TSX Venture falls, Nov. 11-15: Great Bear, Aurania, Callinex, Osino

The S&P/TSX Venture Composite Index fell 1.56% to 528.58. Spot gold finished at US$1,467.90 per oz., up 0.62%.

Shares of Great Bear Resources jumped 70¢, or 11.9%, to $6.57. The company announced on Nov. 7 it would raise $14.6 million in a bought-deal private placement. Under the deal, Cormark Securities and Canaccord Genuity will buy 1.75 million common shares at $8.35 per flow-through common share. The underwriters also have the option to sell up to another 250,000 flow-through shares at the same price, up to the closing date on Nov. 27. The proceeds will be used to finance exploration at the company’s projects in Ontario.

Shares of Aurania Resources climbed 30¢, or 11.8%, to $2.85. The company reported on Nov. 15 that it had completed scout drilling for epithermal gold and silver in the first hole at the Yawi A target at its Lost Cities–Cutucu project in southeastern Ecuador. The hole was drilled to 533 metres’ depth, and samples sent for lab work. The company said the first hole hit “veinlets that have banded textures typical of epithermal gold-silver systems at various depths.” Drilling is ready to go on a second platform and another bore-hole target is underway. Aurania has four targets at Yawi and is performing mapping and soil sampling on a fifth. The company plans to drill several holes in each of the four targets at Yawi.

Callinex Mines rose 14¢, or 15.4%, to $1.05 per share. The company has started its 2019 year-end drill program at its Pine Bay project in Manitoba’s Flin Flon mining district. Callinex plans to drill 3,000 metres to test four of 10 target areas that could host a high-grade, zinc-copper-gold-silver volcanogenic massive sulphide deposit. The drill program will follow up on a recently completed induced-polarization survey and reinterpret historic electromagnetic and geological data. Pine Bay is 16 km from Hudbay’s 777 mine and processing facilities.

Shares of Osino Resources fell 26¢, or 35.1%, to 48¢. Assay results from eight infill drill holes at the company’s Twin Hills Central discovery in Namibia confirmed mineralization over an 800-metre strike length, the company reported. Six of the eight holes intersected  mineralization, with hole 7 returning 49 metres of 1.04 grams gold per tonne, including 16 metres of 1.58 grams gold and 16 metres of 1.23 grams gold. The drill program aims to define higher-grade shoots and strike extensions at Twin Hills Central. Other work planned includes initial drill traverses at Twin Hills West, Barking Dog and Clouds. The next assays are expected by mid-December.


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