The S&P/TSX Venture Composite Index shed 1.56 points to a 778.1-point close, as commodity prices declined amid hawkish comments from the U.S. Federal Reserve. Spot gold prices fell US$22.88 to US$1,297.3 per oz., whereas Comex copper prices lost US5¢ to US$2.94 per pound.
Shares of GT Gold lost 75¢ to $1.86 after a drill update at the company’s Tatogga gold property in northwestern B.C.’s Golden Triangle. Drilling intercepted 1.7 metres of 10.93 grams gold per tonne at 190.4 metres deep in the first hole at the project’s Saddle North prospect, 500 metres north of the company’s Saddle South Discovery Zone. Another hole intercepted 0.8 metre of 7.62 grams gold from 86 metres deep, but stopped short of the target due to ground conditions. The current 1,000-metre drill program at Saddle North is targeting 1.4 km of a 2.4 km long induced-polarization geophysical anomaly that coincides with elevated gold in soil samples. At Saddle South, assay results from 36 core holes are pending. Drill intercepts completed to date averaged 11.1 metres of 11.77 grams gold, with the broadest intercept returning 20.7 metres of 5.84 grams gold from 161.3 metres deep. The epithermal-style mineralization has been outlined 360 metres along strike and 500 metres down-dip.
US Cobalt gained 19¢ to 74¢ per share, as the company awaits drill assays from its Iron Creek cobalt property in Idaho. The company’s 12,200-metre drill program is halfway complete, with results highlighting numerous zones of massive to semi-massive sulphide mineralization close to historical drill holes. The drill campaign is designed to confirm historical estimates of cobalt and copper mineralization, and test the depth potential below historical drilling. Channel samples taken from underground workings returned 6.1 metres of 0.45% cobalt and 6.1 metres of 0.57% cobalt. Zones of high-grade cobalt were also found in three channel samples, with intercepts of 3 metres of 1.02% cobalt, 1.5 metres of 0.83% cobalt and 6.1 metres of 0.7% cobalt.
Shares of Grande Portage Resources rose 16¢ to 45¢ during the trading period. The company is awaiting drill results from the first few drill holes at its Herbert gold project, 25 km north of Juneau, Alaska. The 3,700-metre drill campaign is designed to test for extensions of the project’s Goat vein. Mineralization at Goat has been defined by drilling from surface to 200 metres deep, and 350 metres along strike. On Sept. 6, the company announced assay results from a surface grab sample taken 350 metres from current drilling. The sample returned 231 grams gold and 49.8 grams silver per tonne, and could represent the mineralized extensions of the Goat vein. Mineralization on the property occurs within at least six main composite vein-fault structures across a 1 by 1 km area.