06:04:48 EDT Fri 29 Mar 2024
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Gold Summary for April 18, 2016

2016-04-18 18:04 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold lost $1.60 to $1,232.50 on Monday. The TSX Venture Exchange gained 4.50 points to 638.34 while the TSX Gold Index slipped 0.18 point to 201.03. Yamana Gold Inc. (YRI) led the gainers today, adding 15 cents to $5.34 on 10.08 million shares, while Detour Gold Corp. (IMG) led the retreaters, dropping $1 to $24.78 on 2.94 million shares.

Don Dudek's Savary Gold Corp. (SCA), unchanged at 9.5 cents on 268,000 shares, has started drilling at its Karankasso gold project in Burkina Faso with its minority co-venturer, Andrew Dinning's Sarama Resources Ltd. (SWA: $0.12). The partners plan roughly 50 holes and 6,500 metres of drilling. Over half of the drilling will test four of the six zones currently hosting resources, but several other holes will target new areas on the property. Mr. Dudek, president and chief executive officer, says the first series of tests, up to eight of them, will probe areas with the greatest potential for size and grade. Once those holes are complete, Savary and Sarama will test for extensions to known zones with reverse circulation drilling.

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