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Gold Summary for Aug. 6, 2020

2020-08-06 17:36 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold moved higher, adding $23.50 to $2,062.70 on Thursday. The TSX-V slipped 4.97 points to 742.11 while the TSX gold index dipped 3.40 points to 403.54. Iamgold Corp. (IMG) followed bullion lower, dropping 42 cents to $6.48 on 6.66 million shares on word it earned $25.5-million (U.S.) in its second quarter.

John Williamson and Jim Greig's Benchmark Metals Inc. (BNCH) jumped 16 cents to $1.26 on 3.27 million shares on word that it has drilled a 57.91-metre interval averaging 1.9 grams of gold and 92 grams of silver per tonne from a new hole at its Lawyers project in the Golden Horseshoe district of northwestern British Columbia. The result is pleasing, as the interval began at surface and included a 12.2-metre zone averaging 6.33 grams of gold and 329 grams of silver per tonne.

This is the first result from a 50,000-metre drill program at Lawyers. The company has already wrapped up 20,000 metres of drilling across 117 holes, so this first trickle of news should soon grow to a torrent of assays. Benchmark sent four rigs to Lawyers in mid-June and added a fifth a month later, and at the current pace, the full program could wrap up by early fall, although the assays will be flowing from the lab until the end of the year.

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