Iskut is located only 20 km from the company’s massive KSM copper-gold project.

“In the near term, gold prices are going to trade sideways to lower until we see a fresh catalyst,” Kitco Metals analyst says.

Latest assays from the Novador gold project in Quebec’s Abitibi region lengthen the strike, likely increase the resource and make it an acquisition target, an analyst said on Tuesday.

The first hole from drilling in late 2022 intersected two main mineralized zones.

Combined projects represent C$4 billion in investment, 6,400 new operating and construction jobs, First Nations benefits agreements.

Iraq, OPEC’s second-biggest oil producer, resumed gold purchases in 2022 after a four-year hiatus.

The next step is the installation licence allowing for the commencement of construction activities for the project.