Gold and silver futures moved fractionally higher on Friday while precious metals equities climbed alongside the broader financial markets.
COMEX gold futures settled higher by $2.90, or 0.2%, at $1,618.00 per ounce while silver futures closed with a gain of $0.05, or 0.2%, at $27.50 per ounce.
The Philadelphia Gold & Silver Index (XAU), a leading composite of the sector’s largest companies, climbed 1.2% to 151.80. Notable advancers included XAU components Eldorado Gold (EGO) and Harmony Gold (HMY), which jumped by 6.0% to $11.02 and by 3.9% to $10.13 per share.
The broader equity markets fared even better, as the S&P 500 Index rose by 1.9% to 1,385.97 – its best closing level since May 3rd of this year.
Aurizon Mines Hits High-Grade Gold at Joanna
AURIZON MINES (ARZ.TSX, AMEX: AZK) announced results from the ongoing 2012 exploration program on the Heva and Hosco West Extension areas of the Joanna property, which is located 20 kilometers from Rouyn-Noranda in northwestern Quebec. The Canadian-based gold mining company noted that this phase of the drill program is concentrating on the Heva area as well as the area immediately west of the proposed Hosco pit, and includes 48 new holes.
The Heva deposit resource inventory includes 270,000 ounces of gold at 1.9 grams per tonne (g/t) in the measured and indicated mineral resource category and 421,000 ounces at 1.7 g/t in the inferred mineral resource category using a cut off grade of 0.5 grams of gold per tonne over a minimum width of 5 meters (m). The reconnaissance drilling on the Heva deposit is nearing completion, and an in-pit resource update will be performed later this year. Full Aurizon Mines Press Release.
The Heva deposit resource inventory includes 270,000 ounces of gold at 1.9 grams per tonne (g/t) in the measured and indicated mineral resource category and 421,000 ounces at 1.7 g/t in the inferred mineral resource category using a cut off grade of 0.5 grams of gold per tonne over a minimum width of 5 meters (m). The reconnaissance drilling on the Heva deposit is nearing completion, and an in-pit resource update will be performed later this year. Full Aurizon Mines Press Release.
HIGHLIGHTS:
- Best results received to-date included 55.4 g/t over 3.0 m in hole JA-12-994 and 10.2 g/t over 5.0 m in hole JA-12-1032
- Results confirmed the continuity of the mineralized system along a strike length of 2.5 kilometers westward from the Hosco proposed pit to the Heva area
- Aurizon noted that the interpretation of the higher grade trends show a well-defined plunge, and have the potential to move the project toward a combination of surface and underground production targets
Martin Demers, General Manager of Exploration at Aurizon Mines:
"This series of drill results represents a positive test of the Joanna down dip potential. The results that have been received to date confirm the higher gold grade consistency and mineralization continuity at Joanna. The improved understanding of the plunging effect of mineralization along the fault, should increase the expected success of our deep exploration program."
AURIZON MINES VS. S&P, XAU
Ovais Habib, Scotia Capital:
"We believe Aurizon is an attractive acquisition target to a mid-tier producer looking to add cheap producing ounces and use Aurizon's cash balance to fund existing development projects."
AURIZON GOLD PRODUCTION
INTERACTIVE AURIZON MINES CHART
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