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by Stockwatch Business Reporter
New York spot gold gained $2.20 to $1,253.80 on Friday. The TSX Venture Exchange gained 2.42 points to 824.27 while the TSX Gold Index dipped 0.44 point to 214.53. Richmont Mines Inc. (RIC) had one of the bigger moves on a lacklustre day. It gained 34 cents to $10.50 on 1.14 million shares.
Albert Matter and James Anderson's NuLegacy Gold Corp. (NUG) closed unchanged at 29 cents on 300,000 shares. NuLegacy says its Avocado gold project in Nevada is a Carlin-type gold system, based on its "current understanding and interpretation" of the geology and mineralization of the recently discovered deposit. The understanding and interpreting stems from the first four holes drilled this year on Avocado, about two kilometres north-northwest of the company's Iceberg deposit, which is another project that Mr. Anderson, chief executive officer, touts as a Carlin-style deposit. (Carlin-type deposits host "invisible gold" placed in sedimentary rock through hydrothermal processes. They derive their name from the old Carlin mine that produced several million ounces of gold, starting in the 1960s.)
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