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by Stockwatch Business Reporter
New York spot gold fell $8.30 to $1,831.10 on Friday. The TSX-V slid anew, dropping 33.73 points to 856.62, while the TSX gold index fell 4.98 points to 285.99. The fleet of Canadian-listed gold miners was awash in a sea of red today. Endeavour Mining PLC (EDV) lost 91 cents to $28.16 on 1.06 million shares while Lundin gold Inc. (LUG) fell 37 cents to $9.32 on 206,000 shares.
Today being Friday, promotable news was hard to find but a few gold explorers chose to buck both the trend and the calendar by rolling out new assays. Quentin Yarie's Red Pine Exploration Inc. (RPX) fell three cents to 49 cents on 173,000 shares on word that it has drilled a 1.95-metre true-width interval averaging 18.21 grams of gold per tonne at its Wawa gold project in Northern Ontario. A second, deeper interval in that hole managed 18.14 grams per tonne over 0.82 metre.
Both high-grade hits occurred within a 27.26-metre true-width zone that averaged 2.01 grams of gold per tonne, as the hole encountered mineralization in the Jubilee shear zone about 140 metres downdip of the resource boundary. This new zone, called Surluga North based on its location at the northern area of the Surluga deposit, has the potential to expand the current resource.
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