The S&P/TSX Venture Composite Index fell 0.95%, or 6.94 points, to finish the Oct. 12-16 trading week at 725.31. Spot gold dropped US$30.90 per oz., or 1.60%, to US$1,899.70 per oz., and the S&P/TSX Global Gold Index fell by 1.20% to 364.79.
Solaris Resources posted the largest value gain of the trading week, jumping 82¢ to $5.05 per share on no news. The company last issued a press release at the end of September, reporting assays for the second and third drill holes at its Warinzta project in southeastern Ecuador. Hole SLS-02 hit 660 metres of 0.97% copper-equivalent starting at surface, and hole SLS-03 returned 1,010 metres of 0.71% copper-equivalent from surface. The junior’s executive chairman, Richard Warke, said in a statement that Warintza Central “continues to demonstrate the potential to become a large, high-grade open pit copper porphyry deposit, which is a rarity in the modern context of the industry.”
Shares of Callinex Mines advanced 35¢ to $2.95. The company reported that it is mobilizing a second drill rig to accelerate the expansion of its Rainbow discovery, where assays from discovery hole PBM-111, reported on Sept. 9, returned 3 metres of 3.09% copper, 0.75 gram gold per tonne, 13.35 grams silver per tonne, 1.88% zinc and a second interval cut 4 metres of 4.12% copper, 0.22 gram gold, 2.21 grams silver and 0.06% zinc. Callinex said samples from two new holes drilled to step-out from PBM-111 are currently being rushed to the lab for assaying. The Rainbow discovery is part of the junior’s Pine Bay project, 16 km from Hudbay Minerals’ 777 mine in Manitoba. Callinex acquired the 60-sq.-km Pine Bay property in 2009.
IsoEnergy’s shares rose 32¢ to $1.34. The company reported drill results from the Hurricane zone at its wholly owned Larocque East property in Saskatchewan’s eastern Athabasca Basin. Drill hole LE20-64 returned 5 metres of 48.8% U3O8 , including 4 metres of 57.5% U3O8 , and hole LE20-62 cut 5 metres of 6.2% U3O8 , including 3 metres of 11.1% U3O8 . A third hole, LE20-57, returned 10 metres of 11.7% U3O8 , including 3 metres of 46% U3O8 . The company said that mineralization on the north-south section now measures at least 48 meters in width and is open to the south, adding that drilling has expanded the zone on mineralization over 30 metres to the south, almost to the “J” fault.