Gold stocks have been on a roll in 2020 in the aftermath of the precious metal rallying to record highs. Likewise, companies have continued ramping up mining and exploration activities in a bid to take advantage of gold prices that have found support above the $1800 an ounce level.
U.S Gold Corp Milestones
U.S. Gold Corp. (NASDAQ:USAU) is one of the companies ramping up exploration and mining activities at its potential future Maggie Creek exploration. Since acquiring the project, the company has been busy analyzing historical project data. It now believes the project has significant discovery potential.
Recent discoveries at the mine have already demonstrated the potential of high-grade deposits at depth. The company has not already engaged exploration expert Mr. John nor by to conduct a thorough high level geological, technical review.
FireFox Gold Private Placement
FireFox Gold Corp (TSXV:FFOX), on its part, has closed a $2.1 million oversubscribed non-brokered private placement. In the offering, the company issued 11.9 million units; each priced at $0.18 a unit. Each unit consisted of one common share of the company and one half of one common share purchase warrant.
The gold mining company intends to use net proceeds from the offering to finance working capital purposes. Part of the proceeds will also go towards funding exploration activities on the company’s properties in Finland.
Vista Gold financial RESULTS
Separately, Vista Gold Corp. (NYSE:VGZ) has reported impressive third-quarter financial results. Net income for the three months ended September came in at $4.2 million or $0.05 a share. The net income benefited from a $3.5 million gain associated with the Guadalupe de Los Reyes (“Los Reyes”) purchase price payment.
The company ended the quarter with cash plus short term investments totaling $10.2 million and working capital of about $9.9 million. According to the Chief Executive Officer, Frederick H. Earnest, Vista Gold Corp’s strong balance sheet provides a solid foundation to advance and de-risk the world-class Mt. Todd gold project. The company is also seeking a strategic partner to advance its prospective mines.
