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by Stockwatch Business Reporter
New York spot gold fell $15.60 to $1,291.90 on Thursday. The TSX Venture Exchange lost 4.68 points to 624.41 while the TSX Gold Index slipped 1.83 points to 194.34. Most Canadian gold miners followed bullion lower today. McEwen Mining Inc. (MUX) dropped 11 cents to $1.86 on 872,000 shares while Torex Gold Resources Inc. (TXG) shed 79 cents to $13.99 on 823,000 shares.
In what appears to be an exploration case of "shoot the messenger," Greg Isenor's Roscan Gold Corp. (ROS), is blaming lower than expected grades from the Mankouke area at its Kandiole project in western Mali on its reverse circulation (RC) drills. Roscan's assays from those holes yielded no better than 1.68 grams of gold per tonne over eight metres and 2.6 grams per tonne across three metres, while the latest assays from holes drilled with an air core rig produced 6.39 grams per tonne over six metres. Mr. Isenor, president and chief executive officer, says that the RC drilling in the mineralized zone resulted in poor recovery, so the area is being redrilled immediately with a coring rig.
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