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Gold Summary for May 19, 2020

2020-05-19 17:57 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $13.60 to $1,745.60 on Tuesday. The TSX-V rose another 18.86 points to 527.85, a big turnaround for the junior index since it bottomed at 330 just two months ago. (The index still has a way to go, as it spent the first two months of the year at about 575.) The TSX gold index, which has also been on a tear, took a breather today, dropping 3.57 points to 366.75.

Guyana Goldfields Inc. (GUY), now the subject of a bidding war, jumped 37 cents to $1.31 on 32.8 million shares on word that Silvercorp Metals Inc. (SVM: $5.90) has sweetened its offer to 25 cents in cash and 0.1849 share for each Guyana share. Gran Colombia Gold Corp. (GCM: $6.78) had interjected a bid last week, offering the equivalent of 90 cents per share in stock.

Marz Kord's Wallbridge Mining Co. Ltd. (WM) jumped six cents to $1.04 on 4.4 million shares on word that it has drilled a 5.35-metre zone averaging 70.84 grams of gold per tonne in the Main Gabbro area of its Fenelon gold project in northwestern Quebec. That hit, in the Naga Viper zone, was one of several high-grade hits among the 22 new underground holes in the Main Gabbro area. A second hole, also at Naga Viper, returned 32.26 grams across 7.05 metres while a third managed 51.37 grams per tonne over 2.1 metres in the Cayenne zone.

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