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by Stockwatch Business Reporter
New York spot gold fell $6.00 to $1,260.10 on Wednesday. The TSX Venture Exchange fell 6.24 points to 779.30 while the TSX Gold Index dipped 7.25 points to 200.19. Canadian golds tumbled today. Agnico Eagle Mines Ltd. (AEM) slid $3.05 to $62.18 on 1.33 million shares, while Premier Gold Mines Ltd. (PG) slumped 28 cents to $2.81 on 2.73 million shares.
Stuart Rogers and Joe Campbell's Terrax Minerals Inc. (TXR), down 9.5 cents to 45.5 cents on 1.43 million shares, has received assays of up to 0.59 gram of gold per tonne over 123.5 metres at the Sam Otto zone on the Northbelt property, at its Yellowknife City gold project in the Northwest Territories. The latest assays are from nine holes drilled at Sam Otto and two completed at Dave's Pond. All 11 tests hit gold, several of them producing modest grades over substantial intervals.
Mr. Campbell, chairman and chief executive officer, says that the consistency of wide gold intersections at Sam Otto confirms the existence of a bulk-tonnage target with considerable upside potential. He believes Sam Otto has the potential to host a large, high-grade deposit much like the past-producing Con mine to the south. The results so far support his "large" descriptor far more than they support the "high-grade" claim. (The old Con mine produced 6.1 million ounces of gold at 16.1 grams per tonne and the Giant mine, Yellowknife's other big mine, about eight kilometres north of Con and 12 kilometres south of Sam Otto, produced even more: 8.1 million ounces at 16.0 grams per tonne.)
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