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Juniors, Compass point north

There were strong moves by junior mining stocks as geopolitical tensions eased following this week’s US/North Korea meeting and the US Federal Reserve raised interest rates as expected.
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Exploration at Compass’ Sikasso project

Staff reporter

The gold price is slightly higher than at this point yesterday, trading at US$1,299.60 on the spot market.

Mali gold explorer Compass Gold (TSXV: CVB) gained 19.05% yesterday to 50c, having identified "four discrete gold anomalies" at its Sikasso project last month.

Papua New Guinea gold miner K92 Mining (TSXV: KNT) hit a 52-week high yesterday, gaining 12.5% to C90c despite no news since announcing high-grade results in Kora North extension drilling earlier this month.

Cornerstone Metals (TSXV: CCC) also touched 52-week high intraday of C$1 but closed down more than 8% to 90c. Its shares have traded below 40c for much of the past year.

The company had yesterday pointed to the US House of Representatives passing Amendment #122 to streamline critical and strategic minerals projects, saying it "could help fast track" its Carlin vanadium project in Nevada.

At the bigger end of town, Newmont Mining (NYSE: NEM) closed down 0.2% in New York, while Rio Tinto (LSE: RIO) closed almost 0.3% higher in London.

BHP (ASX: BHP) was up a similar amount and lithium producer Orocobre (ASX: ORE) was one of the bigger gainers on the benchmark S&P/ASX200 index, up more than 5%, in afternoon Australian trade.