Gold futures recaptured the large majority of their earlier losses on Wednesday as the U.S. dollar pared its gains against a basket of foreign currencies.
COMEX gold futures, per the December 2011 contract, tumbled to $1,753.90 per ounce this morning amid widespread weakness in precious metals. However, gold futures rebounded in mid-day trading to close lower on the COMEX by just 0.3% at $1,774.30 per ounce.
Silver futures followed a similar path, falling to $33.57 before bouncing back to $33.95 this afternoon.
Gold and silver shares remained in negative territory alongside precious metals, with the Philadelphia Gold & Silver Index (XAU) off by 0.6% at 208.08.
Canaco Strikes Again at Magambazi Gold Discovery
Canaco Resources (CAN.TSXV) announced new assay results from diamond drilling at the Magambazi gold discovery and an update on exploration at the Company's Handeni project in Tanzania. The Company reported that extensive delineation drilling continues at Magambazi, with significant additional infill and extension intercepts. Two additional diamond drill rigs have been added to the program to aggressively test key targets immediately peripheral to the main area of Magambazi mineralization. Full Canaco Press Release.
HIGHLIGHTS:
* 14.75 grams per tonne (g/t) gold over 11.0 meters (m) at hole MGZD276.
* 16.29 g/t gold over 4.0m at hole MGZD209.
* 10.33 g/t gold over 3.5m at hole MGZD271.
ANDREW LEE SMITH, PRESIDENT & CEO:
“These most recent drill results represent steady progress on the infill drill program and give us confidence that the Western Lodes have the potential to contribute significant additional value to the Magambazi mineralized system.”
DANIEL EARLE, TD SECURITIES:
“The company confirmed that it now has 9 rigs on site (consistent with prior press release) and is completing approximately 11,000m of drilling per month (up from 8,000m per month in its most recent update in mid-August).”
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