Gold futures, per the COMEX August contract, settled lower on Friday by $19.60, or 1.3%, at $1,500.90 per ounce.
Coupled with yesterday’s $32.90 slid in gold futures, the yellow metal posted its worst two-day stretch since May 4-5 of this year. For the week, gold futures tumbled $38.10, or 2.5%.
Weakness in the gold sector was fueled by broad-based selling in the commodities complex and a rally in the U.S. dollar.
In afternoon trading, silver futures, per the July contract, fell $0.34, or 1.0%, to $34.67 per ounce. Crude oil pared its losses, but remained lower by $0.22, or 0.2%, at $90.80 per barrel.
West Kirkland Expands Drill Program
West Kirkland Mining (WKM.TSXV) announced the identification of 2 separate zones grading above 6.0 grams per tonne (g/t) gold from the latest round of drilling along the 5 kilometer mineralized structure west of Kirkland Lake. The Canadian-based gold company noted that drilling continues to target along strike and at depth from the higher grade intercepts. With positive results from 9,000 meters drilled in 26 holes so far, the 2011 program has been expanded to include at least 15,000 meters. Full West Kirkland Mining Press Release.
R. Michael Jones, President of West Kirkland:
"We are encouraged to see grade along the panel we have targeted, and have just begun outlining the best sections of the 5 kilometer target area."
west kirkland HIGHLIGHTS:
* On the Cunningham Property, West Kirkland is focused on the gold bearing structure which yielded the previously announced high-grade gold discovery of 19.79 g/t gold over 7.9 meters in November 2010.
* The gold bearing nature of the system at Cunningham has been further confirmed with numerous gold intercepts, including 6.29 g/t over 1.5 meters 64 meters below surface, 72 meters south of that original discovery.
* On the Goldbanks Property, the Company is nearing completion of its first deep hole designed to intersect the '04 and possibly '05 Breaks.
Michael Allen, Vice President of Exploration:
"We increase our knowledge base with each hole drilled along the identified mineralized breaks. Classic Kirkland Lake gold mines have higher grade thickness sections or shoots along a regional break or structure. Our drill program is designed to systematically test several kilometers of the breaks west of the main mines and then focus in on areas of interest.."
INTERACTIVE WEST KIRKLAND CHART
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