Canada’s benchmark index rose 0.8% to 16,612.81. The S&P/TSX Global Mining Index fell 2.5% to 76.22 and the S&P/TSX Global Gold Index fell 3.5% to 186.63. The spot gold price fell 1.1% to US$1,275.50 per ounce.
Shares of Euro Copper rose $1.05 to $17.86. The company cut 25 metres grading 7.56% copper from 134 metres downhole in the southern extension of its Vermelhos mine on its Vale do Curaca property in Brazil’s Bahia State. It found the mineralization next to existing mine infrastructure.
The company has 24 drill rigs turning at Curaca: 11 within the Vermelhos district, and 13 in the Pilar district. It says results so far show expansion potential south and north of the Vermelhos mine, over a 5.5 km strike length. At Pilar, the company’s underground drilling has found a high-grade mineralization zone in the southern part of the West Limb. The company is also drilling Pilar’s Deepening Extension zone, which is open to the south and at depth.
The company also found a mineralization zone at its NX Gold mine in Mato Grosso State, Brazil, where it’s turning six drills. The discovery, Santo Antonio, is located between the mine’s Bras and Buracao veins. Highlights from Santo Antonio include 19.38 grams gold over 3 metres from 369 metres downhole and 19.03 grams gold over 4 metres from 381 metres downhole. The company has defined the zone over 400 metres’ strike length and 200 metres down dip. It remains open at depth.
Shares of Taseko Mines rose 19.5% to 98¢. The company brought its Florence copper production test facility fully online. The company has contacted 1.5 million tons (1.5 million tonnes) copper ore underground with a leach solution over the past three months, and the solution has risen high enough for the solvent-extraction and electrowinning plant to operate. The company will refine its operation over the coming months while it ramps up the commercial production plant, and expects financing in the next year. Once built, the company expects Florence will produce 85 million lb. copper per year over 20 years at US$1.10 per lb. operating costs.
Shares of Largo Resources fell 15.7% to $1.66, after the company announced its forthcoming 2019 first-quarter financial results would be damaged by declining vanadium pentoxide prices. The company says Glencore will remeasure trade receivables shipped by Largo, and expects the remeasurement adjustment will range from $55 million to $60 million. As a result, the company estimates that its net income (loss) for the quarter will break even. The company announces its 2019 first-quarter financial results in May 2019.
In April 2019, the company said it had produced 2,099 tonnes of vanadium pentoxide in 2019’s first quarter — a 5% decrease over the same period last year.