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Gold Summary for Jan. 24, 2023

2023-01-24 19:04 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $6.60 to $1,937.20 on Tuesday. The TSX-V added 1.06 points to 623.03 while the TSX gold rose 2.23 points to 310.23. Most Canadian gold miners moved little, but Argonaut Gold Inc. (AR) added five cents to 73 cents on 7.51 million shares while Karora Resources Inc. (KRR) fell three cents to $5.36 on 715,000 shares.

Collin Kettell's New Found Gold Corp. (NFG) jumped 37 cents to $5.36 on 320,000 shares. The company has assays from 37 new holes drilled at its Queensway project, west of Gander in north-central Newfoundland. While the headline hit -- 6.7 grams of gold per tonne over 24 metres at Keats West -- does not scream in the 72-point bold font trumpeting the bonanza-grade assays regularly received in the spring of 2021, the company did find reason to cheer its new results.

Melissa Render, vice-president of exploration and now fully ensconced as the company's go-to promoter of all things explorational, enthused that the latest assays from Keats West "reveal strong continuity of grades and widths within the host structure." Of course, previous grades and widths from the area were clearly stronger than the new ones. Back in November, the company hit a 32-metre interval averaging 42.6 grams per tonne and 18.6 grams per tonne over nearly 16 metres.

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