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Gold Summary for May 25, 2020

2020-05-25 17:07 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold added $1 to $1,727.60 on Tuesday. The TSX-V added 4.9 points to 541.84 while the TSX gold index inched 0.4 point lower to 351.31. Most Canadian gold miners stayed close to home today. Alamos Gold Corp. (AGI) did drop 18 cents to $11.35 on 408,000 shares while Pan American Silver Corp. (PAAS) rose 94 cents to $39.12 on 800,000 shares.

Tara Christie's Banyan Gold Corp. (BYN) jumped 3.5 cents to 11.5 cents on 6.29 million shares. The rally came on the heels of a maiden resource estimate for Banyan's Aurex and McQuesten properties, northeast of Mayo in east-central Yukon. Ms. Christie, president and chief executive officer, was excited by the value the maiden resource generates for shareholders -- presumably anticipating the market's reaction to the news.

That news credited the project, dubbed AurMac, with 52.58 million tonnes inferred at 0.535 gram of gold per tonne, or 900,000 ounces of gold. Most of those ounces, 775,000 of them, reside within the Airstrip deposit, while the rest, nearly 130,000 ounces, are in the Powerline deposit. (The deposit names might lack imagination, but they are a nifty way of reminding investors that, in addition to being accessible by road, AurMac has a nearby airstrip and access to the main power grid.)

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