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by Stockwatch Business Reporter
New York spot gold fell $2.10 to $1,289.80 on Friday. The TSX Venture Exchange rose 1.23 points to 625.64 while the TSX Gold Index slipped 0.91 point to 193.43. Endeavour Gold Corp. (EDV) helped lead the retreat. It shed 57 cents to $19 on 362,000 shares.
One area of mild encouragement apparently trumps two duds, given the market's reaction to assays from the Cerro Hermoso polymetallic project in southern Peru. Bill Pincus and Dr. Quinton Hennigh's Miramont Resources Corp. (MONT) got as high as 17 cents, a 4.5-cent gain, on the results from a nine-hole, 3,679-metre drill program that tested three principal targets: the Central Breccia, Stockwork and Carbonate Replacement zones. The good news came from the Central Breccia, where one of four holes averaged 0.26 gram of gold and 6.2 grams of silver per tonne, plus 0.20 per cent copper, 0.34 per cent zinc and 0.17 per cent lead over 249 metres.
That was the only noteworthy encounter among the four holes, although the company proclaimed some (small) promise in a 45-metre hit averaging 0.03 gram of gold and 1.5 grams of silver per tonne, plus 0.02 per cent copper, 0.4 per cent zinc and 0.4 per cent lead. Even that modest result was superior to what three holes into the Stockwork zone and two into the Carbonate Replacement zone produced. Dr. Hennigh, chairman, dismisses those two areas as having "limited potential." (Those words are akin to the kiss of death from a mobster, as on Howe Street, freshets of potential flow freely.)
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