Gold price up over 1%, closing in on new record
Bullion is now 18% higher for the year, boosted by anticipation of Fed loosening as well as significant buying by central banks.
First Mining Gold (TSX: FF) on Monday announced results from the drill program at the company’s wholly-owned Goldlund gold property in Ontario.
According to the miner, of eleven holes reported, gold mineralization has been encountered in nine. Hole GL-19-008 intersected 21 metres of 5.36 g/t gold within highly mineralized granodiorite and porphyry units, as well as within andesite, and was successful in confirming the high grades within Zone 2 that were encountered in historical drilling.
According to the company, of eleven holes reported, gold mineralization has been encountered in nine
Hole GL-19-010 was drilled to intersect the area between the known mineralized areas at Zones 2 and 3, and encountered gold mineralization hosted within andesite (15.0 m at 1.68 g/t gold), before intersecting the mineralized granodiorite and porphyries of Zone 2 towards the base of the hole.
“I am excited about the ongoing success from drilling at Goldlund which continues to showcase the Project’s potential for expansion not only from regional exploration, but also at the existing resource area,” said Dan Wilton, First Mining CEO in a statement.
“We believe this drilling has the potential to demonstrate resource growth at the Main Zone, in addition to possible resource expansion at the property from the regional potential we have shown through our drilling at the Miller prospect in 2018 and 2019.”
First Mining’s stock in Toronto traded at C$0.22 per share, up 7.3% on Monday. The company has a C$132 million market capitalization.
