U.S. equity markets plunged Thursday, as the Dow Jones Industrial Average (DJIA) dropped 512.76 points to 11,383.68. The 4.3% retreat in the DJIA marked its worst single-day decline since a 7.7% plummet on December 1, 2008.
Gold futures, which this morning rallied to a new all-time high of $1,684.90 per ounce, headed south in mid-day trading while the U.S. dollar extended its gains. COMEX gold futures, per the December contract, hit an intra-day low of $1,642.20 and held below $1,655 later this afternoon.
The U.S. Dollar Index (DXY), a trade-weighted composite of the greenback versus the world’s largest fiat currencies, advanced 1.8% to 75.199.
Gold equities sunk alongside the broader market, as the AMEX Gold Bugs Index (HUI) fell 5.6% to 531.83. Barrick Gold (ABX), the world’s largest gold producer, plunged 5.9% to $46.21 per share. Newmont Mining (NEM), the only gold stock included in the S&P 500, sunk 4.7% to $54.44 per share.
West Kirkland-Newmont Joint Venture Reports Results
West Kirkland Mining (WKM.TSXV) reported assay results from the Company's first core drilling on its TUG property, which is currently under option from Newmont Mining (NEM). The first hole of the drill program returned 15.48 meters (50.8 feet) grading 3.08 grams per tonne gold (0.09 oz/t) and 94.75 grams/tonne silver (2.77 oz/t).
Approximately 400 shallow RC type holes have been completed at the TUG property and a near surface historic resource has been calculated. West Kirkland current drill program is designed to provide confirmation of the previous gold values in order to produce an updated compliant resource calculation as well as to explore for the roots and controls on the higher grades with the recent Long Canyon model in mind. Additional targets have been identified that have the potential to expand the deposit along strike and down dip.
Full West Kirkland Mining Press Release.
*First hole returned 15.48 meters (50.8 ft) grading 3.08 grams per tonne gold (0.09 oz/t) and 94.75 grams/tonne silver (2.77 oz/t).
*2011 drill program will include a minimum of five holes for 1,500 meters (5,000 feet) in the TUG deposit - Long Canyon Trend.
*Drilling of up to 1,500 meters (5,000 feet) at the Bullion Mountain property, North of the Pipeline Mine Nevada (10 g/t surface assays-shallow and deep high grade target).