The Latest from McKinley Gold Mine
McKinley Gold Mine: March 2024 Updates and Progress
A General Message from Eric
The long winter has finally ended, and we’re thrilled to be returning to the McKinley site. Our team has been busy with site maintenance and preparation tasks, such as fixing roads, clearing vegetation, and repairing leaks, ensuring everything is set for work to resume smoothly.
During a recent mining conference in Reno, Nevada, we discovered some cutting-edge software for mine planning. We’re currently assessing how these tools can enhance our operations.
Recap of February’s Activities
In February, our focus was on planning and preliminary engineering work, inspecting the site, and initiating contact with metallurgical labs for sample testing and collections.
Advances in Metallurgical Testing
We’ve made significant progress in metallurgical testing. This includes discussions with experts and selecting labs for detailed analysis. The collection of further samples awaits the completion of necessary roadworks.
Power Supply Strategy
We’ve been finalizing the power supply needs for the mine, specifically for the gravity circuit. We’re in talks with the local power company to understand our options and the available supply.
Gravity Circuit Considerations
The design of the gravity circuit will be determined after we receive the metallurgical testing results. Finding the most effective circuit and flotation methods has been a challenge, but we’re making headway.
Road Construction Update
We’ve received road alignment approval from a local landowner, which is a critical step before we start construction on their land. We’re aiming to begin by late March or early April.
Well Controller and Site Maintenance
Our well controller is in good condition, sparing us a costly replacement. We’ve taken extra measures to prevent future issues and have adjusted our generators accordingly. The site has a stable water supply, though some minor repairs are needed for our facilities.
More Samples
We had some time, so we grabbed some more samples from previous testing and see what we could find it — small gold particle.
Gold Market — All-Time High Price Surge🚀
Gold prices have soared to record highs, with spot gold reaching as high as $2,195 per ounce and keep updating the highest record. Previous all -time high was $2,146/oz in December 2023. This surge is attributed to several factors, including weaker economic data from the US, raising expectations of an interest rate cut by the Federal Reserve in June, and large buying of central banks such as China. Such expectations have bolstered investor sentiment towards gold, traditionally seen as a safe haven during economic uncertainties.
Factors Contributing to the Surge
Weaker Economic Indicators and Interest Rate Expectations
Recent economic data indicating slowing growth has led to increased speculation that the Federal Reserve may cut interest rates to stimulate the economy. Interest rate cuts generally make gold more attractive relative to interest-bearing assets, contributing to the metal’s price rise.
Central Bank Buying and Inflation Hedge
Gold demand has been robust, partly due to significant purchases by central banks, including China’s, as a hedge against inflation and currency devaluation. This strategic buying reflects a broader trend of diversifying reserves away from fiat currencies or USD.
This is now 16 consecutive months of growth for PBoC gold reserves. Although the gold ETF flow is lowering, non-ETF buying is much greater than that.
https://twitter.com/biancoresearch/status/1765023901510250764?s=20
Geopolitical Tensions
Ongoing geopolitical conflicts (The war in Ukraine and the conflict between Israel and Hamas in the Middle East) and uncertainties have further propelled gold’s appeal as a safe investment. Such environments typically lead to higher demand for gold, pushing its price upward. Coming U.S. election is also a key factor for future geopolitical situation.
Future Outlook: Will the Trend Continue?
The short-term outlook for gold remains bullish, driven by the anticipation of Federal Reserve rate cuts and ongoing economic uncertainties. Several factors, such as inflation data, Fed policy shifts, and changes in geopolitical dynamics, could influence future price movements, which we need to watch carefully.
Technical Chart is showing further upward
The gold price chart is showing a “cup and handle” formation, indicating the potential for further upward movement in prices when the price passes the resistance zone. This technical analysis pattern suggests a bullish trend continuation.
Impact on McKinley Mine Development
The rally in gold prices significantly impacts projects like the McKinley mine development. Higher gold prices enhance the economic viability of mining operations by improving potential revenue streams and attracting investment. For McKinley Mine, this could mean accelerated development timelines, increased funding opportunities, and overall project feasibility.
[A Side Story] Presidential Legacy in Gold Mining: The McKinley Mine.
In 1909, President William Howard Taft granted the McKinley Gold Mining Company mining rights and land ownership under a historic document.
This act occurred amidst the fervor of the gold rush era, emphasizing the significance of mining claims which required the President’s signature to confer legitimacy.
This presidential involvement not only lent federal recognition but also underscored the era’s valuation of gold mining rights, a crucial economic and legal milestone.
For modern investors like you, the McKinley Mine’s historical story, legal standing, and location in Idaho’s gold-laden terrain offer a unique opportunity, merging historical richness with investment potential.
Understanding this blend of history and legality is essential for investment in the McKinley Mine, a testament to America’s golden legacy.
Thank you for reading the update from McKinley Gold Mine
Please email us at info@mckinley-mine.gold for any inquiry and partnership proposal.
Website: https://www.mckinley-mine.gold/
