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Gold Summary for Aug. 7, 2020

2020-08-07 18:01 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold went lower Friday, falling $28.40 to $2,034.80. The TSX-V slipped 2.13 points to 739.98 while the TSX gold index dipped 9.38 points to 394.16. Teranga Gold Corp. (TGZ) eked out a modest profit in its second quarter and has boosted its 2020 guidance, but it nevertheless fell 88 cents to $15.20 on 1.14 million shares.

Mark Bristow's Barrick Gold Corp. (ABX) and Greg Lang and Dr. Thomas Kaplan's Novagold Resources Inc. (NG) tried to beat the Friday blahs by releasing assay results from their Donlin gold project in southwestern Alaska late Thursday. It did not help, as investors shrugged off the news when they heard it Friday morning, sending Barrick down 71 cents to $38.56 on 6.32 million shares and Novagold down 19 cents to $12.15 on 708,000 shares despite assays of up to 11.61 grams of gold per tonne over 41.9 metres starting within 30 metres of surface.

The results, which cover barely 2,200 metres of the 13,795 metres currently drilled, produced several other noteworthy hits, including 5.03 grams per tonne over 45.9 metres, 18.4 grams per tonne over 7.66 metres and 4.15 grams per tonne over 23.4 metres. Four rigs continue to work Donlin in a program that had been interrupted by the COVID-19 crisis, with the crews still expected to complete "most" of the planned 22,000 metres across 80 holes before the end of the year.

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