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Msg  67713 of 69935  at  7/9/2020 6:51:46 PM  by


Gold Summary - 9th

Gold Summary for July 9, 2020

2020-07-09 18:03 ET - Market Summary

by Stockwatch Business Reporter

New York spot gold slipped $6.60 to $1,802.50 on Thursday. The TSX-V rose 7.16 points to 671.96 while the TSX gold index added 0.24 point to 362.55. Several Canadian gold miners remained strong today, with Agnico Eagle Mines Ltd. (AEM) adding 99 cents to $90.07 on 1.05 million shares and Kinross Gold Corp. (K) adding 17 cents to $10.43 on 11.77 million shares.

Enthusiasm earlier this week caught up with a few. Endeavour Mining Corp. (EDV) dropped 74 cents to $34.44 on 1.04 million shares. Endeavour did well the past few days after revealing that the La Plaque deposit at its Ity gold mine in Ivory Coast saw its indicated resource grow to nearly 690,000 ounces. Kirkland Lake Gold Ltd. (KL) also fell back today, losing 67 cents to $63.56 on 2.58 million shares, after gaining $7.50 over the past two days. Kirkland lake said Tuesday that it produced nearly 330,000 ounces of gold in its second quarter.

Walter Storm's Tudor Gold Corp. (TUD), down 23 cents to $2.40 on 1.17 million shares, has new assays from its Treaty Creek project in northwestern British Columbia. The results, from the first nine holes of a new drill program, ranged as high as 0.78 gram of gold and three grams of silver per tonne, plus a tiny amount of copper, over a hefty 973 metres. The long hit included a 217.5-metre zone that averaged 1.34 grams of gold and 3.32 grams of silver per tonne.

The other holes produced shorter intervals and generally lesser grades, but that was expected, says Ken Konkin, vice-president. The priority of the new drilling is to expand the Goldstorm system southeastward and northeastward, he says, yet the drilling began in the central and southwestern areas "where grades were weaker within the overall system." Mr. Konkin, a geologist, did not say why -- perhaps he understands the promotional difficulties of rolling out the best assays at the start of a program. Either way, he was "pleasantly surprised to see the strength of mineralization" in the one long hit.

Mr. Storm, president and chief executive officer, upped the enthusiasm, calling the assays "excellent results" and adding that he is "very excited with the potential that lies ahead" when Tudor starts to drill the priority northeastern portion of Goldstorm. Mr. Storm says that Tudor's commitment remains strong to publish a resource estimate at the end of the year, adding "we will do what it takes to accomplish this."

What it will take is a lot of drilling, and the company is planning to drill up to 35,000 metres this year. Fortunately, Tudor just sold 6.65 million shares at $1.40 to financier Eric Sprott, who now owns nearly 20 per cent of the company's stock, and there are four rigs on the property, so Mr. Storm should have what it takes to do whatever it takes -- the gold and COVID-19 willing, of course.

Tudor Gold went public in 2016 using another prospect as its qualifying transaction, but the company quickly acquired a 60-per-cent interest in Treaty Creek and formed a joint venture with its two minority partners, American Creek Resources Ltd. (AMK: $0.28) and Teuton Resources Corp. (TUO: $2.74). There has been a considerable amount of drilling since then, but although the thicknesses have been large, the grades have generally been small -- although with hints of glitter northeastward and southeastward.

Brad Humphrey and Dr. Andreas Rompel's QMX Gold Corp. (QMX) gained one-half cent to 18.5 cents on 1.35 million shares on word that it has drilled a 4.5-metre interval averaging 21.29 grams of gold per tonne from the South Shear zone at its Bonnefond deposit at the company's Val d'Or East project in northwestern Quebec. The assays, from another six holes, come from the eastern portion of Bonnefond. The five other holes produced gold as well, although the grades were lower.

A second hole managed 6.02 grams per tonne over four metres, also in the South Shear zone, and a third produced 4.75 grams per tonne over seven metres from the North Shear zone. There have been plenty of high-grade hits previously at Bonnefond. Early this year, QMX hit a 3.4-metre interval that averaged 41.82 grams of gold per tonne, a result that left Dr. Rompel, vice-president of exploration, "extremely impressed." Today, the extremely impressionable Dr. Rompel was "very happy to present fantastic results" to the public again. (Superlatives come easy to Dr. Rompel, who has oscillated between extremes of excitement and pleasure as assays have rolled in from Bonnefond and elsewhere in the area.)

More excitement and pleasure undoubtedly await Dr. Rompel, no matter what the assays say, as QMX is busy with a 35,000-metre drill program on its properties. Bonnefond figures prominently in the plan, as well as the River target, which Dr. Rompel says was "highly successful," and the newly-defined Poulamaque target, where the assays and superlatives are yet to come.

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