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Gold Summary for June 9, 2022

2022-06-09 19:10 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $4.70 Thursday, ending the day at $1,848.40. The TSX-V slid 12.31 points to 711.88 while the TSX gold dropped 6.93 points to 287.94. Most Canadian gold miners were in retreat today. Oceanagold Corp. (OGC) fell 10 cents to $2.88 on 1.29 million shares while Karora Resources Inc. (KRR) fell 22 cents to $4.09 on 1.16 million shares.

Patrick Downey's Orezone Gold Corp. (ORE) rose three cents to $1.39 on 108,000 shares. The company has received assays from a grade-control drill program at its Bombore project in Burkina Faso, which yielded up to 22.42 grams of gold per tonne over four metres. The drilling, which focused on near-surface oxide gold suitable for starter-pit mining, yielded plenty of intersections grading between 1.4 and three grams of gold per tonne across intervals topping 10 metres.

Mr. Downey, president and chief executive officer, deemed the new results "extremely robust," adding that they "have not only confirmed but extended the higher-grade zones" within the Bombore resource and reserve models. These higher-grade zones, he cheers, are up to 60 metres thick and average between 15 and 30 metres thick, "with ore starting right at surface" and with several holes ending in mineralization. Mr. Downey is still expecting Orezone to have its first gold pour this summer.

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