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Gold Summary for Oct. 22, 2020

2020-10-22 18:52 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $18.90 to $1,905.40 on Thursday. The TSX-V rose 5.59 points to 716.79 while the TSX gold index dropped 6.39 points to 355.34. Red ink flowed freely on Canadian gold-stock listings today. Agnico Eagle Mines Ltd. (AEM) dropped $2.83 to $104.58 on 927,000 shares, while Kinross Gold Corp. (K) dropped 49 cents to $11.51 on 5.38 million shares.

One of the few bright spots was Orosur Mining Inc. (OMI), which rose two cents to 51 cents on 488,000 shares following two down days. Orosur, a three-cent stock in May, leapt to a high of 70 cents on Monday, amid enthusiasm for the company's Anza project in Colombia, where its two major co-venturers, Newmont Corp. (NGT: $79.47) and Agnico Eagle, plan a big drill program to start soon.

What Sir Samuel Jonah and Nana Sangmuah's Roscan Gold Corp. (ROS) cheers as a "major new gold discovery" at Walia, a prospect on its Kandiole project in southwestern Mali, triggered just a minor move in its stock price. Roscan gained 2.5 cents to 37.5 cents on 2.11 million shares on word that assays from holes drilled along an estimated 1,500-metre trend ranged as high as 21.4 grams of gold per tonne over eight metres, a hit that included a two-metre interval averaging 77.8 grams per tonne. The near-surface intersections encountered between two and eight metres of mineralization, with grades typically averaging near three grams per tonne.

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