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by Stockwatch Business Reporter
New York spot gold rose $13.60 to $1,961.10 on Monday while the TSX Venture Exchange rose 0.81 point to 609.89. The TSX gold index also stayed close to home, adding 0.13 point to close at 295.67. Kinross Gold Corp. (K) added three cents to $6.54 on 4.31 million shares and Barrick Gold Corp. (ABX) was busy as well falling 13 cents to $23.10 on 5.28 million shares.
On the other hand, New Found Gold Corp. (NFG) broke out of a funk, jumping 69 cents to $6.63 on 557,000 shares on word of a new bonanza-grade hit at its Queensway project in north-central Newfoundland. The new hole, drilled into the recent Iceberg discovery, produced 105.32 grams of gold per tonne over 27.05 near-surface metres, with a 7.3-metre portion returning 234.69 grams per tonne. Better yet, this was not a smear job, as the other 19.75 metres averaged a healthy 57.5 grams of gold per tonne.
This new hole is just over 30 metres along strike from an earlier hole, where New Found Gold applauded a 29.85-metre interval averaging 49.7 grams of gold per tonne back in mid-March. It is also 30 metres downdip of a hole that produced 15.3 grams of gold per tonne over 10.75 metres in early March. Iceberg is now defined over a 550-metre strike length and the company says it represents the fault-displaced eastern extent of the Keats-Baseline fault zone that hosts Keats Main, which to this point is arguably the best of several rich gold zones at Queensway.
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