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by Stockwatch Business Reporter
New York spot gold fell $10 to $1,846.50 Monday as the TSX Venture Exchange slipped 5.22 points to 637.76 and the TSX gold index lost 3.78 points to 270.66. Most Canadian gold miners moved lower today, although the declines were generally modest. Victoria Gold Corp. (VGCX) lost 39 cents to $8.16 on 377,000 shares while not-yet-a-miner New Found Gold Corp. (NFG) misplaced 12 cents to $4.96 on 132,000 shares.
Among those northbound was Argonaut Gold Inc. (AR), which added one cent to 47.5 cents on 7.3 million shares. Argonaut was an $11 stock in 2012 and traded above $4 late in 2021, but big cost overruns with construction of the company's Magino mine in Northern Ontario since then have shredded the company's stock and prompted a steady turnover in the company's corner office.
Patrick Downey's Orezone Gold Corp. (ORE) fell seven cents to $1.28 on 79,000 shares on word it has drilled a 40.4-metre interval averaging 1.72 grams of gold per tonne at its Bombore mine in Burkina Faso. Much of the gold sat within an 8.25-metre stretch that yielded 4.31 grams per tonne, but the remaining 32.15 metres still mustered an average of just over one gram per tonne. Several other holes also did well, with near-surface hits of 1.49 grams per tonne across 53.7 metres and 1.98 grams per tonne over 11.7 metres.
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