Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
Skeena Resources (TSX: SKE.V) on Tuesday released infill results from its flagship Eskay Creek project in British Columbia’s Golden Triangle, with some intercepts returning above-resource grades.
Drill highlights include:
Current resources for Eskay Creek stand at 13.5 million tonnes in the indicated category grading 6.1 g/t gold-equivalent for a total of 2.7 million oz. and an additional 13.9 million inferred tonnes at 2.9 g/t gold-equivalent for a total of 1.3 million oz. The majority of these resources are pit-constrained.
In November, the Vancouver-based miner published the results of a preliminary economic assessment (PEA) for Eskay. The mine would produce an average of 306,000 gold-equivalent oz. annually at all-in sustaining costs of $757 per oz. The associated net present value estimate, at a 5% discount rate, is C$638 million.
Eskay Creek produced 3.3 million oz. of gold and 160 million oz. of silver between 1994 and 2008.
At market close Tuesday, Skeena’s stock was up over 11%, with trading volume more than double the daily average. The company has a C$117 million market capitalization.
(A version of this article first appeared in the Canadian Mining Journal)
