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Gold Summary for Sept. 26, 2016
2016-09-26 18:06 MT - Market Summary
by Stockwatch Business Reporter
New York spot gold gained $0.80 to $1,337.90 on Monday. The TSX Venture Exchange fell 5.09 points to 805.80 while the TSX Gold Index lost 1.58 points to 242.32. Canadian gold miners moved little today. Iamgold Corp. (IMG) added five cents to $5.50 on 7.43 million shares whileEldorado Gold Corp. (ELD) fell 11 cents to $5.33 on 4.37 million shares.
Terrence King's Goldstrike Resources Ltd. (GSR) gained one-half cent to 27.5 cents on 502,000 shares. The company has received assays of up to 0.42 gram of gold per tonne over 154 metres from trenching at its new Monte Carlo zone, on the Lucky Strike project in the White Gold district of west-central Yukon. Several other trenches on the zone also yielded gold, but the hits were shorter. The long interval included an eight-metre interval that averaged 3.0 grams of gold per tonne and there were higher-grade assays from a few of the other trenches, including 5.15 grams per tonne over 6.8 metres. Monte Carlo currently spans an area 1,400 metres long and 350 metres wide (dimensions that remain open) making it the largest new gold-in-soil anomaly found in the area so far.
That and the trenching assays had Trevor Bremner, a Goldstrike director, and Mr. King, its president and chief executive officer, proclaiming that the result confirms that Lucky Strike has strong potential for a near-surface gold deposit similar to Coffee, the big deposit that prompted Goldcorp Inc. (G: $21.74) to pay over $520-million to acquire Kaminak Gold Corp. earlier this year. The potential size and location appear to be the only similarities at this point. Coffee has a reserve of 46.4 million tonnes at 1.45 grams of gold per tonne, or 2.16 million ounces, which is less than half of its currently identified resource.
A new round of work is under way. More trenching is taking place in an attempt to expand the strike length of Monte Carlo as well as to test other zones on the Lucky Strike property. The company is also conducting geophysics on Monte Carlo and elsewhere to identify additional targets for a planned drill program. Mr. King and his crew are promising a "large-scale drill program," but they do not say when it will start. The company has plenty of cash to get started, in part because it does not pay big salaries to its insiders. The West Vancouver-based Mr. King, a lawyer and the company's CEO since 2011, does not draw a salary from Goldstrike. Mr. Bremner received just $65,000 last year for consulting services related to his role as chief geologist. |
