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Gold Summary for July 29, 2021

2021-07-29 19:07 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold jumped $21.10 Thursday, closing at $1,828.60. The TSX Venture Exchange rose 12.48 points to 921.27 while the TSX gold index added 6.10 points to 308.38. Canadian gold miners moved higher today, with Kirkland Lake Gold Ltd. (KL) helping lead the charge as it added $3.19 to $53.14 on 2.15 million shares.

Kirkland reported its second quarter earnings late yesterday, cheering a $244-million (U.S.) profit backstopped by what president and chief executive officer, Tony Makuch, called record quarterly production, strong revenue growth and significant increases on both operating and free cash flow. New Found Gold Corp. (NFG) ended its recent no-news slump, adding 31 cents to $10.14 on 384,000 shares. The company is still without news, but investors are expecting another batch of glittering assays shortly.

The recent dearth of Newfoundland gold news was broken today by Tim Froude's Sokoman Minerals Corp. (SIC). Sokoman has drilled a six-metre interval averaging 6.47 grams of gold per tonne at its Moosehead project in central Newfoundland. Assays from this Phase 6 program also included hits of 7.68 grams per tonne over 5.2 metres and 9.1 grams per tonne over 3.7 metres. Mr. Froude, president and CEO, says that the drilling continues to confirm high-grade gold at Moosehead and "provide insights into the complex geological controls on the high-grade mineralization," but investors who sent Sokoman up 2.5 cents to 50 cents on 1.89 million shares today were enthused with the assays, not the insights.

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