Gold Above $1700 Fuels Mining And Exploration Activities

Gold has rediscovered its spark after coming under immense pressure in recent days amid rising yields and dollar strength. The precious metal has found support above the $1700 an ounce level. Likewise, mining and exploration companies are ramping up activities to take advantage of the current high prices.

Mining and Exploration Ramp up

Fury Gold Mines (TSX:FURY) (NYSE:FURY), Barrick Gold Corp (NYSE:GOLD) (TSX:ABX), Newmont Corporation (NYSE:NEM) (TSX:NGT), AngloGold Ashanti (NYSE:AU) (ASX:AGG), and Agnico Eagle Mines Ltd (NYSE:AEM) (TSX:AEM) are some of the companies that are expanding and ramping up exploration and production operations at key gold properties

Fury Gold Mines has already set itself for a huge year of exploration at its three Canadian gold projects. Newmont Corporation, on its part, has managed to replace 80% of its 2020 reserve depletion. It has acquired Eleonore Mine conversely gaining access to over 1 million gold ounces reserves.

Barrick Gold, on its part, is in the process of advancing its major capital projects hard hit by the pandemic in 2020. It intends to expand the Pueblo Viejo plant and develop an underground mine at the Gounkoto.

Steppe Gold Ltd (TSE:STGO) (OTCMKTS:STPGF) is another gold mining company in the process of ramping up operations at its flagship project. The company is planning to lift output at its flagship Ato gold mine in Mongolia to 150,000 ounces of gold.

It has already started procuring long-lead items, having also opened talks on a multi-tranche project debt facility. The Canadian company has also bought a new crushing plant for $5 million, which has a capacity of 1,000 tons per hour. The crusher should be up and running by July.

PolarX Acquisition

PolarX Ltd (ASX:PXX) (OTCMKTS:PXXXF) has exercised the option to acquire a highly prospective Humboldt Range Gold-Silver Project in Nevada. Under the terms of the agreement, the company is to pay $175,000 in stages and issue 5 million shares to the vendor. It is also to pay the owner a 2.5% net smelter royalty. The transaction should be completed by April.

The Humboldt project that the company is acquiring contains geology consistent with epithermal gold-silver mineralization well known in Nevada. It also contains 272 lode mining claims in two claim groups.

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