
February 26, 2025
Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) ("Sun Summit" or the "Company") is pleased to report the results of its inaugural Mineral Resource Estimate ("MRE") for the Company's 100% owned Buck Project in central British Columbia.
Highlights:
- Indicated Mineral Resources at Buck Main are estimated to include 19,100 gold equivalent ounces1 (oz AuEq) (18,300 oz gold and 158,000 oz silver) at a grade of 0.519 g/t gold equivalent1 (g/t AuEq) (0.496 g/t Au, 4.3 g/t Ag) contained within 1.15 million tonnes (Mt).
- Inferred Mineral Resources at Buck Main are estimated to include 820,400 oz AuEq1 (775,500 oz gold and 8,435,000 oz silver) at a grade of 0.489 g/t AuEq1 (0.462 g/t Au, 5.0 g/t Ag) contained within 52.2 Mt.
- The near-surface Mineral Resource at Buck Main is constrained within an optimized open-pit shell using a 0.25 g/t AuEq cutoff, ensuring reasonable prospects for economic extraction.
- Additional upside at Buck Main as the deposit remains open for expansion in most directions and at depth.
- Effective discovery with average drill costs of CAD $18 per ounce of AuEq included in the MRE.
Notes:
1. Gold Equivalent (AuEq) grade is based on AuEq = Au + 0.0053*Ag (see notes to Table 1 below)
Niel Marotta, Sun Summit CEO commented: "This initial resource is a major milestone for Sun Summit and demonstrates the significant gold-silver potential of the Buck Main deposit. Sound and aggressive infill drilling programs over the past three seasons have successfully achieved our goal of demonstrating the continuity of the resource in the central, high-grade area of the deposit. The deposit remains largely open at depth and along strike and future drilling will examine these areas for further expansion. The scale, grade, and potential economic viability of the Buck Main deposit provides a strong foundation for further expansion and reinforces the Company's strategy of advancing this district-scale gold-silver asset in British Columbia."
Buck Main Mineral Resource Estimate
Table 1. Summary of Indicated and Inferred Mineral Resources for the Buck Main deposit
Class | AuEq Cutoff | In Situ Tonnage and Grade | AuEq Metal | Au Metal | Ag Metal | ||||
Tonnage | AuEq | Au | Ag | NSR | |||||
(gpt) | (ktonnes) | (gpt) | (gpt) | (gpt) | ($CDN) | (kOz) | (kOz) | (kOz) | |
Indicated | 0.25 | 1,148 | 0.519 | 0.496 | 4.3 | 40.40 | 19.1 | 18.3 | 158 |
Inferred | 0.25 | 52,224 | 0.489 | 0.462 | 5.0 | 38.04 | 820.4 | 775.5 | 8,435 |
Notes to the 2025 Resource Table:
- Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best Practices Guidelines, as required National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")
- The base case Mineral Resource has been confined by "reasonable prospects of eventual economic extraction" shape using the following assumptions:
- Metal prices of US$2250/oz Gold, US$26/oz Silver
- Metallurgical recovery of 79% Gold and 38% Silver
- Payable metal of 95% Silver, 99% Gold in dore
- Forex of 0.72 $US:$CDN
- Offsite costs (transport, smelter treatment and refining) of CDN$8.50/oz Gold and CDN$0.25/oz Silver.
- Processing Costs of CDN$12/tonne milled and General & Administrative (G&A) costs of CDN$ 2.50/ tonne milled
- Mining cost of CDN$2.56 / tonne for mineralized material and CDN$2.50/tonne for waste
- 45-degree pit slopes
- The 120% price case pit shell is used for the confining shape
- The resulting net smelter return (NSR) for the purpose of the AuEq calculation = Au*CDN$98.60/g*79% recovery rate + Ag*CDN$1.08/g*38% recovery rate
- The resulting AuEq = Au + 0.0053*Ag
- Numbers may not add due to rounding
- Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the estimated mineral resources will be converted into mineral reserves.
The Mineral Resources for the Buck Main deposit has been estimated using a 0.25 g/t AuEq cutoff determined using assumptions listed in the footnotes of Table 1. These assumptions satisfy the requirements of reasonable prospects for eventual economic extraction. Table 2 shows cutoff sensitivities at different grades.
Table 2. Buck Main deposit cutoff sensitivities
Class | AuEq Cutoff | In Situ Tonnage and Grade | AuEq Metal | Au Metal | Ag Metal | ||||
Tonnage | AuEq | Au | Ag | NSR | |||||
(gpt) | (ktonnes) | (gpt) | (gpt) | (gpt) | ($CDN) | (kOz) | (kOz) | (kOz) | |
Indicated | 0.2 | 1,604 | 0.435 | 0.414 | 3.9 | 33.85 | 22.4 | 21.3 | 203 |
0.25 | 1,148 | 0.519 | 0.496 | 4.3 | 40.40 | 19.1 | 18.3 | 158 | |
0.3 | 852 | 0.605 | 0.580 | 4.6 | 47.09 | 16.6 | 15.9 | 126 | |
0.35 | 645 | 0.695 | 0.669 | 5.0 | 54.12 | 14.4 | 13.9 | 103 | |
0.4 | 494 | 0.793 | 0.765 | 5.4 | 61.76 | 12.6 | 12.1 | 85 | |
0.5 | 317 | 0.989 | 0.957 | 6.0 | 76.99 | 10.1 | 9.8 | 61 | |
1 | 91 | 1.783 | 1.743 | 7.5 | 138.87 | 5.2 | 5.1 | 22 | |
Inferred | 0.2 | 70,847 | 0.419 | 0.394 | 4.7 | 32.60 | 953.5 | 897.2 | 10,617 |
0.25 | 52,224 | 0.489 | 0.462 | 5.0 | 38.04 | 820.4 | 775.5 | 8,435 | |
0.3 | 39,248 | 0.560 | 0.532 | 5.3 | 43.60 | 706.5 | 670.9 | 6,721 | |
0.35 | 30,088 | 0.632 | 0.602 | 5.6 | 49.21 | 611.3 | 582.5 | 5,419 | |
0.4 | 23,644 | 0.703 | 0.671 | 5.9 | 54.71 | 534.0 | 510.3 | 4,477 | |
0.5 | 15,697 | 0.833 | 0.800 | 6.3 | 64.87 | 420.4 | 403.6 | 3,171 | |
1 | 3,126 | 1.485 | 1.440 | 8.5 | 115.64 | 149.2 | 144.7 | 857 |
The Buck MRE is centered on the Buck Main deposit, 12 km south of Houston, BC. The road accessible deposit comprises a broad, 800 metre striking zone of intermediate-sulfidation epithermal-related gold-silver mineralization hosted in intermediate to felsic volcanics and intrusions. The MRE is based on 42,440 metres of drilling in 161 holes, of which 34,386 metres in 98 holes were completed by Sun Summit between 2020 and 2023 (Figure 1, Figure 2, Table 3).
Table 3. Drill data used in the Mineral Resources Estimate
Year | Total Number of DHs | Total Depth (m) | Length Assayed (m) | Total % Assayed (m) | Number of DHs within Domains | Assayed Within Modelled Domains (m) | % Assayed within the Domains |
Total | 161 | 42,440 | 39,737 | 94% | 123 | 27,034 | 99% |
Figure 1: Buck Main Drilling and Resource Pit Outline
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6142/242382_38bb74846467eae3_001full.jpg
Figure 2: Buck Main 3D View of Resource Constraining Pit showing AuEq blocks above 0.2 g/t
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6142/242382_38bb74846467eae3_002full.jpg
The effective date of the MRE, completed by Moose Mountain Technical Services is January 28, 2025. The Company will file a National Instrument 43-101 (NI 43-101) technical report on SEDAR+ within the mandated 45-day period following the date of this press release.
Gold and silver mineral resources were estimated as follows:
- Wireframing of overburden and mineralized domains based on geology.
- Assay capping based on Cumulative Probability Plots (CPPs).
- Compositing of assays to 3m lengths based on the domains.
- Variography to determine the anisotropy of the Au and Ag within each domain.
- Block model interpolations by inverse distance cubed (ID3).
- Classification of the resource to Indicated and Inferred based on the variography.
- Creation of confining pit shape based on industry standard prices and comparable costs.
Discovery Metrics
Sun Summit has efficiently delineated the Buck Main deposit with a total drilling cost of approximately CAD$18 per AuEq ounce included in the MRE. Since 2020, the Company has completed 98 drill holes at Buck Main, totaling over 36,400 meters. The MRE was informed by assay results from 123 drillholes and 27,034 metres of assayed intervals. The Company incurred CAD $15 million in drilling expenditures since 2020.
The low discovery cost reflects the efficiency of Sun Summit's exploration strategy, which included systematic targeting using advanced geological modeling, geophysical surveys, and geochemical analysis. This exploration success underscores the strong potential for further resource growth, as the deposit remains open in multiple directions.
Next Steps
- Additional metallurgical testing will be initiated to optimize metal recoveries and evaluate potential byproduct elements, ensuring the economic viability of future mining operations.
- Further drilling designed to investigate the extents of the Buck Main deposit is recommended. Areas open to the north, west, and east will be targeted in future drill programs.
National Instrument 43-101 Disclosure
The Buck Main MRE was prepared by Sue Bird, M.Sc., P.Eng., V.P. of Resources and Engineering at Moose Mountain Technical Services, an independent Qualified Person as defined by NI 43-101. Sue has also reviewed and approved the technical information about the MRE in this news release.
This news release has been reviewed and approved by Sun Summit's Vice President Exploration, Ken MacDonald, P. Geo., a "Qualified Person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. Mr. MacDonald has verified the data disclosed in this press release pertaining to the MRE, including the sampling, analytical and test data underlying this information that has been collected by Sun Summit. Verification procedures include industry standard quality control practices. Some technical information contained in this release is historical in nature and has been compiled from public sources believed to be accurate. The historical technical information has not been verified by Sun Summit and may in some instances be unverifiable dependent on the existence of historical drill core and grab samples.
Mineral resources that are not mineral reserves do not have demonstrated economic viability; however, a reasonable prospect of eventual economic extraction pit has been used to confine the Resource Estimate using parameters detailed in the table notes.
The QP for the Mineral Resource estimate is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the potential development of Mineral Resource Estimate. Factors that may affect the estimates include: metal price assumptions, changes in interpretations of mineralization geometry and continuity of mineralization zones, changes to kriging assumptions, metallurgical recovery assumptions, operating cost assumptions, confidence in the modifying factors, including assumptions that surface rights to allow mining infrastructure to be constructed will be forthcoming, delays or other issues in reaching agreements with local or regulatory authorities and stakeholders, and changes in land tenure requirements or in permitting requirement.
Upcoming Events
Sun Summit Minerals Corp. is also pleased to announce its participation in two key events in Toronto. The Company will join the Precious Metals Summit Conferences One-on-One Meeting program on March 3-4 and exhibit at the Prospectors & Developers Association of Canada (PDAC) Convention on March 4-5 at Booth 2412B. Sun Summit's new CEO, Niel Marotta, and Executive Chairman, Brian Lock, will be available to share insights into the Company's strategic direction and highlight recent project developments.
Community Engagement
Sun Summit is engaging with First Nations on whose territory our projects are located and is discussing their interests and identifying contract and work opportunities, as well as opportunities to support community initiatives. The Company looks forward to continuing to work with local and regional First Nations with ongoing exploration.
About the Buck Project
The Buck Project is situated in a historic mining district near Houston, B.C., with excellent nearby infrastructure that allows for year-round, road-accessible exploration.
The project is host to the Buck Main intermediate-sulfidation epithermal-related gold-silver-zinc system. Most of the mineralization drilled to date at Buck Main consists of long, continuous zones of disseminated and breccia-hosted, bulk tonnage-style gold-silver-zinc. Vein-hosted, high-grade mineralization has also been intersected near the center of Buck Main.
Exploration at the Buck Project is focused on investigating the lateral and vertical extent of gold-silver-zinc mineralization at the Buck Main system, and to define additional drill targets across the entire land package through systematic exploration programs.
About Sun Summit
Sun Summit Minerals (TSXV: SMN) (OTCQB: SMREF) is a mineral exploration company focused on expansion and discovery of district scale gold and copper assets in British Columbia. The Company's diverse portfolio includes the JD Project in the Toodoggone region of north-central B.C., and the Buck Project in central B.C.
Further details are available at www.sunsummitminerals.com.
Link to Figures
On behalf of the board of directors
Niel Marotta
Chief Executive Officer & Director
info@sunsummitminerals.com
For further information, contact:
Matthew Benedetto, Simone Capital
mbenedetto@simonecapital.ca
Tel. 416-817-1226
Forward_Looking Information
Statements contained in this news release that are not historical facts may be forward-looking statements, which involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate, that the management's assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements. Generally forward-looking statements can be identified by the use of terminology such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, estimates of mineral resources, potential mineralization, exploration plans, and engagement with First Nations communities. These forward-looking statements are based on a number of assumptions which may prove to be incorrect which, without limiting the generality of the following, include: risks inherent in exploration activities; the impact of exploration competition; unexpected geological or hydrological conditions; changes in government regulations and policies, including trade laws and policies; failure to obtain necessary permits and approvals from government authorities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the ability to raise funds through private or public equity financings; environmental and safety risks including increased regulatory burdens; weather and other natural phenomena; and other exploration, development, operating, financial market and regulatory risks. The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. Except as required by applicable securities laws and regulation, Sun Summit disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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The Conversation (0)
02 July
Sun Summit Minerals
Investor Insight
Sun Summit Minerals is targeting the delineation of a multi-million-ounce gold-silver resource at its flagship JD project. With strategic positioning in an emerging consolidation hotspot, compelling valuation metrics, and a track record of discovery, Sun Summit is primed to deliver substantial value creation in the coming quarters.
Overview
Sun Summit Minerals (TSXV:SMN,OTCQB:SMREF) is a Canadian mineral exploration company focused on developing its district-scale gold and copper projects in British Columbia. The company’s flagship JD Project, located in the Toodoggone district, is undergoing an aggressive 5,000-meter drill campaign in 2025 aimed at delineating a multi-million-ounce epithermal gold-silver system.
Complementing JD is the company’s Buck project, a large, bulk-tonnage gold-silver system near Houston, BC, with an initial NI 43-101 resource estimate and significant exploration upside.
With capital in hand, a five-year exploration permit secured, and a camp established at JD, Sun Summit is executing a focused strategy to build scale, unlock resource potential and drive shareholder value. The company has taken lessons from its past and re-emerged with a sharpened vision, an overhauled team and assets that are not only high-grade but strategically located to create shareholder value.
Company Highlights
- Aggressive Discovery Strategy: Sun Summit Minerals is actively advancing the JD and Buck projects in BC, targeting epithermal gold-silver and porphyry copper-gold systems. A fully funded 5,000-meter drill program at JD underway in 2025, aiming to define a multi-million-ounce resource.
- Strategic Location: Both assets are situated in prolific and mining-friendly regions of British Columbia. The flagship JD project lies in the Toodoggone district—home to Thesis Gold and Centerra’s Kemess Mine, while Buck is near the Blackwater, Huckleberry, and Equity Silver mines in central BC.
- Re-rate Potential Opportunity: Trading at just ~$7/oz gold equivalent (EV/oz) based on Buck alone, with no value currently ascribed to JD, the company represents a deep value opportunity compared to the next-door neighbour Thesis Gold trading at ~$50/oz. Success at the drill bit from the ongoing drill program at JD could drive the potential re-rating.
- Fully Funded for 2025: A recent C$10M raise (May 2025) enables a robust exploration program, including drilling, geophysics, and soil sampling. The company is well-positioned to achieve its 2025 and 2026 exploration milestones without further dilution.
- Experienced, Capital Markets-Savvy Leadership: CEO Niel Marotta brings capital markets acumen from Fidelity and Orezone. The broader team includes senior geologists and advisors with decades of success in gold discoveries and mine development in BC.
- Positioned for Consolidation: With majors like Freeport, Centerra, and Skeena investing heavily in adjacent properties, Sun Summit is strategically located and advancing at the right time in the Lassonde Curve to benefit from industry-wide M&A and consolidation trends.
Key Projects
JD & Theory Projects
The JD & Theory projects span more than 25,000 hectares in the heart of the Toodoggone mining district in north-central BC, one of Canada’s most prospective belts for epithermal gold-silver and porphyry copper-gold systems. The district is home to Thesis Gold’s Ranch and Lawyers deposits (4.7 Moz gold equivalent, C$250 million market cap), Centerra’s Kemess underground development, and TDG Gold’s Shasta-Baker project. Infrastructure around the project includes hydroelectric grid access, the nearby Sturdee airstrip and all-season roads.
The JD project hosts a 4.5 km mineralized corridor, known as Creek-Finn, with multiple underexplored targets showing evidence of both high-grade veins and broad disseminated gold systems. Historic and recent drill highlights include:
- 2.1 grams per ton (g/t) gold over 122.5 m including 121 g/t gold over 1.5 m (CZ-24-004)
- 11.7 g/t gold over 22 m including 61.2 g/t gold over 4 m (CZ97-008)
- 7.3 g/t gold over 35.7 m including 215.4 g/t gold over 1 m (JD95-0472)
The Creek Zone features high-grade epithermal veins within broader disseminated zones, supported by strong IP anomalies and gold-in-soil results up to 12.2 g/t gold. The Finn Zone hosts near-surface mineralization with extensive historical drilling (~270 holes) and is open in all directions. Other targets include McClair (porphyry copper), East McClair (copper-gold skarn) and Moosehorn.
The 2025 program includes 5,000 meters of core drilling across 25 holes, 20 km of IP geophysics, 2,000+ soil samples, and full-scale camp operations. A five-year permit secured in April 2025 provides exploration continuity through 2030.
Camp setup at JD project
Sun Summit can earn 100 percent of the JD project by making staged cash/share payments and completing work commitments through 2029. With ~C$6 million earmarked for the project this year alone, Sun Summit is expected to fulfill its 2025 and 2026 earn-in obligations without additional equity raises.
Buck Project
The 100 percent owned Buck project spans 52,000 hectares and is located near key deposits, including Artemis Gold’s Blackwater (8 Moz gold), Imperial’s Huckleberry copper mine, and Newmont’s historic Equity Silver mine. Buck features near-surface bulk-tonnage gold-silver mineralization with porphyry copper-molybdenum potential at depth.
In February 2025, Sun Summit published its inaugural NI 43-101 mineral resource:
- Indicated: 1.15 Mt @ 0.519 g/t gold equivalent (19,100 oz)
- Inferred: 52.2 Mt @ 0.489 g/t gold equivalent (820,400 oz)
Mineralization remains open in all directions. Buck is considered a strategic asset providing leverage to rising gold prices and future transaction potential, but currently receives minimal capital allocation as JD is prioritized.
Management Team
Niel Marotta – Chief Executive Officer and Director
Niel Marotta has more than two decades of capital markets experience, including a successful tenure at Fidelity (FMRCo.), where he managed the top-performing Select Gold Fund and oversaw >$1 billion in AUM. He was previously VP at Orezone Resources, where he helped lead its C$350 million acquisition by IAMGOLD. Marotta has raised over $1 billion in financing and is driving Sun Summit’s transition from a legacy explorer to a discovery-focused value generator.
Brian Lock – Executive Chairman
A veteran of the mining industry with 40+ years of executive experience, Brian Lock has led multiple public companies, including Castle Peak Mining and Scorpio Gold. His expertise spans project development, M&A and corporate governance.
Waseem Javed – Chief Financial Officer
A seasoned mining CFO, Waseem Javed ensures disciplined capital deployment and financial controls. His experience spans junior explorers and mid-tier producers across Canada and the US.
Ken MacDonald – VP Exploration
Ken MacDonald is a registered professional geologist with over 30 years in mineral exploration and permitting in BC. Formerly with the BC Mines Branch and multiple juniors, he leads Sun Summit’s technical programs and NI 43-101 compliance.
Christopher Leslie – Technical Advisor
An expert in porphyry and epithermal systems, Christopher Leslie led the discovery of the 8 Moz Blackwater deposit while at Richfield Ventures, and later served as VP exploration for Tower Resources. He was instrumental in advancing the JD-Theory project during its prior ownership.
Robert D. Willis – Senior Advisor
Founder of several successful exploration companies, including Pioneer Metals and Manhattan Minerals, Robert Willis has 35+ years of technical and executive experience across North and South America.
Terry Salman – Strategic Advisor
Founder of Salman Partners and one of Canada’s most influential mining financiers, Terry Salman has backed dozens of successful juniors over a 40-year career in mining investment banking.
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Advancing district-scale gold and copper projects in British Columbia.
22 August
Gold Price Rises as Powell Boosts Rate Cut Expectations in Jackson Hole Speech
Citing a shifting economic situation in the US, Federal Reserve Chair Jerome Powell indicated that the central bank is ready to adjust interest rates during his speech at the Jackson Hole Economic Policy Symposium.
Powell indicated that the Fed’s dual mandate goal is essentially in balance, saying the labor market remains close to maximum employment and that inflation has eased from post-pandemic highs, although it remain elevated.
However, the Fed head also noted that “the balance of risks appears to be shifting,” with significant uncertainty in the economy as a result of higher tariffs, tighter immigration and a slowdown in the pace of growth in the labor market.
“Over the longer run, changes in tax, spending, and regulatory policies may also have important implications for economic growth and productivity,” Powell added in his Friday (August 22) address.
The biggest challenge for the Fed is maintaining its dual mandate of ensuring too much slack doesn’t enter the labor market, which Powell said could happen quickly, while also attempting to ease inflation to the target 2 percent.
In an email to the Investing News Network (INN), Blerina Uruci, chief economist with T. Rowe Price, suggested that the unemployment rate, rather than the employment rate, may be a key indicator that dictates the Fed's direction.
“A material slowing in employment growth may not be a signal that the economy is entering a downturn, but a symptom of structural shifts in the economy. For this reason, Powell and others in the Federal Open Market Committee (FOMC) have pointed to the unemployment rate as a more useful indicator of the health of the labor market,” she said.
Although tariffs are likely to take some months to work their way through the economy, with Powell suggesting there is still high uncertainty, he also indicated that “the shifting balance of risks may warrant adjusting our policy stance.”
His remarks are in line with analysts' expectations of a 25 basis point cut to the benchmark rate in September.
“The FOMC will vote to cut rates by 25 basis points in September and cut 50 basis points in total this year. With regards to the next meeting, we could get a hawkish outcome (no cut) if inflation surprises significantly to the upside and or the labor market rebounds sharply,” Uruci commented to INN. She also suggested that the Fed could make a more dovish 50 basis point cut if August payroll growth slows below 50,000 per month and unemployment increases.
In 2024, the Fed made three cuts: a 50 basis point cut in September, followed by two 25 basis point cuts in October and November. So far, it has not made reductions in 2025; however, it faced dissent from two committee members at its July meeting, the first time more than one member has voted against the committee since December 1993.
The gold price jumped following Powell’s remarks on Friday, gaining nearly 1 percent in morning trading, reaching US$3,370 per ounce by 1:00 p.m. EDT. Silver rose more than 2 percent to hit US$38.94 per ounce.
Equity markets were also in positive territory during morning trading.
The S&P 500 (INDEXSP:INX) climbed 1.49 percent to 6,465 points, and the Nasdaq 100 (INDEXNASDAQ:NDX) rose 1.48 percent to 23,485 points. Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) surged 2 percent to trade in record territory at 45,687 points.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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22 August
Stefan Gleason: What Drives Gold's Next Move Higher, "Huge" Silver Buy Signal
Stefan Gleason, CEO of Money Metals, shares his outlook for gold, silver and platinum.
He also weighs in on Tether Investments' recent deal with Elemental Altus Royalties (TSXV:ELE,OTCQX:ELEMF) and advances in US sound money policies.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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22 August
OPINION — Goldenomics 104: Trump’s Tariffs and Gold
This opinion piece was submitted to the Investing News Network (INN) by Darren Brady Nelson, who is an external contributor. INN believes it may be of interest to readers and has copy edited the material to ensure adherence to the company’s style guide; however, INN does not guarantee the accuracy or thoroughness of the information reported by external contributors. The opinions expressed by external contributors do not reflect the opinions of INN and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
By Darren Brady Nelson
One of former President Ronald Reagan’s most famous quotes is “trust, but verify.” He made that remark on December 8, 1987, to then-Soviet General Secretary Mikhail Gorbachev as the audience gathered on that historic day for a nuclear arms treaty.
In the wake of US President Donald Trump’s April “Liberation Day” tariffs, it is time once again to “trust, but verify.” That is, that the economy is still on track for a new “golden age of America.” And that we will continue in a “golden age,” pun intended, for investing in gold.
Source: the White House.
Tariffs are not inflation
Trump’s tariffs have added to uncertainty, but they are not inflationary per se. The famous Nobel Prize-winning monetary economist, Milton Friedman, summarized what he had learned from the most comprehensive empirical study ever undertaken on inflation in the following quote:
“Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output. A steady rate of monetary growth at a moderate level [may allow] little inflation and much growth.”
Another monetary economist of the 20th century, but not quite as famous as Friedman, was Ludwig von Mises. He agreed with the first half of the quote above, but not the second. He also supported a gold standard, as seen below, as protection from inflation and accompanying boom-bust cycles:
“All economic activity is based upon an uncertain future. It is therefore bound up with risk.” Thus: “There is no such thing as a safe investment.” But: “The…gold standard alone is a truly effective check on the power of the government to inflate the currency.”
Tariffs are just taxes
A student of Mises was Murray Rothbard. The latter wrote in Power and Market that the burden of a sales tax falls entirely on the supplier and supply chain, not the consumers, yet tariffs inexplicably do the opposite. The former is closer to the truth, depending on elasticities.
Media pundits often claim that businesses pass forward tax increases, like tariffs, to consumers. This is a half-truth. The other half of this half-truth is that businesses take a hit, so that they invest and hire less. This means foreign businesses, more than American consumers.
And rather than just a 50/50 split between supply and demand, as per the graph below, economics and history show it is more like an 80/20 situation. That 80 includes a pass backward in the supply chain. This means foreign supply chains, more than American supply chains.
Source: SlidePlayer.
Rationale for Trump’s tariffs
Trump’s tariffs have created extra uncertainty, but not nearly as much as the neoliberals, on the left or right, would suggest by their outrage and alarm. Firstly, imports and import elasticities are relatively low in the US.
Secondly, Trump’s strategy is consistent with the same three exceptions to free trade, and in the same order, as did the classical liberal, and godfather of free trade economics, Adam Smith.
The first exception is not only about directly decoupling from communist China, for targeted defense purposes, but also indirectly, for broader strategic purposes, by weakening the Communist Party of China to the point of regime change, as Reagan did to the USSR.
The second and third exceptions, of reciprocity and retaliation, are part of the “art of the deal.” This three-pronged strategy, despite the outcry as being anti-free trade, is not only trying to put America first, but also to restore genuine free trade. It is a well-calculated risk.
Impact of these tariffs
According to the US Bureau of Labor Statistics (BLS) in its press release of July 17: “Import prices ticked up 0.1% in June, following a decrease of 0.4% in May, and an advance of 0.1% in April.”
The BLS added that: “Prices for US imports fell 0.2% from June 2024 to June 2025, matching the 12- month decline for the year ended May 2025. Those were the largest annual decreases since the index fell 0.9% for the year ended February 2024.”
The BLS also provided an interactive chart of the Import Price Index (IPI). Highlights from the Trump 47 era for “all imports” include: IPI increased, but at a declining rate, by 1.7 percent in February, 0.8 percent in March and 0.1 percent in April; then decreased by -0.2 percent in May and -0.2 percent in June.
“Consumer goods” are also illuminating: IPI dropped from 1.2 percent in November 2024 to -0.8 percent in March 2025; then sunk further to -1.2 percent in May before rising to -0.6 percent in June, but still negative.
The story with “industrial supplies and materials” was that: IPI grew at 5.7 percent in February, then plunged to 1.9 percent in March; followed by shrinking down into negative territory of -2 percent in April, -3.6 percent in May and -3.2 percent in June.
Source: BLS.
Conclusion
Many Main Street investors, and even those on Wall Street, are aware that gold is a great hedge against both inflation and uncertainty; and it is. But few on either streets also know that it is a great investment that outperforms the S&P Index; and it does.
Gold is very rare indeed, and not just in terms of its physical scarcity, but in its unique ability to be both a safe-haven investment and a performance investment as well. The two charts at the end demonstrate gold’s protection and gold’s growth over the decades.
Therefore, for American investors it is still the right time to “trust” in gold growth to come, “but verify” through gold protection in the meantime. Thus, when one has gold, “heads” you win and “tails” you don’t lose.
About Darren Brady Nelson
Darren Brady Nelson is chief economist with Fisher Liberty Gold and policy advisor to The Heartland Institute. He previously was economic advisor to Australian Senator Malcolm Roberts. He authored the Ten Principles of Regulation and Reform, and the CPI-X approach to budget cuts.
Read the rest of the series: Goldenomics 101: Follow the Money, Goldenomics 102: The Shadow Price of Gold, Goldenomics 103: Gold Protects and Performs.
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21 August
Alice Queen: Exploring High-grade Epithermal Gold with Near-term Production Potential
Alice Queen (ASX:AQX) is a gold exploration company focused on district-scale discoveries and near-term production opportunities. Its flagship asset is the Viani Gold Project in Fiji, where early drilling indicates a major epithermal gold system, comparable to other systems along the Pacific Ring of Fire. Fiji itself hosts the 10 Moz Vatukoula Gold Mine, underscoring the region’s proven prospectivity. With a portfolio spanning both the Pacific Ring of Fire and Australia’s most prolific gold belts, Alice Queen combines strong geological potential with strategic access to capital.
The company’s secondary asset, Horn Island, hosts over half a million ounces of gold in a JORC-compliant resource. A 2021 scoping study indicated an NPV of more than AU$500 million, based on an internal update using AU$5,000/oz gold. Ongoing discussions with development partners aim to unlock value from this project, which has the potential to generate over AU$800 million in free cash flow across an eight-year mine life.
Alice Queen’s shareholder base is anchored by Gage Resource Development (51 percent) and supported by significant, well-funded Australian investors with a long-term outlook. The company is advancing a balanced strategy focused on drilling success, strategic partnerships, and asset-level monetization.
Company Highlights
- High-impact Discovery at Viani in Fiji: Drilling at the Viani project has confirmed a significant low-sulphidation epithermal gold system with mineralization over a ~5 km strike, with assay results from recent drilling expected imminently.
- Established Gold Resource at Horn Island: The Horn Island project hosts a 524,000 oz JORC-compliant gold resource and is being advanced through potential development partnerships, offering near-term monetization opportunities.
- Strategic Financial Backing: Backed by major shareholder Gage Resource Development, a subsidiary of Beijing-based Gage Capital (US$1.6 billion AUM), ensuring access to growth capital and long-term support.
- Exceptional Leadership: Led by a highly experienced management team with a successful track record in global business and resource development.
This Alice Queen Limited profile is part of a paid investor education campaign.*
Click here to connect with Alice Queen (ASX:AQX) to receive an Investor Presentation
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21 August
Heritage Survey to Pave the Way for Drilling
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