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by Stockwatch Business Reporter
New York spot gold fell $2.60 to $1,953.00 on Tuesday. The TSX-V added 0.18 point to 741.91 while the TSX gold index rose 0.23 point to 392.38. Most Canadian gold miners moved little today, news or not, but one of the strong silent ones, Victoria Gold Corp. (VGCX), leapt 86 cents to $18.65 on 235,000 shares. The last news from the company's Dublin Gulch property in Yukon, home to its new Eagle mine, came in mid-August.
One company with news -- unfortunately not the good kind -- was Jean-Marc Lulin's Azimut Exploration Inc. (AZM). Azimut tumbled 63 cents to $1.23 on 3.38 million shares on word that assays from another 17 holes drilled at its Elmer project in the James Bay region of Quebec managed no better than 2.4 grams of gold per tonne over 33.6 metres. Much of the grade across that interval came from a 6.6-metre stretch that returned 9.63 grams per tonne.
Azimut did report higher-grade snippets within the generally wide intervals of low-grade gold, with 19.34 grams per tonne across 3.05 metres in one hole and 10.12 grams per tonne over 2.95 metres in another. Most of the gold, however, came from zones averaging less than one gram per tonne over intervals approaching 50 metres, with 0.61 gram per tonne across 46.2 metres being the longest hit.
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