Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Bullion has fallen six days in a row and is set for a weekly loss of more than 4%.
Vancouver-based GoldMining has updated the resource estimate for its Yellowknife gold project in the greenstone belt of the same name.
The latest resource estimate contains 1.1 million oz. of gold in 14.1 million measured and indicated tonnes grading 2.33 g/t gold. The inferred portion contains 739,000 oz. in 9.3 million tonnes grading 2.47 g/t gold. The new numbers are an 18% increase in the measured and indicated grade, compared to the historic estimate.
The project includes five gold properties – Nicholas Lake, Ormsby, Goodwin Lake, Clan Lake and Big Sky – that lie 50 to 95 km north of the city of Yellowknife. A 50-person winterized camp has been established adjacent to the Ormsby deposit.
GoldMining says the project is accessible by winter road from Yellowknife. Nearby infrastructure includes hydro-electric power, air transportation, service providers and a skilled workforce. Work by previous owners included 231,600 metres of diamond drilling, 2,399 metres of underground development, a 10,200-tonne bulk sample, and positive metallurgical studies.
(This article first appeared in the Canadian Mining Journal.)
