The S&P/TSX Composite Index fell 2.92% to 16,218.01 during the Aug. 31-Sept. 4 trading week. The S&P/TSX Global Base Metals index dropped 0.66% to 104.84, and the S&P/TSX Global Gold Index lost 2.44% to 373.07. Spot gold fell US$29.50 per oz., or 1.5%, to finish at US$1,934.80 per ounce.
PolyMet Mining’s shares posted the largest gain after a district court in Minnesota found that the water permit for its NorthMet project was issued with proper procedures. PolyMet’s shares climbed US$1.32 to US$5.53. “We are pleased with the district court’s ruling and look forward to defending the challenge to the water permit currently pending in the court of appeals,” Jon Cherry, the company’s chairman, president and chief executive, said in a Sept. 3 press release. “We remain confident the water quality permit meets all applicable standards and will ultimately be upheld by the courts.” The NorthMet copper-nickel-palladium project also contains marketable reserves of cobalt, platinum and gold, and is located in northwestern Minnesota’s Mesabi iron range.
Shares of Teck Resources rose 65¢ to $17.95. The company announced in August that it had signed a non-binding term sheet reflecting an agreement in principle with Westshore Terminals Ltd. Partnership on proposed terms for the shipment of steelmaking coal after the current contract expires on March 31, 2021. The proposed agreement would provide for the shipment of between five and seven million tonnes annually at fixed loading charges. The five to seven million tonne range will apply for the nine months from April-December 2021 and for each 12 month period (January-December) in subsequent years. Under the agreement, Teck will ship a total of 32.25 million tonnes.
Skeena Resources’ shares advanced 63¢ to $3.28. The company released drill results from its Eskay Creek project in British Columbia’s Golden Triangle and said the addition of two more rigs in September will bring its rig count up to eight. Highlights from the assays included 34 metres grading 5.93 grams gold per tonne and 40 grams silver per tonne (6.46 grams gold-equivalent per tonne); 35 metres of 21.90 grams gold and 235 grams silver (25.03 grams gold-equivalent); and 37 metres of 6.52 grams gold and 24 grams silver (6.84 grams gold-equivalent).
SilverCrest Metals climbed 53¢ to $12.74 per share. The company announced the US$1.6 million acquisition of the El Picacho property, 40 km northeast of its Las Chispas project in Mexico’s Sonora state. SilverCrest plans to start exploration on the 71-sq.-km property before year-end. According to the company, there are over 3 km of near-surface underground workings on the El Picacho vein that are mostly accessible by a 4-metre by 4-metre underground decline. Historic grades and recent sampling results from the vein have ranged from 350-1,000 grams per tonne silver-equivalent. Previous explorers over the last thirty years include Yamana Gold in 2012.