Gold and silver futures extended their gains in electronic trading on Wednesday following the COMEX close.
Gold futures, per the COMEX December contract, reached a new all-time high of $1,657.30 per ounce, a gain of $35.60, or 2.2%. In doing so, the yellow metal extended its year-to-date rally to 16.6%.
Silver outperformed gold on Wednesday, as the COMEX September contract climbed $1.45, or 3.7%, to an intra-day high of $40.695 per ounce. With today’s advance, gold’s sister precious metal extended its year-to-date gain to 31.5%.
Crocodile Gold Nears Production at Rising Tide
Crocodile Gold (CRK.TSX) announced that the Rising Tide deposit has been added to the Company's Mine Development Plan and is scheduled for production in 2012. The deposit is located immediately to the north of the Brocks Creek mine site in the Northern Territory of Australia and was previously mined by open pit for 12 months from 2006 to 2007. Production figures amounted to 768,019 metric tons grading 1.47 g/t gold containing 36,300 ounces.
A total of 565 drill holes, established by past operators between 1993 and 2006 have defined the deposit to date. Crocodile Gold's resource statements of December 31, 2010 specify an indicated resource of 1,259,000 metric tons grading 1.4 g/t gold and inferred resources of 557,000 metric tons grading 1.4 g/t gold (both use a lower cut-off grade of 0.70 g/t). Full Crocodile Gold News Release.
A total of 565 drill holes, established by past operators between 1993 and 2006 have defined the deposit to date. Crocodile Gold's resource statements of December 31, 2010 specify an indicated resource of 1,259,000 metric tons grading 1.4 g/t gold and inferred resources of 557,000 metric tons grading 1.4 g/t gold (both use a lower cut-off grade of 0.70 g/t). Full Crocodile Gold News Release.
HIGHLIGHTS:
- Hole RTRC021 3m @ 5.9g/t from 48m.
- Hole BKRC492 - 6m @ 1.1g/t from 65m.
- Hole BKRC526 - 6m @ 1.5g/t from 66m.
Mark Edwards, General Manager of Geology and Exploration:
"During 2010, the Company undertook a rigorous review of all resources...As a result of this review the Rising Tide deposit ranked highest due to the ease of permitting and infrastructure (included sealed roads and power) adjacent. We're pleased to see with these additional drilling results and ongoing engineering studies using a higher gold price that this deposit will be exploited in the near term."
Cormark Securities:
Reiterated its Buy rating and C$1.50 price target on shares of CRK.TSX
INTERACTIVE CROCODILE GOLD NEWS RELEASES
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