Gold loses some luster after Trump’s decisive win
Gold’s slide is a marked turnaround for a commodity that had surged by more than 30% in the year leading up to the US vote.
Skeena Resources (TSX: SKE; NYSE: SKE) has updated the ounces in its Snip indicated resource by 237% from the initial estimate made in 2020. The total ounces in the indicated category are now 823,000 oz. of gold in 2.7 million tonnes grading 9.35 g/t gold.
The bulk of the gold is found in the Main S zones (513,000 oz.) followed by the Main V zone (262,000 oz.) and the Twin West zone (48,000 oz.)
The increased tonnage in the indicated resource comes as the inferred resource shrinks to 499,000 oz. of gold. That is down 72% from the previous estimate of contained gold ounces. The inferred category contains 499,000 tonnes grading 7.10 g/t gold.
Snip is a former gold producer located in the Golden Triangle of British Columbia. It operated from 1991 until 1999, producing about 1.0 million oz. of gold from ore with an average grade of 27.5 g/t.
Skeena continues to drill Snip and conduct metallurgical tests on samples. A definitive feasibility study for redeveloping an underground mine that will feed the Eskay Creek mill is due by the end of this year. The initial Snip engineering study is expected in the first quarter of 2024.
