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by Stockwatch Business Reporter
New York spot gold lost $3.80 to $1,538.70 on Wednesday. The TSX Venture Exchange rose 0.18 point to 583.82 while the TSX Gold Index added 0.71 point to 269.70. Most Canadian gold miners moved little today, but Barrick Gold Corp. (ABX) did manage a 27-cent gain to $26.54 to 8.25 million shares.
George Faught and Phillip Walford's Marathon Gold Corp. (MOZ), down five cents to $1.43 on 858,000 shares, expects an updated resource estimate for its Valentine Lake gold project in Newfoundland before the end of the year, with a reserve estimate and prefeasibility study promised by early spring. The company had been an energetic driller on the project for the past decade under Mr. Walford's direction as president and chief executive officer, expanding the Marathon deposit initially and most recently, drilling the Leprechaun deposit.
Matt Manson, who replaced Mr. Walford just four weeks ago, says that the coming resource update will contain new estimates for Leprechaun, where drilling has just ended, and Marathon, where drilling continues unabated. The company is moving its idle rigs to Sprite, the third of four deposits at Valentine, but with drilling slated to start next month, those assays will come too late to be included in the update. Mr. Manson says that the drilling so far has shown new mineralization within and adjacent to the existing pit shells, so he expects a "positive impact" on the resource calculation.
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