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Gold Summary for May 9, 2017

2017-05-09 19:47 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $4.90 to $1,221.10 on Monday. The TSX Venture Exchange lost 5.94 points to 774.14 while the TSX Gold Index lost 0.21 point to 202.76. Most Canadian golds moved lower although Centerra Gold Inc. (CG) did add 27 cents to $7.63 on 3.11 million shares. McEwen Mining Inc. (MUX) led the decliners, losing 10 cents to $3.61 on 952,000 shares.

Jonathan Awde's Gold Standard Ventures Corp. (GSV), down seven cents to $2.09 on 202,000 shares, is set to start another big drill program at Dark Star and North Bullion, two promising deposits on its Railroad-Pinion project in Nevada. The $15.5-million (U.S.) program, which will include 117 holes spanning nearly 50,000 metres, is designed to increase resources at both deposits and test for extensions of the higher-grade North Dark Star oxide zone. As well, some of the holes will target new areas to the south of Dark Star and Pinion. Mr. Awde, president and chief executive officer, says he is "very excited" by the program, which builds on the company's exploration successes over the previous five years. (The company's stock chart suggests that those successes occurred in the past two years, as Gold Standard's stock had retreated to a bleak 40 cents late in 2015.)

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