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Gold Summary for June 10, 2024

2024-06-10 19:05 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold regained $16.90 on Monday, closing at $2,309.50. The TSX Venture Exchange dipped 1.31 points to 586.94 while the TSX gold index added 5.59 points to 316.91. A big loser on Friday with a 52-cent drop, Iamgold Corp. (IMG), regained 11 cents to end today at $5.04 on 4.2 million shares. Endeavour Mining PLC (EDV) went the other way, dropping 53 cents to $28.86 on 909,000 shares. Neither company has had news this month.

John Lewins's K92 Mining Inc. (KNT) rose four cents to $7.63 on 518,000 shares on word it has drilled a 60.46-metre true-width interval from surface that graded 3.06 grams of gold and one gram of silver per tonne plus 0.05 per cent copper at its Kainantu project in Papua New Guinea. The new assays are from the company's maiden-to-it drill program at Arakompa, a target just 4.5 kilometres from the company's Kainantu mill.

Arakompa apparently had been drilled in the early 1990s -- 18 shallow holes with uncertain results -- but K92 has been doing well this year in the area. In February, the company's first two holes hit gold, with one yielding 24.44 grams of gold and 13 grams of silver plus 0.1 per cent copper across a true width of 3.46 metres at depth. The first hole of the program also hit gold, but over just narrow intervals.

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