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How To Profit from the First Gold Rush of the 21st Century
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There’s a new gold rush on.
Not in California or the Yukon.
But on an island just a few hundred miles north of New York, where vikings landed 1,000 years ago.
Without hyperbole, geologists in Newfoundland are quickly uncovering what could become one of the highest-grade gold deposits on Earth.
It’s already made many investors rich… as gold rushes tend to do.
Gold has only been known on the island since the 1980s. That’s incredibly recent in gold terms. So there are only a couple producing gold mines on the island.
But over the past few years, the province, which includes both Newfoundland and Labrador, has invested over $2 billion in the mining sector, which now accounts for 6.4% of its GDP.
At the same time, gold prices started creeping higher. They hit a record north of $2,000 in 2020 and have remained at historically elevated prices since, driving new investment in exploration.
Because many of the world’s great gold jurisdictions have been picked over and reserves are in decline… there is great excitement — and profit — whenever a new jurisdiction is discovered or comes into favor.
Identifying them is one way I’ve made money speculating over the years.
Whether that’s getting into Idaho a few years ago with companies like Midas Gold (now Perpetua Resources) and Revival Gold — both of which have gone up by multiples as the state has emerged as a top new gold mining district, now cracking the Fraser Institute’s top ten mining jurisdictions in the world.
Or financing companies like Palamina, which tripled as a new gold belt opened up in Peru because of new infrastructure.
The newly found gold in Newfoundland is no different.
Blueprint for Island Gold Mint
One of the first to mine gold on the island was Anaconda Mining (TSX: ANX). It has been mining via open-pit at its Point Rousse Project in the northern portion of the Baie Verte Peninsula since 2010.
Marathon Gold (TSX: MOZ) is advancing its Valentine Project in central Newfoundland through permitting. It contains over 4.6 million ounces of gold.
But what really kicked this island gold boom into high gear was the high-grade discovery by New Found Gold (TSX-V: NFG) of 19 meters of 92.9 grams per tonne gold in 2019, and subsequent listing of shares in 2020.
With success among all three pillars of gold mining — exploration, development, and production — a bona fide gold rush is now underway in Newfoundland.
A New “Me Too”
In mining, there is a saying that the best place to find a new mine is in the shadow of an old one. That’s because it’s true.
Geologic formations that are favorable for gold or other mineralization are often very large structures that can run underground for miles — crossing state, and even country, borders.
But being near a mine doesn’t guarantee you’ll be successful, of course. Or everyone would do it. This is where “close-ology” or “me too” in mining gets a bad name.
Understanding the difference is one way to mitigate risk — you don’t have to be the first one in… but you can still be very successful, as I’ve been, by separating the nonsense from what’s real once a boom is developing.
I have seen many companies — and newsletter writers — pile into Newfoundland of late. A better way than throwing a dart is getting to know some people.
A Gold Rush of Opportunity
Shawn Ryan is one of the most famous gold prospectors in the world. He’s found over seven million ounces of gold worth over $10 billion — most of it in the Yukon, where other famous gold rushes have taken place.
Shawn says he would be in Newfoundland if he found it first.
And now he sort of is.
I spoke with him recently, and he’s found several properties on the island that he’s excited about — some near other existing gold mines and deposits.
Three of them represent a contiguous 144,000 hectares (378,000 acres): Robert’s Arm, Leamington, Hodges Hill. These are situated to the northwest of New Found’s Queensway project.
All of them are prospective exploration lands covering numerous geologically favorable corridors conducive to gold mineralization across 5,760 mineral claims covered by 37 licenses.
The claims are host to distinct magnetic high units (Gabbros) in settings indicative of known regional gold occurrences. These rocks are associated with continental volcanism, a region-specific gold target indicator.
Robert’s Arm — 42,650 hectares with 200 kilometers of magnetic highs on untested gabbros. The limited gold exploration that occurred in the 1980s and 1990s on the project uncovered over (30+) gold occurrences stretching along 22km of the Red Indian Line, a geologic setting known to host gold deposits.
Leamington — 62,300 acres with 50 to 60 kilometers of prospective gabbros. Limited previous exploration found 2 to 5 grams per tonne gold in grab samples.
Hodge’s Hill — 39,050 hectares, most of which has never been staked. Anomalous gold and arsenic in soil till.
This is the largest contiguous gold exploration land package on the island.
It was hand-picked by Shawn Ryan.
And it’s now in Leocor Gold’s (CSE: LECR) portfolio of exciting Newfoundland assets, which include multiple properties in three exciting gold districts:
- Western District
- Baie Verte
- Gander
The Next Great Place to Find the Next Great Gold Mine?
Those three properties make up just one of three land packages that Leocor Gold has on the island.
They are in the Western Exploit District, northwest of New Found’s discovery at Queensway.
Leocor also has assets in the Baie Verte area, where Anaconda has its mine.
Projects there include Copper Creek and Dorset, the latter of which has abundant historical data and two significantly mineralized quartz veins with extensive surface showings.
Dorset has returned extremely high-grade gold grab samples and channel sampling, including 409 grams per tonne gold and 177 grams per tonne gold over 0.35 meters.
Leocor is now getting busy exploring all of these great land packages.
And that’s where Shaw Ryan comes back in. While Newfoundland is in the early innings of a gold rush, according to him:
“Everybody else was basically prospecting, using a rock hammer… we’re using geophysics and soil geochemistry as our primary hunting tool. Find the structure… soil across it… then we go prospecting. So we’re using geochemistry as an upfront tool to help us define which part of these structures are anomalous.”
Leocor has a big portfolio of projects. The team told me they aim to get to all projects this year, starting with 50,000 soil samples that will be followed up with a rotary air blast (RAB) drill campaign this fall to quickly determine which projects need further drilling with a higher-quality diamond bit. Diamond drilling is anticipated in early 2022.
The company has plenty of cash to do this, with over $12 million in the bank, having just closed a C$11 raise in July 2021.
That is the primary risk with small explorers.
And it has all the ingredients for success:
It has many shots on goal with several properties across multiple districts in a hot new gold discovery area.
It has proven gold finders on the team.
It has the cash to explore
And it has a very tight share structure that will allow shareholders to reap maximum upside from any discovery success.
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If you’re looking for a way into the Newfoundland gold boom that hasn’t been discovered yet… Leocor is worth a look.
Other area plays have market capitalizations in the hundreds of millions just from being on the island.
Leocor has a market cap closer to $30 million, so you can see where there is room for upside of many multiples.
Learn more about its 2021 exploration plan here.
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