Fiore Gold – Firing on all cylinders as gold prices rise
Following a dip from record highs hit last year, gold prices are once again on the rise.
Indeed, the threat of rapid global inflation in the face of unprecedented fiscal and monetary stimulus—which began during the pandemic and continues to this day—looms large.
As the go-to hedge against this sort of inflationary pressure, gold’s popularity is growing with many in the market.
Critically, rising prices also favor the companies that explore for and mine the precious yellow metal around the world.
This creates a particularly excellent backdrop when such companies are also taking operational steps forward and repeatedly delivering on their plans.
It’s a perfect set of macro and micro circumstances that can often generate a good value proposition.
And one example of just such an opportunity is Fiore Gold.
Fresh off the back of a stronger quarter, and with expansion on the way, Fiore’s US projects have a great deal to offer investors.
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Expanding Pan’s production
In figures released last week, Fiore revealed that its gold production had increased by 19% to 10,915 ounces (“oz”) during its second fiscal quarter, a solid improvement on fiscal Q1 after proactively addressing some operational issues.
What’s more, this output—which came entirely from the firm’s Pan open pit mine in Nevada—trended steadily upwards through the three-month period. Indeed, after hitting 3,294ozs in January, gold loaded to carbon climbed to 3,483ozs in February before reaching 4,155ozs in March.
It’s an encouraging sign, suggesting the mine entered the current quarter while operating at its stronger historic run rate.
Even better, Fiore also revealed that it has beenmaking great progress on enhancing production at Pan.
The project uses “heap leaching” – a production process by which a dilute cyanide solution is dripped through large quantities of gold-bearing ore, dissolving the precious metal so it can subsequently be collected and recovered.
Fiore said it has now expanded the size of the leach pad on which it can complete heap leaching at Pan. And it expects to begin gold recovery from this new section in the current quarter—the third of its fiscal year.
Critical point is, heap leach pads are at their most efficient when they are new. This means Fiore’s efforts will likely have an immediate, positive impact on the rate of its gold recovery over the short-term.
Huge potential from exciting projects
Fiore hasn’t only been pushing forward at Pan.
The company has also been continuing to push forward at Gold Rock – its second Nevada-based project, which is federally permitted and expects to reach production by 2024.
Excitingly, Gold Rock is based just 10 kilometers away from Pan, allowing it to make use of that project’s existing infrastructure.
This obviously saves Fiore a great deal in capex costs. But it also puts the company well on its way to operating the two projects in unison, effectively doubling its production capacity in Nevada once Gold Rock is constructed.
As confirmed last week, Fiore has been completing a program of resource expansion, metallurgical, geotechnical, and condemnation drilling at Gold Rock in support of a Feasibility Study.
And as part of this, the company revealed an extremely strong set of new drill holes at the end of March.
Specifically, its latest round of drilling revealed a range of wide, higher-grade intercepts alongside defined mineralization extending for at least 400 meters past the northern end of currently-defined mineralization. The work also identified a new discovery of oxide gold mineralization at Jasperoid Creek, around 1.4 kilometers to the north of the existing Gold Rock preliminary economic assessment (“PEA”) pits.
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Critically, many of Fiore’s latest holes intercepted gold grades significantly higher than the 0.66 grams per tonne (“g/t”) indicated gold grade it usedin its PEA for Gold Rock. Of note, drill intercepts included 45.7 metres of 2.01 g/t gold and 42.7 metres of 1.17 g/t gold.
The development continues to support the company’s belief in the project’s potential.
And that’s extremely important, given Gold Rock will be a key ingredient in achieving Fiore’s headline corporate goal of becoming a 150,000 ounce per year gold producer. Alongside this, the firm plans to also keep extending gold production at Pan by increasing its resource and reserve base while also acquiring additional, new assets that are at or near production.
Bottom line is, with such strong ambitions and clear plans for how to achieve them, Fiore is a compelling proposition.
What’s more, the time to buy could hardly be better.
Aside from recent progress and advancing gold prices, Fiore’s sharesstill remain below the highs of C$1.70 they hit last year after a slightly weaker fiscal Q1 resulting from pH issues during the leaching process.
However, with recent news releases from Fiore and upwards momentum already prompting shares to bounce from C$0.95 to C$1.27 in the last month alone, the market appears to once again be recognizing the excellent growth potential Fiore presents.
As Fiore continues to deliver on its plans, it seems well placed to cross more exciting milestones.
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