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Gold Summary for May 20, 2022

2022-05-20 19:33 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $3.70 Thursday, ending the day at $1,845.20. The TSX-V fell 3.49 points to 702.09 today while the TSX gold index added 0.87 point to 301.40. Most Canadian gold miners were in retreat today. Karora Resources Inc. (KRR) was among the more energetic decliners; it lost 19 cents to $4.80 on 2.17 million shares. New Found Gold Corp. (NFG), strong of late but not today, dropped 28 cents to $7.58 on 175,000 shares.

Northbound today was Argonaut Gold Inc. (AR), which added 13 cents to $1.45 on 6.11 million shares. Argonaut was an $11 stock a decade ago and traded above $4 last fall, but construction woes at its Magino mine in Ontario nearly halved the company's stock late last year and once again last week. The latest word suggests the mine may cost over $900-million to complete and its first production might be delayed.

Ralph Rushton's Aftermath Silver Ltd. (AAG) lost one-half cent to 24 cents on 229,000 shares. The company has drilled a 56.7-metre interval averaging 253 grams of silver per tonne plus 1.19 per cent copper, 14.3 per cent manganese and 0.54 per cent zinc at its Berenguela project in south-central Peru, a hit aided by an eight-metre interval averaging 804 grams of silver per tonne. Aftermath holds the property under option from SSR Mining Inc. (SSRM: $26.16) through a 2020 deal that requires the company to pay $11-million (U.S.) in stages by late 2026.

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