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Is Santa Fe Gold A Better Gold Stock to Watch Now?

In recent times, many gold companies have been in focus among investors due to the overall volatile nature of the markets. One gold stock that has come into focus in recent days is that of Santa Fe Gold Corporation (OTCMKTS:SFEG). Earlier this month, the company made a significant announcement that brought the stock into focus.

Major Appointments

On October 2, Santa Fe Gold announced that Steve Antol has been appointed as the company’s Corporate Secretary and Chief Financial Officer. This is a major appointment and it was no wonder that it brought the company into focus.

Antol, who is 77 years old, is a veteran of the mining industry, and in his previous job; he had served as the Chief Financial Officer of El Capitan Precious Metals Inc from 2004 until 2007. He returned to El Capitan and served in the same role from 2009 to 2020 again.

It should be noted that Antol is well acquainted with Santa Fe Gold and had in fact served as a consultant for the company since 2005. In 2005, the management at Santa Fe had deployed Antol’s expertise to take care of its financial and account reporting. It was done in order to make the company current with the United States SEC (Security and Exchange Commission).

Encouraging Announcement in September

It is also necessary to point out that last month Santa Fe Gold had made a highly significant announcement with regards to its mining operations. Back on September 11, the company announced that there had been significant developments in its mining operations at Bilali Mine. The mine in question is situated in Steeple Rock District in New Mexico. 

Santa Fe Gold announced that the New Mexico Energy, Minerals and Natural Resources Department, Mining and Minerals Division has granted it with a groundwater discharge permit. Due to this particular permit, the company will now be able to start working on the lower levels of the mine as well.

Gold Price

The fortunes of a gold company are intimately related to the price of gold and earlier this week, the precious metal hit its highest price in two weeks. Due to the weakness in the U.S. Dollar, gold prices for delivery in December rose by as much as 0.7% to hit $1970 per ounce.

On the other hand, continued speculation about a stimulus deal had also buoyed the markets somewhat. Silver prices for December delivery also rose by 2.2%.

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