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by Stockwatch Business Reporter

New York spot gold rose $0.70 to $1,278.30 on Thursday. The TSX Venture Exchange rose 0.74 point to 792.36 while the TSX Gold Index fell 0.25 point to 193.67. Klondex Mines Ltd. (KDX) led Canadian golds higher, adding 28 cents to $3.25 on 2.57 million shares after it drilled 0.5 metre of 282.93 grams of gold per tonne at Fire Creek in Nevada.

Alan Hill and Richard Young's Teranga Gold Corp. (TGZ), up five cents to $2.44 on 336,000 shares, has received assays of up to 110.6 grams of gold per tonne across 14 metres from a new discovery on its Golden Hill project in Burkina Faso. (Teranga owns 51 per cent of the project and is earning its way to an 80-per-cent interest.) The bonanza hit, from one of the company's 16 latest holes, included a one-metre interval that averaged nearly 1,500 grams per tonne. (If the grade of that one-metre zone is cut to 30 grams per tonne, the average for the 14-metre zone drops to 5.71 grams per tonne.) The other holes produced lesser amounts of gold, more in line with the cut grade of the best hole, including one test that produced two noteworthy zones: 5.72 grams per tonne across 15 metres and 4.13 grams per tonne across nine metres. Another hole managed 3.44 grams per tonne across 10 metres.

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