Johannesburg gold stocks slay records as virus bolsters bullion

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By Adelaide Changole
Bloomberg News
Friday, July 10, 2020

The red-hot rally in gold prices driven by investor concern about the coronavirus pandemic and its impact on the global economy has propelled South African gold stocks to record-slaying highs.

A Johannesburg index of producers has surged more than 90% this year, even as the broader South African equities benchmark remains in the red for 2020. The sector rose another 3.2% to an all-time high today.

... Dispatch continues below ...



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Enduro Metals Reports Drill Intercept Cut
144 metres of 3.18 g/t Gold; Identifies
Additional Gold Targets at Newmont Lake
in British Columbia's Golden Triangle

Company Announcement
Monday, July 6, 2020

KELOWNA, British Columbia Canada -- Enduro Metals Corp. (TSXV: ENDR; OTC: SIOCF; FSE: SOG-FF), formerly Crystal Lake Mining, is pleased to report drill results as part of the ongoing exploration program on the company's 551-square-kilometer Newmont Lake Project in the heart of British Columbia's Golden Triangle.

These results are from previously unsampled drill core by a previous operator whose focus was on narrow high-grade intersects, with the result that only a portion of the core was previously sampled. Infrastructure in the region has greatly improved, including power and road access now within 16 kilometers, leading to a dramatic change in the approach to exploration and potential development at Newmont Lake.

An ongoing comprehensive technical review of the project recently identified three gold mineralization styles associated with the 20-kilometer-long McLymont Fault, one of multiple target areas within the Newmont Lake Project. The study determined that previous operators did not identify all gold mineralization styles, and as a result only 19 percent of the total drill core has been assayed to date. ...

... For the remainder of the announcement:

https://endurometals.com/enduro-metals-reports-drill-intercept-cut-144-m...



"Gold mining stocks are essentially leveraged plays on the gold price," said Seleho Tsatsi, an analyst at Anchor Capital in Johannesburg. "Relatively small moves in the gold price result in big swings in profitability for the gold miners, because these businesses have big fixed-cost bases." ...

Johannesburg's five best-performing stocks are all from the sector, with DRDGold Ltd. closing in on a fourfold gain for 2020. Pan African Resources has climbed 99%, Harmony Gold Mining Co. 94%, Gold Fields Ltd. 90%, and AngloGold Ashanti Ltd. 72%. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-07-10/johannesburg-gold-sto...

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