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Gold Summary for May 18, 2023

2023-05-18 19:14 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $24.50 to $1,957.40 on Thursday. The TSX Venture Exchange fell 2.72 points to 609.03 while the TSX gold index lost 7.17 points to close at 303.51. Most Canadian gold miners had another down day thanks to bullion's decline. Iamgold Corp. (IMG), which was as high as $4.45 on Monday, had its fourth consecutive drop, ending the day off four cents to $3.69 on 2.55 million shares. The company said early this week that it had arranged a $400-million (U.S.) term loan in support of construction at its Cote mine in Northern Ontario.

Martin Pawlitschek's Sanu Gold Corp. (SANU) lost two cents to 14 cents on 219,000 shares on word it has drilled a 15-metre interval averaging 11.4 grams of gold per tonne at Target 2 on its Bantabaye project in Guinea. The hit got a boost from a four-metre interval averaging 41.2 grams per tonne, which leaves the remaining 11 metres with a far less promotable 0.56 gram per tonne. The glitter comes from one of the first three holes drilled in the company's inaugural drill program, although a second of the tests did yield a 12-metre interval averaging two grams per tonne.

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