The S&P/TSX Venture Composite Index fell 4.13% to finish the trading week at 624.50.
White Gold posted the largest value gain with a 27¢ jump to $1.44 on the back of drill results from its JP Ross property in Canada’s Yukon. The junior released results from three rotary air-blast (RAB) holes and 11 reverse-circulation holes drilled at the property’s Vertigo target. The most significant hole, 18-6, cut 103.90 grams gold per tonne over 1.5 metres from surface, within a broader intercept of 31.4 grams gold over 6.1 metres. Other highlights included 18-3, which cut 1.5 metres of 30.70 grams gold from 19.8 metres downhole, and 18-9, which returned 14.23 grams gold over 6.1 metres from surface.
Shares of Xiana Mining were up 18¢ to 61¢. The junior announced that it had acquired Minera Altos de Punitaqui from Glencore. Xiana Mining acquired all of the outstanding shares of Minera Altos de Punitaqui for US$25 million payable to subsidiaries of Glencore, and a 1.5% net smelter return royalty. Minera Altos de Punitaqui is a producing copper-gold company in Chile with three operating mines, a concentrator and associated infrastructure, and more exploration licences. Xiana also said it had completed a previously announced financing for gross proceeds of $11 million.
Great Bear Resources’ shares were down 59¢ to $2.49. The company announced on Nov. 13 that it had closed a bought-deal financing through an underwriting agreement with Cormark Securities. Upon closing, the company issued 1 million flow-through common shares at $3.50 per share for $3.5 million in gross proceeds. Great Bear paid Cormark a 6% cash commission of the gross proceeds. The company also reported that it has granted an aggregate of 30,000 stock options to company employees, exercisable at $2.44 per share for five years. Proceeds of the $3.5-million financing will help fund exploration at its projects in Red Lake, Ontario. It is engaged in a 30,000-metre drill program at its wholly owned Dixie property and is earning a 100% interest in its West Madsen properties, which are contiguous to Pure Gold Mining’s Madsen property.
Cobalt 27 Capital reported that it had received a US$6.8-million settlement from an insurance claim related to the loss through theft of 76 tonnes of its premium-grade cobalt from Vollers Holland BV Rotterdam warehousing facility. The stolen cobalt represented 2.6% of the company’s physical cobalt holdings at the time, which today stand at 2,905.7 tonnes. Cobalt 27 plans to use the settlement proceeds to buy back up to 8.4 million of its common shares, which it says trade at a discount to the company’s net asset value. The company’s shares finished the week at $5.50, down 82¢.