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by Stockwatch Business Reporter

New York spot gold dropped $24.40 Tuesday, reaching $3,921.40 by the market's close. The TSX Venture Exchange lost 6.14 points today, closing at 794.69 points, while the TSX gold index sank 12.54 points to 777.27. West Red Lake Gold Mines Ltd. (WRLG) resumed its southbound march today, dropping three cents to 53 cents on 2.52 million shares. It had been as high as $1.49 in January. Another straggler, New Found Gold Corp. (NFGC), found a penny today, adding one cent to $2.09 on 292,000 shares.

Ari Sussman's Collective Mining Ltd. (CNL) had a good day, adding $1.77 to $16.05 on 764,000 shares on eyebrow-cocking word of another long high-grade drill hit at its Guayabales project in Colombia. The headline hole, one of five new ones that tested the Ramp zone of the Apollo system, returned 12.44 grams of gold and 11 grams of silver per tonne across a 154.3-metre run at depth.

That deep intersection, from one of four daughters drilled off a mother hole, included a subinterval with 38.47 grams of gold and 28 grams of silver per tonne across 30.45 metres. By slicing that portion further -- a sub-subinterval as it were -- a 4.75-metre stretch graded 182.3 grams of gold and 102 grams of silver per tonne. (All four daughters tested rock within the currently defined resource boundaries.)

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