Gold Surges To All-Time High In March: Pasofino Gold Unearths Potential in Liberia’s Birimian Region
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March 26, 2024 09:00 AM Eastern Daylight Time
By Faith Ashmore, Benzinga
In early March, the price of gold reached a new all-time high, settling at $2,141.90 per troy ounce. This is the latest news in a series of gold-positive milestones in the past few years. Gold has long been considered a resilient investment option and a good hedge against inflation. When interest rates decrease, the appeal of holding income-generating assets such as bonds diminishes in comparison to owning valuable metals.
Gold certainly seems to be in a heyday currently; in September of last year, the popular brand Costco (NASDAQ: COST) began selling gold bars and reported selling over $100 million worth during their first fiscal quarter of 2024. The demand for this gold is indicative of global economic uncertainty since gold typically offers a tangible and less risky alternative to investing in stocks. The global economic turmoil and subsequent gold rush may be here to stay for the near future as the U.S. gears up for a contentious election year and regional conflicts like the Russian-Ukraine war and the Israel-Hamas war continue to capture headlines.
While China and other major gold-mining countries like Australia, Russia, the United States, Canada and South Africa have typically been the leading suppliers of gold, Pasofino Gold (CVE: VEIN) is hoping to bring Liberia into the gold mining conversation. Pasofino Gold considers Liberia as West Africa's last untapped gold exploration frontier.
Why Liberia Is A Premier Spot For Gold Mining
Pasofino Gold recognizes that only a small fraction of Liberia's gold potential has been explored or mined. The company has cultivated strong relationships with the local community and is enthusiastic about developing Liberia as a prominent player in the gold market. Liberia presents a potentially attractive investment opportunity in West Africa, as demonstrated by a substantial level of Foreign Direct Investment (FDI) compared to GDP. The country has received over $18 billion in FDI, highlighting its dedication to economic growth and development. Pasofino Gold believes that with a robust gold economy, Liberia has the potential to become an even more influential economic force in West Africa – benefiting its investors in the process.
Pasofino Gold recently announced significant progress in their Dugbe gold project. The Dugbe project is located in the Birimian region, one of the most prospective gold-bearing terrains worldwide, with over 20 new mines established in the past two decades. The area's rich mineral endowment, characterized by vast greenstone belts and associated mineral deposits, presents a favorable geological setting for gold mineralization.
After completing a thorough exploration and a feasibility study in 2022, the company commenced an exploration program in a specific target area known as Bukon Jedeh. Fieldwork has already begun, and the drilling rig has been mobilized with drilling expected to commence in March 2024.
Despite the rich gold deposits and a long history of production in the area, Pasofino Gold believes that the potential and geological characteristics of Bukon Jedeh have not been fully understood. Initial Reverse Circulation (RC) drill holes were conducted in 2012 and 2013, which revealed high-grade intervals. However, no further follow-up was conducted at the time as the company's focus shifted to other gold deposits. In August 2022, Pasofino Gold revisited Bukon Jedeh and collected rock samples, which showed promising results of up to 31 grams per ton of gold.
If gold prices continue to rise and attract attention, companies like Pasofino Gold could be well-positioned in the market. And if the company is right about Liberia’s prospects, the entire country could stand to profit from an expanded presence in the industry.
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
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