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Gold Summary for Jan. 14, 2020

2020-01-14 20:27 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold lost $1.30 to $1,546.10 on Tuesday. The TSX Venture Exchange added 2.15 points to 574.43, and the TSX Gold Index moved higher, adding 3.44 points to 252.43. Fred Stanford's Torex Gold Resources Inc. (TXG) led the retreat again today, dropping another 31 cents to $19.02 on 847,000 shares. Mr. Stanford, president and CEO, said today that Torex expects to produce between 420,000 and 480,000 ounces of gold this year, with the midpoint "relatively in line" -- a bit less, in other words -- with its 2019 production.

Larry Phillips's Compass Gold Corp. (CVB) slumped to an intraday low of 26.5 cents, ending the day down 22.5 cents to 32.5 cents on 2.68 million shares. The crash came on the heels of assays from a 16-hole drill program on the Boumban Central area of the Sikasso project in Mali. The assays ranged as high as 0.57 grams of gold per tonne over 10 metres, including a three-metre zone that averaged 1.33 grams per tonne. All the other intervals at Boumban Central were short and had grades of less than one gram per tonne. As well, several holes into the Farabakoura zone produced up to 1.17 grams of gold per tonne over eight metres, with a two-metre interval averaging 2.8 grams per tonne.

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