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Gold Summary for Feb. 6, 2024

2024-02-06 18:51 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $9.90 to $2,034.80 on Tuesday. The TSX Venture Exchange dipped 0.04 point to 548.16 while the TSX gold index added 1.29 points to 259.27. Most Canadian gold miners moved little from Monday, but there were exceptions. Barrick Gold Corp. (ABX) lost 27 cents to $20.26 on 5.43 million shares despite a one-week silence, and Artemis Gold Inc. (ARTG) rose 29 cents to $6.84 on 328,000 shares despite being equally silent.

Darren Hall's Calibre Mining Corp. (CXB) rose six cents to $1.46 on 5.09 million shares on word it has drilled a 14.8-metre true-width interval grading 3.14 grams of gold per tonne in the Frank zone at its Valentine property in central Newfoundland. A second hole yielded 39.9 grams per tonne across 1.8 metres while a third mustered 3.1 grams per tonne over 7.3 metres. The results are in line with previous drilling at Frank, completed a decade ago.

Mr. Hall, president and chief executive officer, applauds construction of the Valentine mine as "well advanced," with gold production slated for the first half of 2025. Meanwhile, Mr. Hall and crew say to expect Calibre to spend between $5-million (U.S.) and $10-million (U.S.) on exploration this year, with the work focused on prospecting across Valentine to identify targets in areas with little or no previous work, primarily along the 32-kilometre-long structural zone. Further, look for additional drilling at Frank.

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