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by Stockwatch Business Reporter

New York spot gold fell $6.80 to $1,954.10 on Monday. The TSX Venture Exchange fell 4.67 points to 611.99 while the TSX gold index dropped 1.78 points to 287.35. Most Canadian gold miners drifted lower today, although Oceanagold Corp. (OGC) managed a three-cent gain to $2.65 on 872,000 shares. Pan American Silver Corp. (PAAS) helped lead the retreat, as it fell 53 cents to $21.15 on 519,000 shares.

Collin Kettell and Denis Laviolette's New Found Gold Corp. (NFG) lost 20 cents to $6.25 on 178,000 shares on word of a bonanza-grade hit at its Queensway project in north-central Newfoundland. One of four new holes drilled into the 421 zone returned 100.65 grams of gold per tonne over 2.75 metres; another managed a more mundane 11.5 grams per tonne over 8.9 metres.

Bonanza-grade hits are frequent at Queensway, although most are one-to-three-metre-thick bands that give wider zones added oomph. This headline hit was a small-scale model of that pattern, as most of the gold sat within a 0.5-metre stretch that averaged nearly 550 grams of gold per tonne, leaving the other 2.25 metres with just 0.97 gram of gold per tonne. The second hit included a one-metre stretch with 80.8 grams of gold per tonne, leaving the other 7.9 metres with 2.73 grams of gold per tonne.

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