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Gold Summary for May 9, 2023

2023-05-09 18:35 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $13.30 to $2,034.50 on Tuesday. The TSX Venture Exchange rose 0.23 point to 620.22 while the TSX gold index added 0.58 point to close at 331.76. Sandstorm Gold Ltd. (SSL), northbound yesterday, lost 21 cents to $8.03 on 10.48 million shares today.

Hugh Agro's Revival Gold Inc. (RVG) lost nine cents to 51 cents on 2.08 million shares following a halt yesterday to reveal a placement at 52 cents of between 9.62 million and 11.85 million shares to support its Beartrack-Arnett project in Idaho. (The big buyers got their usual deal, so retail investors took one for themselves as well, at the expense of shareholders.) The $5-million minimum, and as much as $6.16-million, is needed to press ahead with a resource recalculation and prefeasibility study, as well as for general corporate needs.

Mr. Agro, president and chief executive officer, cheers that Revival Gold is "on track for midyear" to deliver the updated resource estimate and prefeasibility study for a first-phase restart of heap-leach operations at Beartrack-Arnett. The project is home to what was the largest producing gold project in Idaho, Mr. Agro enthuses, adding that the current deposits are open, benefit from extensive existing infrastructure and "represent one of few independently-controlled, large gold development opportunities located in the United States."

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