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Gold’s steady progress towards all-time high prices in 2020 has been paralleled by the progress of a rising star among the junior miners. You need to keep your eye on this one as it could be the most profitable gold market pick I’ll make for the rest of the year.
If you’re looking for leverage to the rising gold price, don’t miss this one. Gold X Mining Corp. (TSX-V: GLDX, OTCQX: GLDXF) has one of the largest advanced development-stage gold deposits in the Americas with 7.35 million ounces measured and indicated. The company’s flagship gold project, Toroparu, is located in Guyana, which is poised to be one of the world’s fastest-growing economies according to the IMF.
Gold X Mining just released a flurry of announcements pertaining to the company’s progress. First, Gran Colombia Gold decided to no longer pursue the acquisition of all of the issued and outstanding common shares of Guyana Goldfields, terminating its proposed three-way merger and plan of arrangement with Gold X Mining.
As CEO Paul Matysek explains, while he saw many synergies in the proposed merger, this will “allow Gold X to pursue other avenues to achieve the value we see in the Toroparu Project. We maintain that there are ample options to develop the Toroparu Project under the most favorable precious metals market in the last 8-10 years.”
This morning, Gold X Mining provided an exciting update on its ongoing licensing activities at Toroparu. As you can see below, the company’s permitting process is making steady progress:
After extensive work over 20 years and USD$150 million invested to discover, develop, and classify its gold resource and complete engineering studies, Gold X exercised its option to purchase a 100% interest in the Toroparu gold project in Guyana in March 2020, giving the company outright control of the project.
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Now, the licensing process for Toroparu has entered the final stage of regulatory review of all documentation under the updated mining license application submitted in October 2019, which paves the way for final approval of the mining license to construct and operate the Toroparu gold mine.
This will yield immense long-term value for shareholders because the mining license will authorize ETK to build and operate a mine over an initial term of 20 years with provisions for extension on the application of ETK. In light of this, Gold X will complete a feasibility study in advance of a production decision for the project.
As more milestones are reached and the company moves quickly towards final mining license approval, Gold X shareholders get to participate in the extraordinary gold market rally that will favor early-movers – as you’ll soon see, great news makes for big moves in Gold X stock.
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