the same deformation history (including tight folding) as well as similar mineralization styles (acicular arsenopyrite and polymetallic quartz veins) and stratigraphic sequences as the Flood Zone. One of the most prospective target areas on the eastern Hood River property is the 4 km long Crown-Pro trend which has seen only limited drilling.
The Roma project lies in the northern section of the High Lake Greenstone Belt. The project covers high grade gold showings discovered by previous explorers, notably BHP Minerals from 1988 to 1994. Multiple significant gold showings are present within a 6.5 km x 2.4 km area on the historic Roma claim block. The original showing is a 0.30 to 3.0 m wide quartz vein exposed in outcrop and boulders for 2.0 km. In 1991, BHP drilled 10 shallow holes totalling 465 metres to test 1.72 km of strike of the vein. All drill holes intersected quartz veins from 15 m to 37 m vertically below surface. Visible gold was noted in three of the drillholes and the best results were 12.38 g/t Au over 2.31 m (including 64.0 g/t Au over 0.37 m) from DDH MD-01, and 8.69 g/t Au over 1.87 m from MD-03. No drilling was conducted downdip of the high-grade intersection in DDH MD-01 and no step out drilling to the north from this intercept was conducted. No follow up drilling is known to have been completed on this property since BHP's initial drill program in the 1990's. The Company has not verified the historical results from the Roma property and has presented information obtained from two assessment reports submitted by BHP Minerals Canada Ltd.; McMaster, G., (1995). Roma 3,4,5 and 6 Claims 1995 Geological and Geochemical Report, and Anonby, L. and Jopson, W., (1992). Geological, Geochemical, Geophysical and Drilling Report on the Roma 1 and 2 Claims.
The site of the future deep-water port at Grays Bay is 40 - 100 km to the north of the properties, and the proposed route corridor for the all-weather Grays Bay road passes in close proximity to the Roma, Ulu, and Hood River projects.
To view an enhanced version of Figure 2, please visit: https://orders.newsfilecorp.com/files/2421/128542_697256de046449e3_004full.jpg
Technical Disclosure Previously completed drill intervals are sourced from the database used for the Cowley, P., Singh, R., and Giroux, G. Technical Report on the Ulu Gold Property, Nunavut, Canada with amended date July 2015.
Drill holes noted above had core samples cut by core saw with one half of the core retained and the other half sent for analysis. Drill and rock samples were prepared by ALS Yellowknife-Geochemistry and analyzed at ALS Global, North Vancouver. Gold analysis was by fire assay using ALS code Au-AA26 and multielement analysis by code ME-MS61. Control samples include a pulp or crush duplicate every twenty samples; certified reference material was inserted once every ten samples. Reported assay intervals are uncapped, use a minimum 1 g/t gold assay cut off with the inclusion of up to 2 m of material below cut-off. True widths for all but the Flood Zone are not known due to lack of drilling and may range from 50% to 95% of drilled lengths. Historical intercepts reported from the Roma Project have not yet been verified. Gold analysis for soil and till samples were undertaken using Portable PPB Pty Ltd's detectORE™ patented low-level gold by pXRF technology. Every 90 samples have two (2) certified reference materials in the processing stage and in the analyses stage there are four (4) certified collector device readings. A minimum of 10 % of the samples are to be sent for check analysis.
Qualified Person Darren Lindsay, P. Geo. and Vice President Exploration for Blue Star, is a Qualified Person under National Instrument 43-101 ("NI 43-101") and has reviewed and approved the technical information contained in this news release.
About Blue Star Gold Corp. Blue Star is a gold company focused on exploration and development within Nunavut, Canada. Blue Star's landholdings total approximately 270 square kilometres of highly prospective and underexplored mineral properties in the High Lake Greenstone Belt, Nunavut. The Company owns the Ulu Gold Property mining lease, an advanced gold project, the highly prospective Hood River Property that is contiguous to the Ulu lease, and the Roma Project. A significant high-grade gold resource exists at the Flood Zone deposit (Ulu lease), and numerous high-grade gold occurrences and priority targets occur throughout the Ulu, Hood River and Roma Projects.
Blue Star is listed on the TSX Venture Exchange under the symbol: BAU, the U.S. OTCQB Venture Market under the symbol: BAUFF, and on the Frankfurt Exchange under the symbol: 5WP0. For information on the Company and its projects, please visit our website: www.bluestargold.ca.
For further information, please contact: Grant Ewing, P. Geo., CEO Telephone: +1 778-379-1433 Email: info@bluestargold.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX-Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
This press release contains "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding prospective income and revenues, anticipated levels of capital expenditures for fiscal year, expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings, and estimates of mineral resources and reserves on our properties.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets, strategic actions, including acquisitions and dispositions and our success in integrating acquired businesses into our operations, developments and changes in laws and regulations, including increased regulation of the mining industry through legislative action and revised rules and standards applied by the regulatory bodies in Nunavut, changes in the price of fuel and other key materials and disruptions in supply chains for these materials, closures or slowdowns and changes in labour costs and labour difficulties, including stoppages affecting either our operations or our suppliers' abilities to deliver goods and services to us, as well as natural events such as severe weather, fires, floods and earthquakes or man-made or other disruptions of our equipment, and inaccuracies in estimates of mineral resources and/or reserves on our mineral properties.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128542
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Blue Star Gold Corp. (TSXV: BAU) (FSE: 5WP0) (OTCQB: BAUFF) ("Blue Star" or the "Company") announces that it has mobilized its summer exploration program. The program will entail a multi-prong exploration effort across its Ulu, Hood River, and Roma projects with two key focuses: infill and expansion drilling, and pipeline target review and development throughout its highly prospective landholdings.
Blue Star's CEO, Grant Ewing, commented, "We are excited to launch our 2022 exploration campaign. Several high potential target areas will be assessed during the program as we work to make significant new discoveries throughout our prospective landholdings. The current program will build off the knowledge acquired in prior programs with respect to new mineralisation styles, potential geochemical and structural controls, as well as the systematic compilation of the targets in the historical dataset."
Blue Star has engaged Precision GeoSurveys Inc. ("Precision") of Langley, BC to undertake a comprehensive high resolution heli-borne geophysical survey utilizing Precision's proprietary four-sensor magnetic gradient system to refine the structure, lithology, and alteration prior to mapping and prospecting programs.
The geophysical program for 2022 is comprised of 1,690-line km at 50 - 100m line spacing over the entire Roma landholdings that were not covered in the 2021 survey, and 1,365-line km at 50 m line spacing over the entire Ulu lease and Hood River concession that was not previously flown in the 2021 survey.
In addition, the recently discovered Gnu zone polymetallic vein that returned 5.34 m of 3.7 g/t gold in drill hole 21BSG020 and 8.15 m of 20.8 g/t gold in drill hole 21BSG007 during the 2021 program will be evaluated further using a magnetics / VLF-EM system. Parallel structures within this 700 m x 150 m target area will also be assessed.
Blue Star has engaged NorthTech Drilling Ltd. ("NorthTech") of Yellowknife, NT to undertake the Company's drilling program focused on resource expansion and priority target evaluation. A balanced program of +3,000 m of infill, follow-up, and initial evaluation drilling is currently scheduled with opportunities to expand through the season.
Blue Star will also be undertaking a regional sampling program using Portable PPB Pty Ltd's detectORE™ patented low-level gold by pXRF technology in addition to traditional mapping and prospecting programs. These programs will focus on developing new targets on the Roma project and further defining high potential historical prospects from the target pipeline compilation on the Hood River concession and Ulu lease.
Blue Star Gold's Projects
The Company's properties are located approximately 525 km NNE of Yellowknife, NT in the Kitikmeot region of western Nunavut. Kugluktuk is approximately 210 km to the NW. The Roma property lies approximately 30 km north of the Ulu-Hood River property. The total area of Blue Star's projects cover +45 km of the highly prospective and underexplored High Lake Greenstone Belt.
The Ulu lease and the contiguous Hood River property together encompass greater than 12,000 hectares of high potential exploration ground. The recent acquisition of the prospective and underexplored Roma property that lies approximately 30 km north increased the Company's landholdings by more than 14,000 hectares in the High Lake Greenstone Belt.
The Ulu lease hosts the advanced stage Flood Zone gold deposit, where a significant high-grade gold resource has been outlined. Several additional gold prospects (including, but not limited to, Zebra, Contact, Central, Axis, and Gnu) are spatially related to the axis of the ~5 km long Ulu Fold, which extends from the Ulu lease onto the northern part of the Hood River property and culminates at the North Fold Nose Zone. The recent expansion of the Hood River concession added several new target zones south of the Flood Zone gold deposit. The eastern side of the Hood River property is contiguous to the Ulu lease, and hosts over twenty known gold showings. The Hood River prospects have the same deformation history (including tight folding) as well as similar mineralization styles (acicular arsenopyrite and polymetallic quartz veins) and stratigraphic sequences as the Flood Zone. One of the most prospective target areas on the eastern Hood River property is the 4 km long Crown-Pro trend which has seen only limited drilling.
The Roma project lies in the northern section of the High Lake Greenstone Belt. The project covers high grade gold showings discovered by previous explorers, notably BHP Minerals from 1988 to 1994. Multiple significant gold showings are present within a 6.5 km x 2.4 km area on the historic Roma claim block. The original showing is a 0.30 to 3.0 m wide quartz vein exposed in outcrop and boulders for 2.0 km. In 1991, BHP drilled ten shallow holes totalling 465 metres to test 1.72 km of the strike of the vein. All drill holes intersected quartz veins from 15 m to 37 m vertically below surface. Visible gold was noted in three of the drillholes and the best results were 12.38 g/t gold over 2.31 m (including 64.0 g/t gold over 0.37 m) from DDH MD-01, and 8.69 g/t gold over 1.87 m from MD-03. No drilling was conducted downdip of the high-grade intersection in DDH MD-01 and no step out drilling to the north from this intercept was conducted. No follow up drilling is known to have been completed on this property since BHP's initial drill program in the 1990's.
The site of the future deep-water port at Grays Bay is 40 - 100 km to the north of the properties, and the proposed route corridor for the all-weather Grays Bay road passes in close proximity to the Roma, Ulu, and Hood River projects.
Drill holes reported from 2021 had core samples cut by core saw with one half of the core retained and the other half sent for analysis. Samples were prepared by ALS Yellowknife-Geochemistry and analyzed at ALS Global, North Vancouver. Gold analysis was by fire assay using ALS code Au-AA26 and multielement analysis by code ME-MS61. Control samples include a crush duplicate every twenty samples; certified reference material was inserted once every ten samples. Reported assay intervals are uncapped, use a minimum 1 g/t gold assay cut off with the inclusion of up to 2 m of material below cut-off. True widths for all but the Flood Zone are not known due to lack of drilling and may range from 50% to 95% of drilled lengths. Historical intercepts reported from the Roma project have not yet been verified.
Based in Langley, B.C., Precision has the expertise and personnel to plan and execute a successful geophysical program. Precision has flown over five hundred surveys around the world since 2007 using innovative geophysical technologies.
Based in Yellowknife, NT, NorthTech is a family-owned and operated industrial drilling contractor specializing in providing reliable and professional diamond drilling services in the North. NorthTech has completed 150,000 meters of drilling since their inception in 2006.
About Portable PPB Pty Ltd. and detectORE™
Portable PPB is a Canning Vale, West Australia based company focused on bringing disruptive technology into the gold industry, globally. They bring a wealth of experience and a track record of delivering novel solutions to drive exploration, discovery, and mining. Blue Star has committed, as a research sponsor, to be an early user in Canada of Portable PPB Pty Ltd's detectORE™ patented low-level gold by pXRF technology. It enables rapid remote on-site gold results to ~20 ppb Au levels daily, instead of weeks to many months for each batch.
Darren Lindsay, P. Geo. and Vice President Exploration for Blue Star, is a Qualified Person under National Instrument 43-101 ("NI 43-101") and has reviewed and approved the technical information contained in this news release.
About Blue Star Gold Corp.
Blue Star is a gold company focused on exploration and development within Nunavut, Canada. Blue Stars landholdings total approximately 270 square kilometres of highly prospective and underexplored mineral properties in the High Lake Greenstone Belt, Nunavut. The Company owns the Ulu Gold Property mining lease, an advanced gold project, the highly prospective Hood River Property that is contiguous to the Ulu lease, and the Roma Project. A significant high-grade gold resource exists at the Flood Zone deposit (Ulu lease), and numerous high-grade gold occurrences and priority targets occur throughout the Ulu, Hood River and Roma Projects.
Blue Star is listed on the TSX Venture Exchange under the symbol: BAU, the U.S. OTCQB Venture Market under the symbol: BAUFF, and on the Frankfurt Exchange under the symbol: 5WP0. For information on the Company and its projects, please visit our website: www.bluestargold.ca.
For further information, please contact: Grant Ewing, P. Geo., CEO Telephone: +1 778-379-1433 Email: info@bluestargold.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX-Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
This press release contains "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding prospective income and revenues, anticipated levels of capital expenditures for fiscal year, expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings, and estimates of mineral resources and reserves on our properties.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets, strategic actions, including acquisitions and dispositions and our success in integrating acquired businesses into our operations, developments and changes in laws and regulations, including increased regulation of the mining industry through legislative action and revised rules and standards applied by the regulatory bodies in Nunavut, changes in the price of fuel and other key materials and disruptions in supply chains for these materials, closures or slowdowns and changes in labour costs and labour difficulties, including stoppages affecting either our operations or our suppliers' abilities to deliver goods and services to us, as well as natural events such as severe weather, fires, floods and earthquakes or man-made or other disruptions of our equipment, and inaccuracies in estimates of mineral resources and/or reserves on our mineral properties.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/126444
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Blue Star Gold Corp. (TSXV: BAU) (FSE: 5WP0) (OTCQB: BAUFF) ("Blue Star" or the "Company") announces that, subject to the approval of the TSX Venture Exchange (the "Exchange"), it intends to complete a non-brokered private placement of up to $6,000,000. Pursuant to the offering, the Company will issue common shares (each a "Share") at a price of $0.65 per Share, flow-through common shares (each a "FT Share") at a price of $0.73 per FT Share, and charitable flow-through common shares (each a "Charitable FT Share") at a price of $0.91 per Charitable FT Share, in any combination, to raise up to $6,000,000 in gross proceeds (together, the "Private Placement").
The Charitable FT Shares qualify as "flow through shares" within the meaning of subsection 66(15) of the Income Tax Act (Canada) to be sold on a charitable flow-through basis.
Over 75% of the Private Placement has already been arranged based on firm expressions of interest received by the Company.
The Shares, FT Shares and Charitable FT Shares will be subject to a four-month and one day hold period pursuant to securities laws in Canada and, where applicable, the Exchange. Finders' fees may be payable to qualified parties. The Company intends to use the net proceeds from the FT Share and Charitable FT Share private placement to incur Canadian exploration expenses (the "Qualifying Expenditures") on its projects in Nunavut prior to December 31, 2023. The Company will renounce the Qualifying Expenditures to subscribers of FT Shares for the fiscal year ended December 31, 2022.
About Blue Star Gold Corp.
Blue Star is a gold company focused on exploration and development within Nunavut, Canada. Blue Stars landholdings total approximately 270 square kilometres of highly prospective and underexplored mineral properties in the High Lake Greenstone Belt, Nunavut. The Company owns the Ulu Gold Property lease, an advanced gold project, the highly prospective Hood River Property that is contiguous to the Ulu mining lease, and the Roma Project. A significant high-grade gold resource exists at the Flood Zone deposit (Ulu lease), and numerous high-grade gold occurrences and priority targets occur throughout the Ulu, Hood River and Roma Projects.
For information on the Company and its projects, please visit our website: www.bluestargold.ca.
For further information, please contact: Grant Ewing, P. Geo., CEO Telephone: +1 778-379-1433 Email: info@bluestargold.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX-Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.
This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/126316
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Blue Star Gold Corp. (TSXV: BAU) (FSE: 5WP0) (OTCQB: BAUFF) ("Blue Star" or the "Company") announces that it has granted incentive stock options to purchase a total of 700,000 common shares at an exercise price of $0.50 per common share for a period of 5 years to certain directors, officers, consultants and employees in accordance with the provisions of its stock option plan.
About Blue Star Gold Corp.
Blue Star is a gold company focused on exploration and development within Nunavut, Canada. Blue Stars landholdings total approximately 270 square kilometres of highly prospective and underexplored mineral properties in the High Lake Greenstone Belt, Nunavut. The Company owns the Ulu Gold Property lease, an advanced gold project, the highly prospective Hood River Property that is contiguous to the Ulu mining lease, and the Roma Project. A significant high-grade gold resource exists at the Flood Zone deposit (Ulu lease), and numerous high-grade gold occurrences and priority targets occur throughout the Ulu, Hood River and Roma Projects.
Blue Star is listed on the TSX Venture Exchange under the symbol: BAU, the U.S. OTC Exchange under the symbol: BAUFF, and on the Frankfurt Exchange under the symbol: 5WP0. For information on the Company and its projects, please visit our website: www.bluestargold.ca.
For further information, please contact: Grant Ewing, P. Geo., CEO Telephone: +1 778-379-1433 Email: info@bluestargold.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX-Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/118553
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Challenger Exploration (ASX: CEL) (“CEL” the “Company”) is pleased to announce results from recent drilling targeting extensions to the mineralisation at the Company's flagship Hualilan Gold Project, in San Juan Argentina. The results include the first drill holes that were not included in the Company’s recent maiden 2.1 million ounce AuEq1 Mineral Resource Estimate (MRE) which includes a high-grade core of 1.1 Moz at 5.6 g/t AuEq1 .
Commenting on the first drilling results after the resource, CEL Managing Director, Mr Kris Knauer, said
“We indicated when we released our Maiden Resource Estimate at Hualilan it was very much an interim and we expect it to increase significantly. It was based on 126,000 metres of our 204,000 metre drill program and 2.2 of the 3.5 kilometres of strike, over which the high-grade mineralisation has been intersected. These first results following the Mineral Resource Estimate confirm this.
All the more exciting, is that if assays confirm what we have logged in several recent holes, we have some significant new zones to follow up in addition to the areas we are currently targeting. It now firmly appears that mineralisation at Hualilan will remain open at the end of the current 204,000 metre program."
The MRE was based on 125,700 metres of the Company's 204,000 metre diamond core drill program. The current holes that were not included in the MRE comprise an additional 13,800 metres of drilling. As of this morning the Company has completed 197,000 of the 204,000 metres with results for the next 64,500 metres in the 204,000 metre program expected progressively over the next 4 months.
The results continue to exceed the Company's expectations and confirms that mineralisation remains open in all directions, the majority of the new mineralisation is high-grade, and there is clear potential for the MRE to grow significantly via extension and infill drilling. Several recently completed holes (assays pending) have opened new high-grade targets for extension drilling and the Company believes that Hualilan will remain open in all directions at the completion of the current 204,000 metres.
In addition to the strong results from drilling designed to extend the mineralisation outside the interim MRE boundary several infill holes, often between holes with minimal grade, have returned significant high grade results which is enormously encouraging.
SIGNIFICANT INTERSECTIONS RECEIVED AFTER THE MRE CUT-OFF DATE
GNDD-530 - Verde Zone (South of the Magnata Fault)
GNDD-530 was a test for extensions of the Verde style mineralisation, south of the Magnata Fault, at depth. The hole was collared to test 80 metres below GNDD-500 which intersected 67.6 metres at 0.3 g/t AuEq from 81.5m and 40.0 metres at 0.8 g/t AuEq from 267.0m. GNDD-530 intersected three zones of mineralisation - 28.5 metres at 5.3 g/t AuEq (5.0 g/t Au, 23.9 g/t Ag, 0.02 % Pb, 0.03 % Zn) from 357.5m, 23.0 metres at 0.3 g/t AuEq (0.3 g/t Au, 1.2 g/t Ag, 0.01 % Pb, 0.02 % Zn) from 107.0m, and 54.0 metres at 0.4 g/t AuEq (0.3 g/t Au, 2.0 g/t Ag, 0.01 % Pb, 0.06 % Zn) from 159.0m.
All three intersections extended the mineralisation 80 metres down dip of the current MRE boundary with the deepest intersection (28.5m at 5.3 g/t AuEq) demonstrating significantly improved grades at depth which is becoming common in the Verde Style mineralisation at depth. The second intersection (54.0m at 0.4 g/t AuEq) significantly expanded the width of the mineralisation.
Figure 1 shows the MRE block model in section and GNDD-530. On this section the mineralisation below the US$1800 optimised pit shell was not included in the MRE as it has a grade of less than the 1.0 g/t AuEq cut off used for reporting the underground component of the MRE. This area of the MRE is relatively lightly drilled with additional drilling planned along strike and both up and down-dip. The higher grade mineralisation intersected at depth in GNDD-530, and any additional high-grades in infill and extensional drilling, has the potential to significantly deepen the US$1800 optimised pit shell which would provide a material increase to the current MRE.
Figure 1 - Cross Section GNDD-530
Click here for the full ASX Release
This article includes content from Challenger Exploration, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Global central bank gold reserves top 35,500 metric tons (MT), approximately one-fifth of all the gold ever mined. The vast majority of central bank gold holdings were acquired in the last decade, when national banks became net buyers of the yellow metal.
Central banks purchase gold for a number of reasons: to mitigate risk, to hedge against inflation and to promote economic stability. In its most recent annual survey released in June 2022, the World Gold Council (WGC) said that 61 percent of central bankers expect global gold reserves to increase over the next 12 months. Nearly three-quarters of respondents cited the precious metal’s “long-term store of value” as a guiding factor in gold purchases.
Central banks added 463 MT of gold to their vaults in 2021, signaling a significant turnaround in demand after the 255 MT decade low experienced in 2020.
Central bank gold buying expected to increase in 2022.
Central banks are expected to continue as net gold buyers in 2022. Twenty-five percent of WGC 2022 survey respondents indicated plans to grow their gold reserves, up from 21 percent last year. And for the second year in a row, no respondents indicated their institution plans to decrease their gold holdings.
However, the WGC did note that economic and geopolitical uncertainty tied to the COVID-19 pandemic and Russia’s war in Ukraine may be creating a “divide between central bank respondents in advanced economies and those in Emerging Market and Developed Economies.”
Read on to find out the 10 top countries by central bank gold holdings. All reserve tallies were compiled using data from the WGC.
When it comes to the largest gold reserves, the Central Bank of America comes in at number one with 8,133.5 MT. Valued at US$528 billion, a large percentage of US gold is held in “deep storage” in Denver, Fort Knox and West Point.
As the US Treasury explains, deep storage is “that portion of the US Government-owned gold bullion reserve which the Mint secures in sealed vaults that are examined annually by the Treasury Department’s Office of the Inspector General and consists primarily of gold bars.”
The rest of US-owned reserves are held as working stock, which is described as the “gold reserve which the Mint uses as the raw material for minting congressionally authorized coins and consists of bars, blanks, unsold coins and condemned coins.”
The Bundesbank, Germany’s central bank, currently owns 3,358.5 MT of gold, less than half the amount amassed by the US. Like many of the central banks on this list, the German national bank stores more than half of its stock in foreign locations in New York, London and France.
The Bundesbank’s foreign gold reserves came into question in 2012, when the German Federal Court of Auditors, the Bundesrechnungshof, was openly critical of the Bundesbank’s gold auditing.
In response, the German bank issued a public statement defending the security of foreign banks. Privately, the Bundesbank then began the arduous process of repatriating its gold stock back to German soil. By 2016, more than 583 tonnes had been transferred back to Germany.
Nearly half of Germany’s gold holdings are stored in Frankfurt, more than a third in in New York, an eighth of holdings are in London and a miniscule amount are held in in Paris.
Banca d’Italia, the national bank of Italy, began amassing its gold in 1893, when three separate financial institutes merged into one. From there, its 78 MT slowly grew into the 2,451.84 MT the country now owns.
Like Germany, Italy also stores parts of its reserves offshore. In total, 141.2 MT are located in the UK, 149.3 are in Switzerland and 1,061 are kept in the US Federal Reserve.
The Banque de France keeps all 2,436.5 MT of its gold reserves on hand. The precious metal is stored in the bank’s secure underground vault, dubbed La Souterraine; it is located 27 meters below street level.
La Souterraine’s gold vaults are one of the 4 designated gold depositories of the International Monetary Fund.
The Bank of Russia is the official central bank of the Russian Federation and owns 2,301.64 MT of gold. Like France, Russia’s central bank has opted to store all its physical gold domestically.
The Bank of Russia stores two-thirds of its gold reserves in a bank building in Moscow, and the remaining one-third in Saint Petersburg.
The majority of the yellow metal is in the form of large, variable-weight standard gold bars weighing between 10 and 14 kilograms. There are also smaller bars on site weighing as much as 1 kilogram each.
Russia, which is the third largest gold producer by country, has been a steady purchaser of the precious metal since roughly 2007, with sales ramping up significantly between 2015 and early 2020. However, the Russia’s refineries are banned from selling gold bullion into the London market following the country’s invasion of Ukraine. Sanctions by the West also include a freeze on about half of Russia’s gold reserves.
The central bank for mainland China is the People’s Bank of China (PBoC), located in Beijing. The national financial institute stores 1,948.31 MT of gold, most which has been purchased since 2000. In 2001, the PBoC had 400 MT of gold in reserve, but in less than two decades that total has climbed 487 percent.
The PBoC also issues the Panda gold coin, which was first created in 1982. The Panda coin is now one of the top five bullion coins issued by a central bank. It is among the ranks of the American Eagle, Canadian Maple Leaf, South African Krugerrand and Australian Gold Nugget.
Holding the seventh largest central bank gold reserves is the Swiss National Bank. Its 1,040 MT of gold are owned by the state of Switzerland, but the central bank manages and maintains the reserve.
After years of opaqueness regarding the country’s golden treasure trove, the Swiss Gold Initiative, or Save our Swiss Gold campaign, was launched in 2011.
The publicity culminated in a national referendum in 2014, asking citizens to vote on three proposals.
The first was a mandate for all reserve gold to be held physically in Switzerland. The other two dealt with the central bank’s ability to sell its gold reserves, along with a decree that 20 percent of the Swiss bank’s assets be held in gold.
The referendum was unsuccessful, but did prompt the bank to be more transparent. In a 2013 release, the central bank reported that 70 percent of its gold reserve was held domestically, 20 percent was located at the Bank of England and 10 percent was stored with the Bank of Canada.
Public information about the Bank of Japan’s gold reserves is hard to come by. In 2000, the island nation was holding approximately 753 MT of the yellow metal. By 2004, the Bank of Japan’s gold store had grown to 765.2 MT, and remained at that level until March 2021 when the country purchased 80.76 MT of gold.
The Reserve Bank of India (RBI) is another central bank on the list that has added to its holdings in recent years. The RBI began adding to its gold assets in 2017; however, the majority of its purchases have taken place in the past two years.
“While 453.52 tonnes of gold is held overseas in safe custody with the Bank of England and the Bank of International Settlements (BIS),” reported Business Standard, “295.82 tonnes of gold is held domestically.”
Rounding out the top central bank gold reserves by country is the Dutch National Bank (DNB), the central bank of Netherlands.
Like Switzerland, the Dutch central bank stores as much as 38 percent of its gold in Canada’s national reserve. Another 31 percent, in the form of 15,000 gold bars, is held in a domestic vault, while the remaining 31 percent is located in New York’s Federal Reserve bank.
In a report, the Dutch National Bank notes that gold’s aversion to risk and reduced liability makes it the supreme safe haven asset.
“Central banks such as DNB have therefore traditionally had a lot of gold in stock. After all, gold is the ultimate nest egg: the trust anchor for the financial system,” it reads. “If the entire system collapses, the gold supply provides collateral to start over. Gold gives confidence in the strength of the central bank’s balance sheet. That gives a safe feeling.”
The gold reserve held by the International Monetary Fund (IMF) is the third largest in terms of size. The large gold reserve was amassed primarily during the founding of the international organization in 1944.
In that inaugural year it was decided that “25 percent of initial quota subscriptions and subsequent quota increases were to be paid in gold.”
Since 1944, the IMF has also added gold through the repayment of debts owed by member countries. Nations can also exchange gold for another member country’s currency.
This is an updated version of an article first published by the Investing News Network in 2020.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
White Gold CEO David D'Onofriowww.youtube.com
White Gold (TSXV:WGO,OTCQX:WHGOF,FWB:29W) maintains its robust portfolio of gold projects in Yukon. White Gold CEO David D’Onofrio said the company has been significantly successful with a 1.1 million ounce gold resource.
“We've been very successful in our total ounces, pretty significantly," D’Onofrio said. "We're at 1.1 million ounces now. And that's not including a couple of very exciting new discoveries 2 kilometers away from that deposit. For the last two years, we've been looking for new zones of mineralization around our flagship deposit. We (want to get) the best bang for our buck as a junior explorer.”
White Gold made a new high-grade discovery after it intersected 6.94 grams per metric ton (g/t) gold over 19.5 meters and 1.36 g/t gold over 18.5 meters at the Ulli's Ridge target at the Golden Saddle and Arc deposits. The two projects have a combined mineral resource of 1,139,900 ounces.
D’Onofrio added that the company can really ramp up quickly in terms of size and has been very successful in doing that with two new discoveries. “We can get excited going forward considering we have this drone-to-drill methodology. Over the last five years, we're starting to drone the soil with identifying targets. And we've started to perform a diamond drill program on these targets.”
Last year, White Gold had a truly world-class discovery at its Betty property, according to D’Onofrio. The property is contiguous to Newmont’s (TSX:NGT,NYSE:NEM) multimillion-ounce Coffee deposit.
“We're more of a data analysis company that performs exploration," he said. "We're putting them through this protocol designed over the last 20 years. It's proven to be extremely successful. We think what we're seeing in these earlier-stage results is that the prospect for more and more multimillion-ounce hybrid discoveries is very high in our district.”
Watch the full interview of White Gold CEO David D’Onofrio above.
Disclaimer: This interview is sponsored by White Gold (TSXV:WGO,OTCQX:WHGOF,FWB:29W) . This interview provides information that was sourced by the Investing News Network (INN) and approved by White Gold in order to help investors learn more about the company. White Gold is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with White Gold and seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
Adrian Day: Recession, Stagflation, Crash? Where We're Going, What it Means for Goldyoutu.be
The US Federal Reserve hiked interest rates by 75 basis points last week in its ongoing fight against inflation, amping up its efforts to tame prices and leaving market watchers wondering what's next.
Speaking just ahead of the central bank's meeting, Adrian Day, president of Adrian Day Asset Management, said usually the Fed starts out hawkish and then backs off. But this time around the opposite is happening.
This is due to various factors, but US President Joe Biden's recent meeting with Fed Chair Jerome Powell is among them — in their discussion, Biden expressed that inflation is the Fed's responsibility.
"If you've just had a meeting with the president where he has told you — and then announced to the world — that inflation is your number one priority and you're responsible, you continue to be hawkish. And I think that's got the market really nervous," Day said at the Prospectors & Developers Association of Canada (PDAC) convention.
Day doesn't think the Fed will be able to bring inflation down to a reasonable level without provoking a recession, and noted that if the market isn't already in one now, it will get there by the end of the year.
A recession combined with high prices results in stagflation, and Day said that looking at stagflationary periods from 1960 to now shows that energy and gold are top performers during these times.
"The number one performing asset has been energy, and the number two performing asset has been gold," he explained on the sidelines of the show. "Gold and gold stocks have done well in every single stagflationary period, so I think gold is really where you want to be positioned if you see stagflation coming."
Watch the interview above for more from Day on gold and the outlook for the US economy. You can also click here for our recap of PDAC, and here for our full PDAC playlist on YouTube.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) ("B2Gold" or the "Company") is pleased to announce the voting results from its Annual General and Special Meeting of Shareholders (the "Meeting") held on Wednesday, June 22, 2022 . A total of 812,572,340 common shares were voted at the Meeting, representing 76.59% of the votes attached to all outstanding common shares.
Shareholders voted overwhelmingly in favour of all items of business before the Meeting. The nine director nominees listed in B2Gold's Management Information Circular ("the "Circular") dated May 11, 2022, were elected as directors of B2Gold to hold office for the ensuing year or until their successors are elected or appointed. Detailed results of the vote for each director are set out below:
The resolutions to set the number of directors of the Company at nine and to appoint PricewaterhouseCoopers LLP as auditor of the Company were approved with 99.65% and 99.47%, respectively, of votes cast in favour.
The resolution regarding the Advisory Vote on Company's approach to Executive Compensation was approved with 80.36% of votes cast in favour.
A report on all items of business voted on at the Meeting will be filed on SEDAR at www.sedar.com .
A playback of the Meeting will be available until Wednesday, July 6, 2022 , on B2Gold's events page or by dialing +1 416-764-8677 (local – Toronto) or +1 888-390-0541 (toll free – North America) (passcode 420261#).
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada . Founded in 2007, today, B2Gold has operating gold mines in Mali , Namibia and the Philippines and numerous exploration and development projects in various countries including Mali , Colombia , Finland and Uzbekistan .
On Behalf of B2GOLD CORP. "Clive T. Johnson" President & Chief Executive Officer
For more information on B2Gold, please visit the Company's website at www.b2gold.com or contact:
Randall Chatwin SVP, Legal & Corporate Communications
Cherry DeGeer Director, Corporate Communications +1 604-681-8371 cdegeer@b2gold.com
The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.
View original content to download multimedia: https://www.prnewswire.com/news-releases/b2gold-announces-voting-results-from-its-2022-annual-general-and-special-meeting-301573625.html
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Click here to read the previous gold stocks to watch article.
The first half of 2022 is over, and like most metals, gold has had an interesting ride.
The yellow metal has been caught up in diverse headwinds and tailwinds, with the ongoing COVID-19 pandemic, Russia’s war in Ukraine and the battle against inflation being key factors.
Aggressive rate hikes from the US Federal Reserve have spurred fears of a recession, driving investors to liquidate some of their gold holdings. Going forward, Trading Economics analysts have said they expect “further downside for bullion as investors continue to de-risk due to inflation and growth concerns.”
For those looking for gold stocks to watch, Haywood Securities recently shared a list of the gold-focused companies it believes have the potential to do well in the current environment.
Read on to learn which five gold-mining companies the firm’s analysts chose for their gold stocks list. All share price data listed below was current as of June 13, 2022.
Equinox Gold has a robust project portfolio with assets in Canada, the US, Mexico and Brazil. This includes seven gold mines, as well as a significant pipeline of development and expansion projects. The company's total proven and probable gold reserves add up to 16 million ounces, while measured and indicated gold resources are estimated at 30 million ounces. Equinox expects to produce 625,000 ounces in gold in 2022.
Equinox also offers investors exposure to metals outside of gold through its 30 percent interest in the newly created Sandbox Royalties, a diversified royalty company. Sandbox’s portfolio targets gold, silver, copper, zinc, graphite and uranium properties in mining-friendly jurisdictions in the Americas and Europe.
A member of the Lundin Group, Filo Mining is exploring its Filo del Sol copper-gold-silver deposit in Chile's Region III and Argentina's adjacent San Juan province. The resource estimate for the advanced-stage exploration project outlines 4.4 million ounces of gold, 147 million ounces of silver and 3.1 billion pounds of copper.
Drill work on the property is ongoing. Earlier this year, Filo announced a C$100 million strategic investment from BHP Western Mining Resources, which is a subsidiary of BHP (NYSE:BHP,ASX:BHP,LSE:BHP).
Exploration company Osisko Mining wholly owns the high-grade Windfall gold deposit in the Abitibi greenstone region of Quebec, Canada. The project has a recently updated resource estimate comprised of 210,000 ounces of gold in the measured mineral resource category, 2,994,000 ounces of gold in the indicated mineral resource category and 3,585,000 ounces of gold in the inferred mineral resource category.
Infill drilling is underway at Windfall to better inform a feasibility study expected in the fall of 2022. Once in production, the company believes Windfall could rank among the top 10 gold mines in Canada and the US.
Senior gold company Endeavour Mining is West Africa’s largest producer of the precious metal. It has a portfolio of operating assets in Senegal, Cote d’Ivoire and Burkina Faso that includes a pipeline of advanced development projects and exploration assets in the Birimian greenstone belt across the African nation.
Endeavour’s Q1 production increased 14 percent over the same period in the previous year to total 357,000 ounces of gold. In the spring of 2022, Endeavour announced the launch of construction at its Sabodala-Massawa expansion in Senegal based on a recently completed definitive feasibility study.
Gold Royalty acquires interests in mining projects through royalties and streams. Currently its portfolio consists of 195 royalties on gold properties located in the Americas.
Gold Royalty’s recent company acquisitions include Abitibi Royalties and Golden Valley Mines; it has also snapped up royalties on IAMGOLD’s (TSX:IMG,NYSE:IAG) Côté gold project, as well as expanded royalties on Monarch Mining’s (TSX:GBAR,OTCQX:GBARF) Beaufor mine. In 2022, the company began paying a quarterly dividend.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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