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Gold Summary for Sept. 5, 2019

2019-09-05 20:03 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold slumped $33.30 to $1,518.70 on Thursday. The TSX Venture Exchange lost 6.67 points to 586.26 while the TSX Gold Index slid 13.46 points to 255.95. Canadian gold miners followed bullion lower today. Barrick Gold Corp. (ABX) dropped $1.94 to $24.36 on 13.24 million shares, while Premier Gold Mines Ltd. (PG) dropped 19 cents to $2.19 on 1.40 million shares.

David Lotan and Mike Basha's Aurion Resources Ltd. (AU) slid 17 cents to $1.68 on 410,000 shares on assays from the latest six holes drilled at Aamurusko Northwest on its Risti gold project in northern Finland. The assays ranged as high as 10.6 grams of gold per tonne over 3.4 metres. A second hole yielded 3.51 grams per tonne over 31.12 metres, aided by a 0.33-metre zone that averaged 252 grams per tonne.

The dreary market reaction suggests that investors had been expecting better, a reasonable hope given that the first two holes into the zone had produced 13.31 grams per tonne over 19.54 metres, aided by an 8.18-metre zone that ran 22.58 grams per tonne. Those expectations -- or at least hopes -- were undoubtedly greater among investors who recalled that Aurion drilled several high-grade hits last year at Aamurusko Main, 600 metres to the southeast, including a 2.9-metre hit that averaged 789.1 grams of gold per tonne.

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