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Gold Summary for Oct. 25, 2021

2021-10-25 19:25 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $14.60 Monday, ending the day at $1,806.60. The TSX Venture Exchange jumped 15.09 points, closing at 963.93, while the TSX gold index added 3.42 points to 289.25. Most Canadian gold miners posted gains today, although none quite like Fiore Gold Ltd. (F), which jumped 32 cents to $1.57 on 4.89 million shares on word that Calibre Mining Corp. (CXB) is offering 10 cents and 0.994 share for each Fiore share held.

Fiore owns -- and Calibre covets -- the Pan gold mine and adjacent Gold Rock project in Nevada. Blayne Johnson, Calibre's chairman, gushed that the deal "brings an immediate increase to our production" and "unlocks value for both Calibre and Fiore shareholders." Despite his enthusiasm, the market was not so impressed, as Calibre lost 12 cents to $1.59 on 5.05 million shares.

Collin Kettell and Eric Sprott's New Found Gold Corp. (NFG) moved higher again today, adding 70 cents to $10.69 on 560,000 shares. The company is looking to corner the market for Newfoundland-based drill rigs it appears, as it is doubling its 200,000-metre drill program, now half complete, to 400,000 metres. The company has nine rigs at its Queensway project in north-central Newfoundland, but it will have 14 turning before the end of the year according to Craig Roberts, chief executive officer, and Mr. Kettell, executive chairman.

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