Precious Metals Uptrend, CEO “Over the Moon” With Latest Gold & Silver Returns
Tuesday, February 9, 2021
Silver made headlines lately, getting media attention due to a feeble and failed squeeze attempt by Reddit groups to force the precious metal higher. Fact is that while large social media groups may be able to move a heavily shorted stock, thinking the same was possible with a highly regulated global metal was a bit arrogant. Silver doesn’t need Reddit, though. After bottoming last March, it is in a strong uptrend and staring down a number of catalysts that will likely support a steady rise in prices going forward.
There are many factors supporting a thesis of higher metal prices, with inflation and domestic mandates high on the list. Inflation will not remain benign forever; a surge is coming sooner or later at the hands of incessant money printing, including President Biden calling for yet another $1,400 check for most Americans. Econ 101 says that lower income families tend to spend stimulus cash, which is more inflationary than investing the money, albeit in stocks or real estate. When inflation starts ticking up and the greenback softens, big money will inevitably move into precious metals as a hedge.
Speaking of the president, he has been trumpeting his campaign promises to “Build Back Better” and doing so by using American resources. This initiative actually dovetails nicely with the effects of the COVID-19 pandemic that highlighted the need to reduce reliance on imports. As it happens, coronavirus taught every country a lesson about securing supply chains within their own borders, meaning countries may be more likely to hoard materials for their own use, which also favors the upside for gold, silver and other metals.
For a junior explorer like FAR Resources Ltd.
(CSE:FAT) , the commodity atmosphere is shaping up perfectly as it develops a diverse portfolio of projects. The Vancouver-based company has two Canadian lithium projects in development, as well as a gold and silver project in New Mexico. (OTCPK:FRRSF)
Last week, FAR said that it is preparing to drill 5,000 more meters at its Zoro Lithium Pegmatite Project in east-central Manitoba, where a maiden resource estimate shows 1.1. metric tonnes (Mt) at 0.91% Li2O inferred. The drilling program will consist of 3 holes totaling 2,500 meters on Dyke #1 and 3 holes totaling 2,500 meters on Dyke #8 with a final hole on a 3rd location (step out) on the property totaling 1,000 meters.
More information on the Company’s lithium projects can be found by viewing AllPennyStocks.com’s corporate write-up for FAR Resources,
FAR also reported results of recent sampling on its 2,980-acre, drill-ready Winston Project in the Black Range of New Mexico. The property is home to three historic mines, Ivanhoe, Emporio and Little Granite, on the southern portion of the property. Each mine produced high-grade gold during full-time operations over a century ago, underscored by Little Granite producing bonanza-grade ore in some of its underground shoots.
Past drilling and other exploration work have traced the main vein at Little Granite for more than 200 meters and determined that not only does it remain open along strike and at depth, but actually is widening (to 10+ ft.) as the vein goes deeper. While performing due diligence in 2013, FAR confirmed the occurrence of local high-grade silver (35.3+ grams per ton) and gold (25+ grams per ton).
Further prospecting is currently underway focused on vein extensions to the north, and initial drill testing of selected targets is planned for summer, subject to permitting and Covid requirements.
As FAR readies to commence a $300,000 phase 1 diamond drill program at Little Granite, prospecting continues. Recently completed sampling confirmed high grade gold and silver at all three historic mines. Peak values from twenty ore characterization samples were 66.5 grams per ton gold and 2,940 grams per ton silver at Little Granite. Highlights from Ivanhoe and Emporio were impressive also, with returns of 26.8 g/t gold and 1670 g/t silver and 46.1 g/t gold and 517 g/t silver, respectively.
FAR CEO John Gammack, is “over the moon” with the latest data, as it confirms that earlier reports of high-grade silver and gold values from historic workings have legitimacy and justify a major exploration program using modern methods to define the nature and size of mineralization.
The company is eager to advance the project in a bid to revive mining activity in what was once a thriving region of the country. Under-explored, the mines are characterized by low sulphidation, epithermal style mineralization. That may not mean much to casual mining observers, but it gets geologists and mining faithful excited because this type of mineralization hosts some of the highest-grade precious metal mines in the world, including Parmount Gold’s
Sleeper in Nevada, Creede in Colorado, Fruta del Norte in Ecuador; and Hishikari in Japan. (NYSE American:PZG)
Measured by trading volumes, investors are starting to better understand the opportunity. Volume has noticeably increased in 2021, pushing shares up 152% even with a recent pullback to $0.24 from the new 52-week high set February 2 and 30.5 cents.
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