Canada’s benchmark index rose 0.38% to 15,729.4, with little movement in Canadian markets. The S&P/TSX Global Mining Index rose 1.62% to 73.18, while the S&P/TSX Global Gold Index fell 0.13% to 191.58, and the gold price fell 0.57% to US$1,315.
Shares of Corvus Gold rose 13.2% to $3. The company has released a stream of drill results for its Mother Lode gold project in Nevada since late 2017. Most recently, the company tabled assays from three step-out holes in Motherlode’s southwest extension. The best hole returned 33.5 metres from 214 metres downhole grading 2.2 grams per tonne gold, including 19.8 metres from 227 metres downhole at 3.3 grams gold. The project does not yet have a resource estimate.
The company also released results from two scout holes at its Flatiron gold target, 800 metres southwest of Motherlode. Results were low grade, with mineralization thought to occur over multiple low-grade zones, with some narrower, higher-grade zones.
Shares of Pan American Silver fell 27¢ to $21.27. Operations at its underground Huaron silver mine in Pasco, Peru, have been suspended since April 24 after members of the local Huayllay community built roadblocks barring access to the mine. The community is demanding compensation for alleged damage to its land, as well as service contracts for additional work. The company is seeking a resolution to the dispute.
Pan American Silver also recently released its 2017 fourth-quarter results. In the quarter the company produced 6.58 million oz. silver — 4% higher than the same quarter of the previous year — as well as 43,700 oz. gold, which is slightly less than the same quarter of the previous year. Its net earnings were US$49.7 million, which is more than double the same quarter of the previous year.
Pan American Silver should announce its 2018 first-quarter unaudited results in May.
The price of Marathon Gold‘s shares rose 12.4% to $1. In early May the company boosted its resource estimate for its wholly owned Valentine Lake gold project in Newfoundland. The resource grew to 33.5 million measured and indicated tonnes grading 1.99 grams gold for 2.14 million oz. gold. The company has four deposits at Valentine Lake, although its recent gains came from the Marathon deposit.
The company also noted a small decline in open-pit resources from its Leprechaun and Victory deposits, attributable to a “preliminary economic assessment (PEA) level open-pit design.”
The company says it will include the revised resource in its “soon-to-be-released” PEA. TNM