Gold futures rallied Friday, with the COMEX December contract settling higher by $34.10, or 1.9%, at $1,797.30 per ounce.
However, the yellow metal extended its gains significantly in electronic trading later this afternoon, by $68.80 to $1,832.00 per ounce.
Despite today’s rally, COMEX gold futures posted a weekly decline of $54.90, or 3.0%. In doing so, gold futures snapped a 7-week win streak that saw the yellow metal surge from near $1,500 on June 2 to a new all-time record high of $1,917.90 on August 22.
Silver futures climbed as well on Friday, with the COMEX September contract rising $0.21, or 0.5%, to $40.95 per ounce. Gold’s sister precious metal also extended its gains following the COMEX close, by $0.54, or 1.3%, to $41.28 per ounce.
However, on the week silver lost $1.48, or 3.5%, ending two consecutive weekly advances.
West Kirkland-Newmont JV Yields Positive Results
The TUG property is contiguous with 900 square kilometers (220,000 acres) of mineral rights in the Long Canyon Trend that the Company has optioned through a recent transaction with Rubicon Minerals (RBY). The combined Newmont and Rubicon option agreements give West Kirkland a dominant land position within the Long Canyon Trend and will be the focus of the Company's exploration efforts in Nevada. Full West Kirkland Mining Press Release.
*It confirms that the hinge of the gentle fold in the known gold-silver mineralization is prospective for high grades and good thickness near surface.
*WT11-002 is located at the northern end of the TUG deposit, approximately 75m, beyond any historic drilling and approximately 735m to the northwest of the Company's previously announced hole WT11-001 which cut 15.48m of 3.08 g/t gold and 94.75 g/t silver.