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by Stockwatch Business Reporter
New York spot gold moved higher, adding $41.70 to $2,019.40 on Tuesday. The TSX-V leapt 20.33 points to 741.57 while the TSX gold index added 8.92 points to 406.60. Centerra Gold Inc. (CG) did well today, adding $1.36 to $18.16 on 3.16 million shares on the heels of a solid second quarter.
Chris Taylor's Great Bear Resources Ltd. (GBR) jumped 78 cents to $17.76 on 269,000 shares on word that it has drilled a 10.5-metre near-surface interval averaging 81.22 grams of gold per tonne at its Dixie project, near Red Lake in Northwestern Ontario. The glitter came from one of several holes drilled along two sections across a previously undrilled, 140-metre segment of the LP Fault zone. That was by no means the only high-grade hit in the latest assays. A second hole produced 15.31 grams of gold per tonne over 14.25 metres, while a third yielded 11.47 grams per tonne over 11.3 metres.
Mr. Taylor, president and chief executive officer, cheered his new assays, lauding the excellent continuity of mineralization across adjacent drill sections and to depth along the same section. He was particularly enthused with the "predictable high-grade gold intervals" at LP Fault, within a broad bulk-tonnage-style gold system. Both styles of mineralization, he says, extend from the bedrock surface to the deepest extent of the current drilling, adding that Great Bear is now updating its geological model to account for most of the high-grade rock.
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