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Gold Summary for May 15, 2024

2024-05-15 18:01 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $29.10 to $2,386.70 on Wednesday. The TSX Venture Exchange gained 1.99 points to 601.87 while the TSX gold index added 2.49 points to 328.81. Taseko Mines Ltd. (TKO) fell five cents to $3.68 on 2.39 million shares despite a two-week silence. Taseko typically trades briskly, and interest spiked in early March, with the stock averaging over one million shares traded daily as its price jumped to $3.74 this morning, up from $2 in early March. Endeavour Silver Corp. (EDR) was one of the strong silent types, adding 22 cents to $4.78 on 2.88 million shares.

Paul Martin's Red Pine Exploration Inc. (RPX) rose one cent to 10 cents on 3.68 million shares on further word about the assay reporting inconsistencies it revealed two weeks ago -- manipulations it subsequently blamed on its former president and chief executive officer, Quentin Yarie. Last week, the company said that assays altered between 2014 and 2019 would have an impact on the Wawa resource estimate. That estimate contained 781,000 ounces in the Surluga and Minto zones, but correcting the data is likely to remove between 63,500 and 86,000 ounces.

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In the write-up on Alta copper the resource for Canariaco Sur was used which is only an inferred resource. Alta also has a much higher measured and indicated resource at Canariaco Norte which is 1.1 billion tonnes at 0.42% CuEQ and also a 410.6 MT inferred resource at 0.32% CuEQ.

That makes Alta Copper a company we will hear a lot more about in the news.

Posted by Ed Zak at 2024-05-21 14:20