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Gold Summary for Oct. 18, 2021

2021-10-18 18:54 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold slipped $2.90 Monday, closing at $1,764.50. The TSX Venture Exchange added 0.14 point, closing at 937.81, while the TSX gold index fell 2.10 points to 279.64. Most Canadian gold miners stayed close to their Friday's closes. Gordon Stothart's Iamgold Corp. (IMG) rose seven cents to $3.46 on 2.65 million shares amid a flurry of news today. The company says that it produced 153,000 ounces of gold during its third quarter and 448,000 ounces for the year to date, a rate that is "trending towards the upper end of the guidance range," according to a "pleased" Mr. Stothart, president and chief executive officer.

Iamgold also rolled out a maiden resource estimate for its Gosselin discovery, just northeast of its Cote mine, currently under construction south of Timmins in Northeastern Ontario. The company lists 124.5 million tonnes indicated averaging 0.84 gram of gold per tonne and another 72.9 million tonnes inferred at 0.73 gram per tonne, a total of just over five million ounces. Just up the road at Cote, Iamgold has 365.5 million tonnes measured and indicated at 0.87 gram per tonne and 189.6 million tonnes inferred at 0.63 gram per tonne, a total of 14 million ounces of gold.

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