Does the Gold Rush Ever Stop? No, ‘Press Play’ is in Effect After a Short Pause
The Gold rush is heating up once again after hitting highs over 2,050 USD/oz earlier this year. Some of the best ways to take advantage of rallies in the gold industry are via physical gold ownership and the public markets. Once public company poised for a potential breakout, First Energy Metals Limited (OTCQB: ASKDF), just announced receipt of the preliminary dataset for an airborne geophysical survey from last month.
With jewelry making up nearly 50% of the gold demand, many people don’t realize gold’s growing importance in the technology market, including medicine. The latest in nanotechnology is driving up demand in the sector, one of the factors that could send gold to the $5,000 level and beyond.
StockMarketPress covers First Energy Metals Limited (OTCQB: ASKDF) and their preliminary airborne geophysical survey results. Other companies discussed include: Newmont Corporation (NYSE: NEM) (TSX: HGT), Barrick Gold Corporation (NYSE: GOLD), AngloGold Ashanti Limited (NYSE: AU).
2020’s uncertainty has provided gold with a huge rally, spurring the likes of AngloGold Ashanti Limited (NYSE: AU) to richer balance sheets that equated to a 290% increase in free cash flow and doubled dividend payout. A winning combo for shareholders.
The US election, regardless of which candidate ultimately wins, has further increased this uncertainty, driving investors to physical gold and related stocks. Gold companies are completing surveys, drill programs and more, as the influx of capital continues. Newmont Corporation (NYSE: NEM) (TSX: HGT) just announced their expected increase in gold production over the next 4 years, from between 6.2 and 6.7 million ounces per year in 2022 and 2023, further increasing to 6.5 to 7.0 million in 2024 and 2025.
Technology continues to produce better survey and production results, reducing the environmental impact. Dow Jones maintains a Sustainability Index which Barrick Gold Corporation (NYSE: GOLD) retained a listing on, scoring 100th percentile in their environment category.
FIRST ENERGY METALS COMPLETES AIRBORNE GEOPHYSICAL SURVEY ON SCRAMBLE MINE GOLD PROPERTY IN NORTHWESTERN ONTARIO, CANADA
Vancouver, B.C. (Dec 10, 2020) – First Energy Metals Ltd. (OTCQB: ASKDF) (CSE: FE) (“First Energy” or the “Company) is pleased to announce that it has it has received a preliminary dataset for the airborne geophysical surveys completed in November 2020 on the Scramble Mine gold property located in Northwestern Ontario, Canada. ProspectAir of Gatineau, Québec was contracted to complete the surveys which consisted of high-resolution airborne magnetics and time-domain electromagnetic (TDEM). The survey was carried out with traverse lines oriented N141 degrees to properly map the dominant magnetic/geological strike, and with a 100m line spacing. Control lines were flown perpendicular to traverse lines and at a 1000 m line spacing with a total survey distance of approximately 16 line-km on the Property.
The preliminary airborne magnetics and TDEM are shown in Figures 1 and 2. The magnetic anomalies as denoted by the orange to red to purple zones on the map occur as bands of highly magnetic bedrock. The Scramble Mine Occurrence is located at the eastern edge of a dominant magnetic high showing an interesting exploration target aligned in a northeast-southwest direction (see Figure 1 below). Similarly, TDEM map shows a potentially high priority target located approximately 500 m to the south of the Scramble Mine Occurrence. The Company is waiting for the final report and data from ProspectAir to plan further exploration work on the Property.
See press release for geo-maps: https://finance.yahoo.com/quote/ASKDF?p=ASKDF&.tsrc=fin-srch
Figure 1: 2020 Airborne Geophysical Survey Magnetic Map
Figure 2: 2020 Airborne Geophysical Survey Time Domain Electromagnetic Map
Airborne Magnetometer: Both the ground and heliborne systems use a non-oriented (strap-down) optically-pumped Cesium split-beam sensor magnetometer Geometrics G-822A. These magnetometers have a sensitivity of 0.005 nT and a range of 15,000 to 100,000 nT with a sensor noise of less than 0.02 nT. The heliborne sensor is mounted in a bird made of non-magnetic material located 25 m below the helicopter when flying. Total magnetic field measurements are recorded at 10 Hz in the aircraft. The ground system was recording magnetic data at 1 sample every second.
Real Time Differential GPS: ProspectAir used an OmniStar differential GPS navigation system to provide real-time guidance for the pilot and to position data to an absolute accuracy of better than 5 m.
Airborne Navigation and Data Acquisition System: The Airborne Geophysical Information System (AGIS-XP) is advanced, software driven instrument specifically designed for mobile aerial or ground geophysical survey work. The AGIS instrumentation package includes an advanced Satellite navigation (GPS), real-time flight path information that is displayed over a map image (BMP format) of the area, and reliable data acquisition software. The AGIS is equipped with a software suite allowing easy maintenance, upgrades, data QC, and project and survey area layout planning.
Survey helicopter: ProspectAir flew the survey using Prospectair’s Eurocopter EC120 helicopter that handle efficiently the equipment load and the required survey range.
Alex Pleson, P.Geo., Geological Consultant of the Company, and a “Qualified Person” for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.
About Scramble Mine Gold Property
The Scramble Mine gold property is comprised of six mining cell claims covering approximately 140 hectares land, located in Jaffray Township, Kenora Mining District, approximately 8 kilometres east of the town of Kenora in Northwestern Ontario. The mine was discovered in 1894 but after an initial exploration phase remained essentially dormant until 1984 when Boise Cascade Canada Ltd. commenced an evaluation of the property. Since 1984, approximately 5,200 metres of diamond drilling, 250 metres of surface stripping with sampling and 450 metres of underground development have taken place. The zone of mineralization, including pyrite-gold enriched biotite-rich schist felsic units and veins, extends on surface and in drill holes for about 550 metres. Size of the deposit is 915 meters (m) long along strike, 3.7 m wide and 366 m to 475 m deep. Historical resource at the Property is estimated at 150,000 tons at an average grade of 0.24 ounces per ton (opt) (6.8 grams/ton) (having grades of up to 9.15 opt (259 grams/ton). The deposit is documented to have 70,000 ounces of contained gold using a cutoff grade of 0.05 opt (1.42 grams/ton).
Cautionary Statement: Investors are cautioned that the above information has been taken from Ontario Ministry of Northern Development and Mines (MNDM) online database. The reference for Scramble Mine information as documented in MNDM records is: “Parr, M. and Kuehnbaum, R. 1990. The Scramble Mine gold Deposit; Field Trip No.2, Canadian Institute Mining, Metallurgy and Petroleum, Exploration and Mining Geology, 14th Annual Meeting, pp. 41-65”. The Company has not verified the information available. A qualified person from the Company has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; and the Company is not treating the historical estimate as current mineral resources or mineral reserves. The Company believes that the historic estimate is relevant to an appraisal of the merits of the property and forms a reliable basis upon which to develop future exploration programs. The Company will need to conduct further exploration which will include drill testing the project, and there is no guarantee that the results obtained will reflect the historical estimate.
About First Energy Metals Limited.
First Energy Metals is a Canadian mineral exploration company with a primary focus of acquiring a multicommodity mineral property portfolio. Its goal is to identify, acquire and explore North American mineral prospects in the precious metal, base metal and industrial metals sector.
The company’s strategy is to:
- Acquire and advance projects through prospecting and early-stage exploration.
- Source joint venture partners to finance future exploration and project development.
- Create shareholder value through exploration success.
First Energy will continue to add to its multicommodity portfolio through organic acquisitions of new projects and opportunities with the intention of adding value and projects over time.
ON BEHALF OF THE BOARD OF
FIRST ENERGY METALS LTD.
President & Chief Executive Officer
For further information, please contact the Company at: email@example.com
Neither the Canadian Securities Exchange (CSE) nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release and has neither approved nor disapproved the contents of this news release.
Source: Stock Market Press
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