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Gold Summary for Aug. 16, 2016

2016-08-16 20:54 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold gained $7.20 to $1,345.80 on Tuesday. The TSX Venture Exchange rose 2.45 points to 838.55 while the TSX Gold Index lost 2.18 points to 270.90. Most Canadian gold miners retreated today, although Kirkland Lake Gold Inc. (KGI) followed bullion higher, closing up 12 cents to $12.09 on 973,000 shares. Yamana Gold Inc. (YRI) lost 20 cents to $7.07 on 7.00 million shares.

Ian Slater and Robert Bell's Red Eagle Mining Corp. (RD), unchanged at 80 cents on 600,000 shares, has received assays of up to 7.25 grams of gold per tonne over 11.5 metres from drilling at its Santa Rosa gold project in Colombia. (The company is conducting production stope delineation drilling at the San Ramon mine. The assays are from the latest 18 holes; five had been completed earlier.) Several of the holes yielded promising amounts of gold, including some higher-grade intervals. Of those, one averaged 12.27 grams per tonne over 5.1 metres and another ran 50.11 grams per tonne over 1.35 metres.

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