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Gold Summary for Sept. 18, 2023

2023-09-18 19:14 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $9.10 to $1,933.20 on Monday. The TSX Venture Exchange added 0.31 point to 591.09 while the TSX gold index added 0.88 point to 277.90. Most Canadian gold miners gained ground today. The list included West Red Lake Gold Mines Ltd. (WRLG), which jumped to an intraday high of 75 cents on its way to an eight-cent gain, closing at 71 cents on 5.79 million shares.

Among those in retreat today was Paul Tomory's Centerra Gold Inc. (CG), which fell 36 cents to $7.56 on 1.8 million shares on word today of a "strategic plan" for each of its assets. Rob McEwen's McEwen Mining Inc. (MUX) was also in decline early, but it rebounded to end the day up 14 cents to $9.74 on 22,000 shares. McEwen, silent for nearly a month, traded as high as $13.36 in April and over $12 in midsummer, but it dipped below $9 earlier this month.

A new week is here and with it comes another round of assays from Paul Huet's Karora Resources Inc. (KRR) and its Beta Hunt mine in Australia. Last week, Mr. Huet, chairman and chief executive officer, applauded a six-metre hit that averaged 15.9 grams of gold per tonne in a second batch of results from the southern portion of the Fletcher zone. Now, he is cheering a new round of assays, this time with intervals of up to six metres averaging 12.2 grams per tonne, from the Mason zone. The company also has encouraging assays from several other areas of Beta Hunt.

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