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Gold Summary for June 6, 2022

2022-06-06 19:43 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold lost $9.40 Monday, ending the day at $1,841.90. The TSX-V fell 1.48 points to 718.63 today while the TSX gold shed 3.38 points to 295.48. Most Canadian gold miners stayed close to home today, although Yamana Gold Inc. (YRI) fell 24 cents to $6.92 on 6.26 million shares.

Another, Collin Kettell's New Found Gold Corp. (NFG) rode new assays from its Queensway project in north-central Newfoundland to a higher perch early on, ending the day up four cents to $7.20 on 246,000 shares. One of several new holes testing the Keats Main zone produced a near-surface hit averaging 9.12 grams of gold per tonne over 8.2 metres, along with a deeper encounter that averaged 42.6 grams per tonne across 11.75 metres.

Melissa Render, vice-president of exploration and a linguist skilled in geologese, kept her penchant for jargon in check, but all too briefly. She says the new drilling "continues to advance our understanding of the geometries and potential projections of the high-grade gold veins and faults that comprise the Keats." Her team, she cheers, "is working tirelessly to keep the drills focused in expanding the zones" while concurrently "building our understanding of the controls" to allow the "continued optimization of targeting." What she means of course is that they are trying to keep the rich assays coming without the promotional embarrassment of a series of duds.

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