The S&P/TSX Venture Composite Index fell 0.18% to 574.16 and gold finished the week at US$1,570.00 per oz., down US$18.50 per ounce.
Revival Gold jumped 27¢ to 88¢ after the junior released an updated resource for its Beartrack-Arnett project in Idaho, with substantial growth in the inferred resource category. The latest estimate features updated numbers for the Beartrack portion as well as an initial estimate for Arnett. Indicated resources now stand at 36.4 million tonnes grading 1.16 grams gold per tonne for a total of 1.4 million oz., an increase over the previous 1.2 million ounces. The majority of these are comprised of open-pittable sulphides at Beartrack, which would require milling, unchanged from the 2018 release. The updated inferred resources consist of 47.2 million tonnes grading 1.08 grams gold per tonne for a total of 1.6 million oz., an increase over the 765,000 oz. in this category previously. Of note, the latest release now includes 471,000 oz. of underground sulphide resources at Beartrack as well as 147,000 oz. of open-pit heap leach resources at Arnett. There are now an estimated 850,000 oz. of open-pittable sulphides at the Beartrack deposit. The latest results were based on 563 drill holes totalling 93,000 metres, versus 71,000 metres used for the prior estimate. Revival is working on a preliminary economic assessment for Beartrack to evaluate a potential re-start of heap leach operations and plans on additional exploration drilling at Beartrack-Arnett.
Integra Resources released additional results from its 2019 drill program at War Eagle Mountain, situated in the southeast corner of its DeLamar project in Idaho. Drillhole 19-06 returned 5.40 grams gold per tonne and 45.85 grams silver per tonne over 3.05 metres and drill hole 19-05 intersected 3.29 grams gold and 155.57 grams silver over 0.30 metres. Drillhole 19-04 cut 2.98 grams gold and 7.27 grams silver over 3.05 metres. The latest drillholes intersected mineralization more than 150 metres on either side of a previously reported high-grade shoot that returned 10.88 grams gold and 115.31 grams silver over 34.14 metres in December. It also identified a large gold-silver anomaly adjacent to Florida Mountain and has started drilling at its Henrietta target. The company’s shares finished the trading week at $1.19, down 13¢.
Shares of Power Metals surged 67% to 15¢. The junior announced that following a strategic review, it has decided to focus on its 100%-owned cesium projects in the spodumene pegmatites at Case Lake, about 80 km east of Cochrane and 100 km north of Kirkland Lake in northeastern Ontario. The company says it owns three of the five cesium occurrences in Ontario: Case Lake (West Joe Dyke), Tot Lake and Marko. The Marko pegmatite is 60 km north of Kenora in northwestern Ontario and Tot Lake is 30 km northeast of Dryden in northwestern Ontario.