Gold Summary for Jan. 26, 2018

by Stockwatch Business Reporter

New York spot gold rose $2.00 to $1,349.30 on Friday. The TSX Venture Exchange rose 4.68 points to 890.80 while the TSX Gold Index rose 0.94 point to 200.71. Iamgold Corp. (IMG) led Canadian golds higher today, adding 16 cents to $7.63 on 1.87 million shares.New Gold Inc. (NGD) went in reverse, dropping seven cents to $3.94 on 3.86 million shares.

John Adams and Rich Munson's Sandspring Resources Ltd. (SSP), up one-half cent to 36 cents on 125,000 shares, has received assays of up to 12.07 grams of gold per tonne over 5.05 metres from a stepout hole drilled in the Sona Hill area at its Toroparu gold deposit in Guyana. The latest assays are from 22 holes completed in the new round of drilling now under way. Sandspring also has assays from 29 holes completed at the Wynamu Hill zone. The grades and intervals there were generally modest.

Mr. Munson, chief executive officer, says that drilling has expanded the company's indicated and inferred resources and the latest holes continue to show excellent results. He says the assays are "supportive of our interpretations of the potential resources available" at Sona Hill and Wynamu. In other words, he thinks the company has a lot more gold in the two deposits than listed in its compliant calculations. Wynamu needs more work to support an initial resource estimate and Sona Hill's total of just under 440,000 ounces of indicated and inferred gold is dwarfed by the 10 million ounces in the main Toroparu and SE Zone deposits. Sandspring hopes to prove more gold quickly at both Sona Hill and Wynamu, as they are projected as feeders for the Toroparu plant in the early stages of the proposed mine's life. A prefeasibility study is expected shortly.

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