The S&P/TSX Venture Composite Index lost 1.4%, or 10.51 points, to a 766.74-point close, as spot gold prices hit eight-week lows, falling US$15.10 to US$1,241.61 per oz., . More demand from China drove Comex copper prices up US6¢ to US$2.69 per pound.
Shares of Millennial Lithium gained 19¢ to $1.57 after the company struck an option agreement with private landholders to acquire 100% of the Cauchari East Expansion brine lithium project in Jujuy Province, Argentina. The 87.4 sq. km land package adds to Millennial’s wholly owned Cauchari East project, which is next to Orocobre and Advantage Lithium’s Cauchari lithium project and the Lithium Americas-SQM advanced-stage Cauchari-Olaroz lithium project. Before the agreement, Millennial conducted vertical electrical sounding surveys and found an anomaly that indicates brine-bearing sediments. Further studies suggest the target may be a continuation of brine-bearing aquifers of the Olaroz and Cauchari basins. The company is preparing for a drill campaign this quarter.
Aurion Resources rose 20¢ to $1.89 per share. The company recently began a $3-million exploration program at its Aamurusko gold project — formerly the Aurora prospect — in northern Finland’s central Lapland greenstone belt. The company plans to conduct mapping, prospecting and ground magnetic and radiometric surveys over 1,100 by 500 metres of high-grade gold mineralization found in subcrop late last year. Out of the 133 rock grab samples collected, 36 samples graded more than 31 grams gold per tonne and averaged 74.3 grams gold. The program will also include 2,500 metres of drilling in August.
First Cobalt saw 11.5 million shares traded, rising 9¢ to 76¢ per share. On June 26, the company finalized intentions to merge with junior explorers Cobalt One and CobaltTech Mining for exposure to their cobalt properties and processing facilities near First Cobalt’s Keeley-Frontier project in Ontario. Under the agreement, shareholders of CobaltTech will receive 0.2632 of a First Cobalt share, representing 20¢ per CobaltTech share, whereas Cobalt One shareholders will receive 0.145 of a First Cobalt share, representing AU11¢ per First Cobalt share.
Shares of Gold Standard Ventures fell 24¢ to $2.22 after the company updated the resource for its Dark Star gold deposit at its Railroad-Pinion gold project in Nevada’s Carlin trend. The resource incorporates tonnes from the North Dark Star deposit, which the company discovered in 2015. Mineralization at North Dark Star forms a 1.3 km long gold zone with the Dark Star deposit. The combined resource stands at 15.4 million indicated tonnes of 0.54 gram gold, and 17.1 million inferred tonnes of 1.31 grams gold