US markets mixed, Aug. 17-21

The Dow Jones Industrial Average fell 0.003% to finish the week at 27,930.33 and the S&P 500 rose 0.72% to 3,397.16. Spot gold climbed US$2.40 per oz., or 0.12%, to US$1,942.40 per ounce.

Kirkland Lake Gold advanced 5.97% to US$70.08 per share. The company announced a strategic alliance agreement between the company and its wholly-owned indirectly held subsidiary St. Andrew Goldfields and Newmont Canada FN Holdings. The agreement covers exploration and development opportunities around Kirkland Lake’s Holt Complex and Newmont’s properties in Timmins, Ontario. Under the agreement, Newmont will pay Kirkland Lake US$75 million to acquire an option on certain mining and mineral rights related to Kirkland Lake’s Holt mine, 32 km east of Matheson. Last year, the mine produced 113,952 oz. gold at an average grade of 4.4 grams gold per tonne. The agreement also commits both companies to work together to identify regional exploration opportunities around their respective land positions in the area.

Newmont rose 2.69% to US$65.57 per share.  The company reported on Aug. 20 that the Cedros General Assembly had ratified a definitive agreement between Newmont’s Penasquito gold mine in Mexico and the San Juan de Cedros community in Zacatecas on land use, water availability, infrastructure, and social investments. The agreement includes access for Newmont to over 10,000 hectares of Cedros ejido’s land for exploration, mineral production, and other operational purposes, and resolves all outstanding disputes between the two parties. The agreement also expressly states that any future disputes will be resolved through dialogue and free of blockades. The agreement was developed with support from Mexico’s Ministry of Interior, the Zacatecas government, the Undersecretary of Mining, and the Mining Union, and was signed by elected representatives of the Cedros community.

Shares of McEwen Mining fell 5.88% to US$1.60 per share. The company announced a bought deal private placement of six million flow-through common shares at a price of US$1.65 per share. The proceeds from the offering will be used for exploration on the company’s properties in Timmins, Ontario. McEwen Mining’s Black Fox Complex is made up of 5,100 hectares of land packages intersecting 15 km of the Destor-Porcupine Fault. The Black Fox mine is a key component of the complex, which also includes the Froome, Tamarack and Grey Fox deposits. The Black Fox mine, which first entered production in 1997, produced a total of 920,000 oz. gold to the end of 2019. McEwen Mining acquired the Black Fox Complex in October 2017. The company also holds the Lexam properties in the Timmins Camp. Lexam consists of four properties – Buffalo Ankerite, Fuller, Paymaster, and Davidson Tisdale.


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