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by Stockwatch Business Reporter
New York spot gold rebounded $33.10 to $1,866.30 on Friday, helping the TSX-V to a 10.77-point gain, to 581.89. The TSX gold index added another 3.39 points to 302.02, aided by some solid gains among Canadian gold miners. Oceanagold Corp. (OGC) jumped 11 cents to $2.83 on 4.31 million shares, but Iamgold Corp. (IMG) fell 12 cents to $3.56 on 3.61 million shares.
Quentin Yarie's Red Pine Exploration Inc. (RPX) led the assay parade today, adding 13 cents to 42 cents on 1.31 million shares on word it has drilled a 37.47-metre interval averaging 5.13 grams of gold per tonne in the Surluga North vein network at its Wawa gold project in Northern Ontario. The hit came from core containing several visible gold specks, and four of those speckled subsections yielded much of the gold, with up to 40.37 grams per tonne over one metre and 30.97 grams per tonne over 1.41 metres in a second.
Mr. Yarie, president and chief executive officer, cheered that the assays from the Surluga north vein network show that significant mineralization exists in the hangingwall of the Jubilee shear zone and "validates the potential for a hybrid pit and underground project." In other words, these latest results were at depth. No matter -- Red Pine says that the hangingwall of the Jubilee shear zone is "unexplored to the north" and so it will pursue the area further.
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