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Gold Summary for June 5, 2024

2024-06-05 18:05 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold regained $27.80 on Wednesday, closing at $2,354.10. The TSX Venture Exchange rose 4.43 points to 599.86 while the TSX gold index added 5.47 points to 319.37. Fortuna Silver Mines Inc. (FVI) resisted the rise, falling $1.12 to $6.97 on 9.06 million shares. The slump followed word the company is selling $150-million (U.S.) in convertible notes to pay off existing debt.

Collin Kettell and Denis Laviolette's New Found Gold Corp. (NFG) rose 13 cents to $4.73 on 98,000 shares. The company has been strangely silent of late, a muteness spanning nearly two months since the last batch of assays from the company's incessant drilling rolled in. Now, however, the company has an updated technical report offering a vague path toward a destination longed for by shareholders -- a resource estimate and preliminary economic assessment.

But first, expect another two phases of drilling. In the first, the recommended plan calls for $25-million of stepout, infill and exploration drilling, along with subsequent assaying, spanning a total of 70,000 metres at Queensway North, Queensway South and the Twin Ponds property. Another $6-million of the proposed budget is earmarked for trenching and sampling at Iceberg, Keats West and Lotto. A further $2.4-million would be spent on geophysics, sampling and metallurgical work.

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