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by Stockwatch Business Reporter
New York spot gold added $8.50 to $1,293.20 on Wednesday. The TSX Venture Exchange rose 9.85 points to 598.11 and the TSX Gold Index added 1.71 points to 180.11. New Gold Inc. (NGD) traded briskly, adding 18 cents to $1.61 on 7.77 million shares.
Ken Lapierre's Rockcliff Metals Corp. (RCLF), up two cents to 12.5 cents on 338,000 shares, has observed visible gold in core drilled at its Laguna project, near Snow Lake in Northern Manitoba. (Kinross Gold Corp. (K: $4.24) is earning a 70-per-cent interest in the project through an option deal struck last summer.) Laguna hosts the old Rex-Laguna mine, but the property was last drilled in the mid-1940s. Interest in the property was sporadic, even when the mine was active: Rex-Laguna produced just 60,000 ounces of gold, although at a pleasing 18.7 grams per tonne, during intermittent mining from 1916 to 1939.
Mr. Lapierre, president and chief executive officer, says that he and his crew are looking forward to the assays from the drilling, which he describes as having identified deeper extensions of several historical gold-bearing surface quartz veins. As well, the drilling hit new quartz veins with the visible gold. Mr. Lapierre added that some of the holes went beyond their planned depths because veins kept popping up.
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