Stockwatch Canada - Summary/Update Gold Summary for Feb. 29, 2016
2016-02-29 22:03 AT - Market Summary
by Stockwatch Business Reporter
New York spot gold gained $16.50 to $1,238.30 on Monday. The TSX Venture Exchange gained 3.67 points to 541.73 while the TSX Gold Index added 5.23 points to 182.18.
Goldcorp Inc. (G), which stumbled late last week after slashing its annual dividend to eight cents from 24 cents following a 2015 loss of $4.15-billion (U.S.), reclaimed 71 cents of the $2.81 it lost Friday, closing at $19.44 on 8.33 million shares.
Ernest Mast's Primero Mining Corp. (P), up four cents to $2.22 on 800,000 shares, has received encouraging new assays from the Froome zone, 800 metres west of its Black Fox gold mine in the Timmins region of Northern Ontario.
The latest Froome results include several long intercepts. One averaged 5.0 grams of gold per tonne over 42.9 metres, another ran 6.0 grams per tonne over 25.6 metres.
As well, holes drilled to test the down-plunge extent and continuity of the Froome mineralization yielded assays of up to 7.7 grams of gold over 102.6 metres. As well, the company says it has encountered "Froome-like mineralization" roughly 300 metres southwest of Black Fox.
Primero also received promotable assays from its San Dimas mine in Mexico, although the promotability of a new high-grade vein is secondary to the Black Fox news.
Nevertheless, Mr. Mast, president and chief executive officer since he replaced Joseph Conway in November, says the results "continue to demonstrate upside through exploration" at both of the company's mines, about which he is, of course, pleased.
That investment will continue this year: Primero plans to spend $9.1-million on exploration at San Dimas and $8.9-million at Black Fox. Primero had 3.6 million tonnes measured and indicated at 5.3 grams per tonne at Black Fox, just over 600,000 ounces.
San Dimas is larger, with 4.6 million tonnes measured and indicated at 6.6 grams of gold and 415 grams of silver per tonne, with another 6.5 million inferred at 3.8 grams of gold and 293 grams of silver per tonne.
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P deferred work on Grey Fox which is ~4km away and appears to be advancing Froome (see Froome Lake) which is closer to the (Stock) mill.
DYODD- GLAP
Cheers
Stanley