11:23:42 EST Wed 01 Feb 2023
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Gold Summary for Dec. 2, 2022

2022-12-02 18:17 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold retreated $4.90 to $1,798.10 on Friday. The TSX-V rose 0.02 point to 599.20 while the TSX gold index dropped 0.89 point to 282.75. Most Canadian gold miners lost recently hard-won ground today. Franco-Nevada Corp. (FNV) was one. It shed $1.89 to end the day at $195.88 on 808,000 shares. One that did not was New Found Gold Corp. (NFG). It added 29 more cents to close at $6.47 on 319,000 shares.

Fridays may be one of the more convenient days to reveal bad news -- just not when the disappointment comes on a down-day for gold. Brad George's Orosur Mining Inc. (OMI) lost six cents to 15 cents on 81,000 shares on word that its co-venturers at the Anza project in Colombia have assays from another four holes. Two failed to return gold and the best of the other two yielded just 0.3 gram of gold and 1.1 grams of silver plus 0.21 per cent zinc over 27.05 metres.

The "high-grade" section with that interval averaged just 3.49 grams of gold and 5.21 grams of silver per tonne, leaving the remaining 35.4 metres with a paltry 0.15 gram of gold and 0.91 gram of silver per tonne. There was a deeper interval -- not that the first hit was not deep as it was -- and it averaged 0.38 gram of gold and 1.75 grams of silver per tonne over 14.05 metres.

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