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New Found Gold Corp V.NFG

Alternate Symbol(s):  NFGC

New Found Gold Corp. is a Canada-based mineral exploration company engaged in the acquisition, exploration and evaluation of resource properties with a focus on gold properties located in Newfoundland and Labrador, Canada. The Company holds a 100% interest in the Queensway Project, which comprises a approximately 1,662 square kilometers area, located about 15 kilometers (km) west of Gander, Newfoundland and Labrador, and just 18 km from Gander International Airport. The Queensway Project is divided by Gander Lake into Queensway North and Queensway South. The Company is undertaking a 500,000-meter drill program at Queensway.


TSXV:NFG - Post by User

Post by likeikeon Jul 08, 2022 9:09am
105 Views
Post# 34810592

Chile no longer safe jurisdiction?

Chile no longer safe jurisdiction?
07 / 07 / 22

Monitoring gold, silver, copper, GDX and DXY

Two premises:

  • Trying to call a bottom in metals during a sharp sell-off is dangerous
  • Watching for a possible bottom in metals is necessary

The first relationship to note is that of gold (GLD proxy) and the US Dollar (DXY), one that’s well-established and the visual pattern this week is on-story, but gold has also dumped more than DXY has improved. That could be because of the way DXY is measured against a basket of other currencies (Euro, Yen etc) and if so, gold is an underperforming currency and snaps back if the USD rolls over against the basket. However, calling the top in the USD is the widowmaker trade to beat them all, it only happens when it has happened. Meanwhile, if Dr. Copper truly has her PhD, the way today’s trading saw copper leading the PM stocks (GDX) and silver (the dismal trade) gives a glimmer of a bottom in the current market. This isn’t one I’m trading, the preferred method at these times is to keep powder dry and miss the first part of any serious rebound. But to miss the first 10% of a rebound you still have to witness it, so we watch.

07 / 07 / 22

I hope you haven’t sold your Rio2 (RIO.v) shares

…yet, not even if you’ve had enough of this market and want out. You’re going to get a better price for your sale in the near-term, but those who can hold on will do even better. Full explanation on Sunday, subbers. There’s no point selling at the absolute bottom.

07 / 05 / 22

The Rio2 (RIO.v) EIA for the Fenix project has been denied by the government of Chile

This is scandalous. This is the link. This is the contents.

VANCOUVER, British Columbia, July 05, 2022 (GLOBE NEWSWIRE) — Rio2 Limited (“Rio2” or “the Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) and its Chilean subsidiary, Fenix Gold Limitada (“Fenix Gold”) announce that the Regional Evaluation Commission which includes 12 governmental institutions has voted for not approving the Environmental Impact Assessment (“EIA”) for its Fenix Gold project in Chile.

Following this decision, the Company will work on evaluating its options and decide on an action plan. Once the action plan is completed, the Company will announce how it intends to execute it and provide the revised timeline. It is important to highlight that Fenix Gold remains with the conviction that it has provided enough technical information and studies to obtain a favorable EIA decision. This is well supported by the position from the Environmental Assessment Service (“SEA”) with the following favorable key considerations:

The Project fulfills all the applicable regulations and meets the environmental requirements for the granting of applicable sectorial permits.

Fenix Gold has satisfactorily completed the 1) Participacin Ciudadana (Citizen Participation) and 2) Consulta Indgena (Indigenous Consultation) processes.

The Fenix Gold Project is an example of modern gold mining where a full complement of technical, environmental, and social considerations have been consulted on and designed in from the outset. The Project represents a significant investment in the gold mining business in Chile by a junior mining company and will generate employment for approximately 1,200 people during the construction phase and 550 people during the 17 years’ operations phase. The mine being contemplated at the Project will be a run-of-mine heap leach operation, no crushing or tailings storage facilities are required thereby minimizing the overall impact and footprint of the project.

ABOUT RIO2 LIMITED

In that NR, this segment is the most informative:

“…Fenix Gold remains with the conviction that it has provided enough technical information and studies to obtain a favorable EIA decision. This is well supported by the position from the Environmental Assessment Service (“SEA”) with the following favorable key considerations

Or in other words, Chile has made a political decision to block a mining project that complied with the country’s own technical criteria. That means bad news not only for RIO.v, but for any mining company moving a project forward in the country. The message is clear: “Whatever you do, we won’t give you your permit.”

 

PS: For daily mailer readers seeing this on Wednesday morning, the comments section has more thoughts. Feel free to add your own and throw a few brickbats if so desired, just keep the language clean.


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