The S&P/TSX Venture Composite Index rose 1.38% to finish the trading week at 995.80. Spot gold declined by US$17 per oz., or 0.98%, to US$1,744.90 per ounce.
Great Bear Resources jumped $1.64 to $17.14 per share. Drilling by the company on a mostly untested, 250-metre northwest section of the LP fault at its flagship Dixie project in Red Lake, Ontario, returned high-grade intervals as well as low-grade intervals of bulk-tonnage style mineralisation. Highlights included 4.3 metres of 25.12 grams gold per tonne starting from 406.3 metres; 53.6 metres of 1.07 grams gold from 495.5 metres; and 1.3 metres of 19 grams gold from 268.5 metres. The LP fault covers 18 km of strike within the 91.4-sq.-km property, but Great Bear is focusing on infilling a 4-km section as part of this year’s $45 million exploration program. The company plans to undertake additional drilling to test for mineralization at depth, down to 750 meters, and to examine regional targets at Dixie.
Shares of AbraSilver Resource climbed 11¢ to 57¢ per share. The company announced the highest silver drill intercept to date at its wholly-owned Diablillos property in Argentina. Assays from the Oculto deposit returned 103 metres of 388.62 grams silver per tonne and 1.7 grams gold per tonne (516.1 grams silver-equivalent per tonne) from 141 metres, including 17 metres of 1,466.7 grams silver and 0.55 grams gold (1,507.9 grams silver-equivalent). The 80 sq. km property “is rapidly emerging as a truly unique, high quality silver-gold project with tremendous upside potential,” John Miniotis, AbraSilver’s president and CEO, stated in a press release. The drill results and the near-surface bulk mineable zones, he noted, “provide us with a very high level of confidence that the future economics of the Diablillos project can be significantly enhanced.” The company plans to release an updated resource estimate and updated economic study later this year.
Tinka Resources rose 3¢ to 27¢. The company announced that Nexa Resources, one of the world’s largest zinc producers, has acquired an 8.8% stake in the company, acquiring 29.9 million common shares of Tinka at a price of 26¢ per share. Nexa owns Peru’s only operating zinc smelter and three underground base metals mines in the country, and according to Wood Mackenzie, it was among the top five producers of mined zinc last year. Tinka is developing its 100%-owned Ayawilca zinc-silver project, 200 km northeast of Lima, which is one of the largest zinc projects in Peru. The project contains 11.7 million indicated tonnes grading 6.9% zinc, 0.16% lead, 84 grams indium per tonne, and 15 grams silver per tonne (8.1% zinc equivalent) for 1.8 billion lb. contained zinc, 983 tonnes of indium, 5.8 million oz. of silver, and 42 million lb. of lead.