TSX edges higher, Aug. 17-21

The S&P/TSX Composite Index rose 0.02% to 16,517.85 during the Aug. 17-21 trading week. The S&P/TSX Global Mining Index fell 0.18% to 99.07, and the S&P/TSX Global Base Metals Index dropped 0.41% to 102.77. Spot gold fell US$2.40 per oz., or 0.12%, to US$1,942.40 per oz., while the S&P/TSX Global Gold Index increased by 1.88% to 376.18.

Canarc Resources’ shares jumped 18.18% to 13¢. The company announced a non-brokered private placement of up to 40 million units at 8¢ per unit for gross proceeds of $32 million. Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire an additional common share of the company for 13¢ for a period of 24 months. Canarc plans to use the money to advance exploration at the company’s Canadian gold projects and to strengthen working capital. The company’s main Canadian asset, the New Polaris project, hosts a historical gold mine. Canar also plans to consolidate its issued and outstanding common shares on the basis of five pre-consolidated shares for one post-consolidated share to provide the company with a share capital structure that will better attract institutional investors. In addition, the company plans a name change to Canagold Resources to better reflect its renewed focus on its Canadian projects.

Sabina Gold and Silver rose 17.94% to $2.63 per share. The company reported assays from the first three of six drill holes completed at the Umwelt deposit on its wholly owned flagship Back River gold project in Nunavut, 520 km northeast of Yellowknife. Highlights include 19 metres grading 15.15 grams gold per tonne starting from 229 metres downhole; 28 metres grading 12.64 grams gold starting from 363 metres; and 7 metres grading 19.27 grams gold from 250 metres downhole. The drill program was designed to test whether higher average gold grades at the property’s Vault zone extend up plunge to the bottom of the planned open pit at Umwelt.

Silver Bull Resources’ shares climbed 16% to 14.5¢ per share. Silver Bull announced an option agreement with Copperbelt AG, a privately held Swiss-based exploration company, to acquire its flagship Beskauga copper-gold deposit in northeastern California. Silver Bull will pay Copperbelt US$30,000 once the agreement is executed, and an additional US$40,000 after completing due diligence on the property. Silver Bull will then have four years to spend US$15 million on exploration there, after which it will pay Copperbelt US$15 million in cash to acquire the property. In addition, Silver Bull may pay Copperbelt a bonus of up to US$32 million should it publish a bankable feasibility study with a resource of up to 10 million oz. gold-equivalent on the main Beskauga prospect, and 5 million oz. gold-equivalent on an additional prospect.


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