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by Stockwatch Business Reporter
New York spot gold rose $3.60 to $1,309.80 on Thursday. The TSX Venture Exchange lost 5.64 points to 614.88 while the TSX Gold Index dipped 0.18 point to 189.93. Endeavour Mining Corp. (EDV) led Canadian gold miners lower today, dropping 97 cents to $21.68 on 307,000 shares. Barrick Gold Corp. (ABX) was stronger. It rose 23 cents to $17.73 on 6.92 million shares.
Justin Reid and Paul Pint's Troilus Gold Corp. (TLG), down one cent to 73 cents on 111,000 shares, has started a big drill program at its Troilus gold project, near Chibougamau in north-central Quebec. The plan calls for at least 40,000 metres of drilling across two phases. Mr. Reid, chief executive officer, says the work is designed to "derisk and expand" an already significant resource estimate declared last fall. That estimate lists 40.8 million tonnes indicated as an open-pit resource at 0.66 gram of gold per tonne and 0.053 per cent copper, plus 9.6 million tonnes inferred at slightly lower grades. An underground resource hosts 24.2 million tonnes indicated at 1.32 grams of gold per tonne and 0.12 per cent copper, with 14.4 million tonnes inferred at comparable grades. In all, Troilus hosts nearly 2.7 million ounces of gold.
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