TSX mixed, Dec. 7-11

The S&P/TSX Composite Index rose 0.16% to 17,548.92 during the Dec. 7-11 trading week. The S&P/TSX Global Mining Index fell 0.08% to 99.28, and the S&P/TSX Global Base Metals Index dropped 1.80% to 133.42. Spot gold fell US$24.50 per oz. (1.31%) to US$1,839.50 per oz., and the S&P/TSX Global Gold Index declined by 0.55% to 310.88.

Moneta Porcupine Mines jumped 12¢ to 25.5¢ per share. The company released an updated mineral resource estimate for its 100%-owned Golden Highway project in Ontario. The update follows the latest drill program completed during the first half of 2020, which increased its indicated resource base by 217% to 2.14 million oz. gold and inferred resources by 141% to 3.34 million ounces, added a maiden resource at Westaway and open pit resources at Windjammer South and 55. (The resource included underground and open-pit resources and remains open.) The majority of the new resources are attributed to the new Westaway high-grade discovery and the definition of near surface gold mineralization in open pits. Moneta said it will test the extensions of the current gold deposits in the winter 2020-2021 drill program.

Shares of Fission Uranium rose 8.5¢ to 37¢ per share. The company announced plans to raise $6 million in a bought deal financing. Red Cloud Securities and a syndicate of underwriters will purchase for resale 14.63 million flow-through units at 41¢ per unit. Each unit consists of one  common share of Fission and one-half of one common share purchase warrant. (Each warrant can be exercised at a price of 50¢ within 24 months of the closing date.) Fission plans to use the proceeds of the public offering for exploration purposes. The company is advancing its  Patterson Lake South property in the Athabasca Basin, which hosts the Triple R uranium deposit.

Kirkland Lake Gold increased by 77¢ to $52.42 per share. The company announced its full-year guidance for 2021 of between 1.3 million and 1.4 million oz. gold. The company said the guidance is driven by strong growth at its Detour Lake mine in Ontario. The guidance is almost identical to the company’s 2020 production target of 1.35-1.4 million oz., although 2021 guidance will not include the Holt Complex, which is now on care and maintenance, the company said. All-in sustaining costs per oz. gold sold in 2021 are expected to remain unchanged from 2020 levels of between US$790 and US$810 per ounce. The miner said that it hopes to grow annual production to 1.41-1.55 million oz. of gold in 2023 and will work towards completing its $50 million drill program at Detour Lake and release a new mine plan in 2022. 


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