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This Week In Mining: Headline CPI Inflation Hits

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This Week In Mining: Headline CPI Inflation Hits 5.0%, Will Light Fire Under Gold Stocks
By: Chris Marchese | June 11, 2021

This week, there was little news flow among gold and silver companies outside of several companies releasing drill results from ongoing 2021 drill campaigns. The underlying fundamentals for gold and silver and, in turn, the mining equities are improving if that's possible following the CPI numbers for April and May (May CPI released this week). In April, there was a 0.80% month/month increase and 4.20% year/year. We have noted in past issues that we believed the continued acceleration in the month/month inflation rate was unlikely to continue, at least sequentially. The heavily doctored CPI for May showed that the month/month increase (vs. April) was 0.60%, while the year/year increase was 5.0%. It is hard to imagine how this won’t fuel gold and gold stocks higher.

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$AYA, $CXB, $FTCO, $GTWO, $GWM, $GGD, $GRSL, $KTN, $ORE, $OCG

Aya Gold & Silver: Announced high-grade silver results from its 2021 drill exploration program, including its second-highest drill exploration result ever (Grade x Width/Length) at its Zgounder silver mine in Morocco. These drill holes extend the mineralization on strike and at depth to the east and at depth below the current resource. Key highlights from this release include:

• 6.5m @ 6,437 g/t Ag (Near-Surface)
• 7m @ 267 g/t Ag
• 1.50m @ 316 g/t Ag
• 2m @ 562 g/t Ag
• 5m @ 1,344 g/t Ag
• 8.40m @ 1,599 g/t Ag
• 3.60m @ 298 g/t Ag

Calibre Mining: One of our favorite junior gold producers announced drill results near the Libertad Mill in Nicaragua as part of its 80,000m 2021 drilling campaign. Highlights from exploration and resource expansion include:

• 5.4m @ 11.37 g/t Au (Volcan Vein)
• 1.7m @ 9.26 g/t Au (Volcan Vein)
• 6.2m @ 2.37 g/t Au (Volcan Vein)
• 2.8m @ 16.78 g/t Au (Tranca Vein)
• 4.4m @ 13.83 g/t Au (Tranca Vein)
• 4.1m @ 3.27 g/t Au (Tranca Vein)

Thus far, in 2021, Calibre has released some excellent drill results, and it's well on its way to increasing reserves and resources to another record when the next MRE is published in 2022. Calibre is in the GS actively managed portfolio, and it has generated robust returns, which we expect will continue to be the case. Near-term catalysts include ongoing publication of drill results and anything related to Eastern Borosi, which will be the next sizeable "spoke" for the company.

Fortitude Gold: Announced exploration drill results from its East Camp Douglas property's lithocap target, including 17.92m @ 1.29 g/t Au and 6.10m @ 1.42 g/t Au This maiden drill program focused on understanding geologic structures associated with the silicified lithocap located on the southern end of the East Camp Douglas property located in Mineral County, Nevada. Fortitude Gold is a gold producer, developer, and explorer with operations in Nevada, U.S.A. This is excellent news for the company, which needs efficient and successful exploration efforts and the dividend it pays to shareholders is somewhat prohibitive for production growth.

G2 Goldfields: Announced additional assay results from the company's ongoing exploration program at the 19,200-acre Oko Property, Guyana. Since the resumption of drilling on March 12, 2021, G2 has drilled an additional sixteen diamond drill holes totaling 4,412 meters. Results from the first two holes, OKD-65 and 66, were reported in a press release dated May 6, 2021, and results for an additional two holes, OKD-67 and 68, are reported in this release. Drilling continues to intercept high-grade gold mineralization, with diamond drilling thus far defining at least five distinct mineralized shear zones within a 900-meter-long mineralized envelope. Highlights from all 2021 drill results include:

• 5m @ 19 g/t Au
• 6.5m @ 12.9 g/t Au
• 1.7m @ 33.3 g/t Au
• 6.5m @ 15.3 g/t Au
• 11.3m @ 9.2 g/t Au (new)
• 3.8m @ 10.2 g/t Au (new)

Galway Metals: Reported new and updated drill results from holes in the George Murphy Zone and western and northern extensions of it at the Clarence Stream Gold Project in New Brunswick; the eastern-most intersections at the Adrian zone was reported to host visible gold. High grades continue to be returned from the new Adrian Zone. The Adrian Zone was initially discovered in August 2020. Drill highlights from this release include:

• 6m @ 15.3 g/t Au
• 54m @ 2.0 g/t Au
• 3.5m @ 22.70 g/t Au
• 17m @ 3.6 g/t Au
• 3m @ 24.6 g/t Au
• 10.5m @ 2.5 g/t Au
• 4.3m @ 6.5 g/t Au
• 1.10m @ 10 g/t Au
• 14.2m @ 3.0 g/t Au

GoGold Resources: Published the results of 12 diamond drill holes from the El Orito area at its Los Ricos North Project. Highlights from this release include:

• 12.4m @ 221 AgEq g/t (38 g/t Ag, 0.08 g/t Au, 0.23% Cu, 2.11% Pb and 3.79% Zn)
• 29.4m @ 250 AgEq g/t
• 2.8m @ 208 AgEq g/t
• 1.5m @ 542 AgEq g/t (528 g/t Ag + BM’s)
• 1.3m @ 263 AgEq g/t

GoGold's project has little exposure to gold and silver, and to the degree it does, it is low-grade. This is more of a lead-zinc-copper story with some silver and very little gold.

GR Silver: Reported drill results representing intersections of high-grade Ag-Au epithermal veining at the La Colorada and San Juan Veins at the Plomosas Silver Project in Sinaloa, Mexico. Drill highlights include:

• 9m @ 946 AgEq g/t (710 g/t Ag, 1.82 g/t Au + BM’s)
• 6.9m @ 467 AgEq g/t (341 g/t Ag, 1 g/t Au + BM’s)
• 2.10m @ 492 AgEq g/t (480 g/t Ag, 0.05 g/t Au + BM’s)
• 2.10m @ 1,306 AgEq (938 g/t Ag, 3.30 g/t Au + BM’s)
• 11.1m @ 218 AgEq g/t (139 g/t Ag. 0.69 g/t Au + BM’s)

The company also released intercepts of polymetallic hydrothermal breccia near the surface in unmined areas in the historic Plomosas mine area. Highlights include:

• 1.8m @ 15.8 g/t Au, 1.1% Pb, 3.9% Zn and 17 g/t Ag
• 6.2m @ 171 g/t Ag, 0.40 g/t Au, 1.1% Pb, 0.70% Zn, and 0.20% Cu
• 8.1m @ 227 g/t Ag, 0.30 g/t Au, 1.7% Pb, 1.4% Zn, and 0.10% Cu
• 7.6m @ 227 g/t Ag, 0.27 g/t Au, 1.7% Pb, 1.40% Zn, and 0.10% Cu
• 10.7m @ 2.48 g/t Au, 12 g/t Ag, 1.1% Pb, and 1.5% Zn

Kootenay Silver: Announced results from five additional core holes recently completed on the 5 Señores Vein at the Copalito silver-gold project in Sinaloa State, Mexico. Drill highlights in this press release include:

• 8.35m @ 75 g/t Ag and 0.60 g/t Au
• 19.43m @ 217 g/t Ag and 0.83 g/t Au
• 2m @ 220 g/t Ag and 3.795 g/t Au
• 2.20m @ 240 g/t Ag and 0.42 g/t Au
• 1.68m @ 210 g/t Ag and 0.448 g/t Au

Orezone Gold: The company is currently building the Bombore mine, one of the largest undeveloped gold deposits in Burkina Faso. Though small, there is significant expansion potential to increase average annual production (currently forecast to produce 118k oz. Au annually over an initial 13-year mine life with AISC of $730/oz). The current resource total 5m oz. Au (oxides + sulfides). Orezone announced initial results from its ongoing drilling program to test the expansion potential at the P17S deposit (outside of current reserves and resource envelopes). Highlights in this release include:

• 32m @ 3.87 g/t Au (from 34m)
• 15m @ 2.76 g/t Au (from 17m)
• 22m @ 1.97 g/t Au
• 5m @ 4.89 g/t Au
• 7m @ 4.13 g/t Au
• 12m @ 1.85 g/t Au
• 11m @ 2.14 g/t Au
• 7.10m @ 2.64 g/t Au

Outcrop Gold: Announced the results of seven holes from continuing delineation drilling in La Ivana on its 100% owned Santa Ana high-grade silver project in Colombia. Highlights from this release include:

• 0.30m @ 2.9 g/t Au and 960 g/t Ag
• 0.38m @ 5.50 g/t Au and 2,078 g/t Ag
• 0.82m @ 15.70 g/t Au and 201 g/t Ag
• 6.3m @ 2.75 g/t Au and 134 g/t Ag
• 0.32m @ 14.5 g/t Au and 1,168 g/t Ag
• 0.33m @ 4.7 g/t Au and 1,309 g/t Ag
• 0.51m @ 40 g/t Au and 1941 g/t Ag

The new Los Micos target one kilometer south of the Megapozo discovery shows sub-cropping veins with values up to 14.2 g/t Au and 2,353 g/t Ag.

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