PALM BEACH, Fla., Oct. 15, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - Gold, often referred to as the "safe-haven asset," has been a cornerstone of global finance for centuries. Its value has historically been influenced by a myriad of factors, including economic indicators, geopolitical events, and market sentiment. According to expert analysts in a report by Skilling.com, the gold price prediction for 2024 is expected to be positive, with prices potentially reaching $2,500 per ounce. This is driven by the Federal Reserve's monetary policy, interest rates, and global demand for safe-haven assets. Some experts predict that gold will trade in the range of $2,800-$3,200 in 2025, reflecting expectations of a Federal Reserve rate cut. The report said: “In the long term, the gold price prediction is influenced by factors such as inflation, central bank policies, and global economic trends. Analysts predict that the price of gold could reach $6,800 an ounce by 2040, estimating a rate of return of 7.2% per year. The increasing demand for gold as a safe-haven asset and the potential for a global recession are also driving factors behind the positive gold price prediction. Gold prices have been on a steady rise since 2023, with many analysts predicting a continued upward trend in 2024. According to J.P. Morgan Research, gold prices are expected to climb to $2,500/oz by the end of 2024, driven by factors such as U.S. fiscal deficit concerns, central bank reserve diversification into gold, inflationary hedging, and a fraying geopolitical landscape. This prediction is in line with other analysts' predictions, with some predicting even higher prices, such as AG Thorson's target of $3,000.” Active mining companies in the markets this week include RUA GOLD Inc. (OTCQB: NZAUF) (TSX-V: RUA), Newmont Corporation (NYSE: NEM) (TSX: NGT), OceanaGold Corporation (OTCQX: OCANF) (TSX: OGC), New Found Gold Corp. (NYSE: NFGC) (TSX-V: NFG), GoldMining Inc. (NYSE American: GLDG) (TSX: GOLD).
Skilling.com concluded: “The current market trends also suggest a bullish outlook for gold prices in 2024. The World Gold Council reported that central banks purchased 1,037 tonnes of gold in 2023, with 2024 starting strongly with net purchases of 290 tonnes in the first quarter. This increased demand from central banks, combined with the ongoing economic uncertainty, is likely to drive gold prices higher in 2024. However, it's worth noting that there are also bearish risks to the gold price prediction, such as a scenario where the Fed turns more aggressive in ensuring inflation swiftly reaches its target. Nevertheless, many analysts believe that the structural drivers that have helped gold's rally so far will remain a critical bullish driving force going forward, making it likely for gold prices to hit another all-time high in 2024.”
RUA GOLD’s (TSXV:RUA) (OTCQB:NZAUF) Drill Program Intersects Near Surface Gold at The Reefton Project - RUA GOLD Inc. (WKN: A4010V) (“RUA GOLD" or the "Company") is pleased to provide an update from the drilling campaign underway at the Reefton Project on the South Island of New Zealand. The Company commenced its near mine drill program on the Murray Creek targets in July. A second drill rig was introduced in September to test the Capleston vein system. These historic mines collectively produced ~700koz of gold at 25.2g/t within a radius of ~20 kilometers.
Robert Eckford, CEO of RUA GOLD commented: “Our five years of meticulous surface exploration work over the Reefton project is paying dividends from the outset of this drill program. Both of the initial drill holes have confirmed we are in right area and are locating these lodes. The near surface intercepts on Capleston are encouraging and makes for compelling economic ounces, it supports our thesis that the surface veins are continuous past the old workings. Despite the initial drill hole at Murray Creek hitting old workings, it is extremely encouraging that we have identified the dip angle of the Victoria lode and we have even more confidence with the subsequent hole that is underway now, and results from this will be ready in the next few weeks.”
Capleston - On the second drill rig, which was introduced to test the Capleston vein system, the Company targeted an undeveloped and near-surface vein at the southern end of the two kilometer long historic Capleston project, the highest-grade producer of the Reefton Goldfield historically. Near surface targets lend themselves to early development and are the closest to transportation and infrastructure, providing low-cost operational advantages.
The first diamond drill hole, DD_REF_043, intersected a 12m zone of quartz-pyrite-arsenopyrite in the hanging wall, with a 1m quartz vein from 31m to 32m @ 3.86 g.t Au. A legacy drill hole intercepted the southern lode at 33m downhole, with 1m @ 24g/t Au followed by 1m @ 2.5g/t Au1. Mapping has recorded historical waste samples up to 32.0g/t Au in the vicinity, and a strong soil anomaly enveloping the vein (up to 410ppb Au).
Murray Creek - RUA GOLD reports the completion of the first hole testing the down-dip extension of the Victoria lode, DD_VIC_041, which is being evaluated by the team. This intersected the targeted reef at 344m down hole and encountered historical underground workings over a 4m length. It then exited out to the footwall before drilling on for an additional 20m.
This confirms that the lode extension is accurate and, with the precise location confirmed, a second hole is underway that is 50m deeper down dip from the initial drill hole. The Company anticipates an intersection into an un-mined portion of the reef at around 350m. Results from this testing will be available in the coming weeks. CONTINUED… Read this full press release and more news for RUA GOLD at: https://www.financialnewsmedia.com/news-rua/
Other recent developments in the mining industry of note include:
Newmont Corporation (NYSE: NEM) (TSX: NGT) has recently announced it will sell its Akyem operation in the Republic of Ghana to Zijin Mining Group Co., Ltd. ("Zijin") under a definitive agreement, for cash consideration of up to $1 billion. The sale is part of Newmont’s ongoing program to divest non-core assets as the Company makes a strategic shift to focus on its Tier 1 assets.
Under the terms of the agreement, Newmont is expected to receive cash consideration of $900 million upon closing. A further $100 million is expected to be received upon the satisfaction of certain conditions. Proceeds from the transaction will support the Company’s capital allocation priorities, including strengthening the balance sheet and returning capital to shareholders.
OceanaGold Corporation (OTCQX: OCANF) (TSX: OGC) recently reported that it will release its operational and financial results for the third quarter of 2024 after market close on Wednesday November 6th, 2024. The results will be made available on the Company's website at www.oceanagold.com.
Senior management will host a conference call / webcast to discuss the results on Thursday November 7th, 2024, at 10:00 am Eastern Time.
Webcast and Conference Call Details:
To register, please copy and paste the link into your browser: https://app.webinar.net/2wLnxVkYjlM
Toll-free North America: +1-888-510-2154
International: +1 437-900-0527
New Found Gold Corp. (NYSE: NFGC) (TSX-V: NFG) recently announced the results of the first phase of channel samples from the Keats Trench and an update on the Iceberg Trench at the Queensway Project ("Queensway"), located on the Trans-Canada Highway 15km west of Gander, Newfoundland.
Greg Matheson, COO of New Found, stated: “Our approach at the Keats Trench has been to systematically test across the entire exposed surface to accurately map the extent of gold mineralization and determine with more certainty the distribution and variability of the gold contained within the mineralized domain. This is the highest density of assay data at Keats obtained to date and we are extremely pleased to see the broad widths of high-grade mineralization carrying across the exposure which is largely in line with modelled mineralization from the drilling program. The assay grade data from the trench is another key component to building our geologic understanding of the mineralization and structural controls at Keats. Given some of the elevated high-grade gold encountered, with many individual samples exceeding 100 g/t and some above 1,000 g/t, the team is now completing a second phase of channel sampling. This Phase II program will include a more targeted assessment of the high-grade components of Keats and cross veins that were not well tested in the first phase.”
GoldMining Inc. (NYSE American: GLDG) (TSX: GOLD) recently highlighted an updated Mineral Resource Estimate ("Whistler MRE") that was announced by its publicly traded subsidiary, U.S. GoldMining Inc. ("U.S. GoldMining") (NASDAQ: USGO) on October 7, 2024 for U.S. GoldMining's Whistler Gold-Copper Project (the "Project") located in Alaska, U.S.A.
Alastair Still, Chief Executive Officer of GoldMining, commented: "Since the initial public offering of U.S. GoldMining in April 2023, we are extremely pleased by the progress of its exploration initiatives at the Whistler Project, which have resulted in strengthened confidence of the Whistler MRE by increasing the gold equivalent ounces in the indicated category by approximately 117% from prior estimates. The Project now contains 6.5 Moz AuEq in the indicated resource category and an additional 4.2 Moz AuEq in the inferred resource category. The successful 2023 drilling program and growth of the mineral resources at Whistler is an example of how our spin-out strategy continues to unlock value for GoldMining shareholders. We now hold over $175 million in cash and equities1 that help position us to advance strategic initiatives across our portfolio, which globally holds 12.5 million AuEq ounces of measured and indicated resources and 9.7 million AuEq ounces of inferred resources.”
About FN Media Group:
At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #pressrelease #tickertaggingpressreleases
Follow us on Facebook to receive the latest news updates: https://www.facebook.com/financialnewsmedia
Follow us on Twitter for real time Market News: https://twitter.com/FNMgroup
Follow us on Linkedin: https://www.linkedin.com/in/financialnewsmedia/
DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM was compensated forty nine hundred dollars for news coverage of the current press releases issued by RUA GOLD Inc. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
Contact Information:
Media Contact email: editor@financialnewsmedia.com - +1(561)325-8757
SOURCE: FN Media Group
