The S&P/TSX Venture Composite Index shed 6.46 points to a 771.99-point close on declining commodity prices. Spot gold prices fell US$21.36 to US$1,345.59 per oz., and Comex copper prices lost US8¢ to US$3.04 per pound.
Shares of Metallis Resources gained 32¢ to 74¢. On Sept. 1, the Vancouver-based explorer announced initial drill results at its 106 sq. km Kirkham copper-gold property in northwestern B.C.’s prolific Golden Triangle district. The first two drill holes intersected mineralized and altered monazite at the project’s gold-rich Cliff copper porphyry target, with assay results pending. One more hole will test Cliff, after which the company intends to drill the high-grade King gold target to the north. The company said that the prospective, ore-controlling structures on the property could extend 28 km from Kirkham northward to Garibaldi Resources’ E&L Nickel Mountain project. Kirkham is located 12 km from Barrick Gold’s Eskay Creek gold-silver mine, and 15 km from both Seabridge Gold’s KSM copper-gold project and Pretium Resources’ Brucejack gold mine.
Shares of Garibaldi Resources gained 21¢ to $1.12, on 8.1 million shares. The company intercepted two long intervals of nickel-copper sulphide mineralization totalling 178 metres in the first drill hole at its E&L property in B.C.’s Golden Triangle. Assay results for the drill hole are pending. The hole was drilled for a borehole electromagnetic survey to test the orientation of conductors underlying the property. The discovery expands the scale of the mineralizing system eastward from historically known nickel-copper mineralization. Garibaldi also announced intentions to raise $6 million in a non-brokered private placement. The placement would issue 2.3 million units at 65¢ per unit and 6 million flow-through units at 75¢. Each unit and flow-through unit comprises one share and one warrant, with each warrant exercisable at 90¢ for two years.
Chesapeake Gold gained 21¢ to $3.78 per share after an exploration update for its regional Yarely precious and base metals project near its proposed El Paso plant site in Sinaloa State, Mexico. Over the past year, Chesapeake has assembled a 680 sq. km land package at Yarely that is prospective for skarns, breccias and epithermal vein-related mineralizing systems. Geological mapping, rock-chip sampling and trenching — supplemented by induced-polarization geophysics — has defined six prospects within a V-shaped anomaly measuring 6 km long, up to 600 metres wide and more than 300 metres deep. The anomaly coincides with two mineralized structural corridors that follow the intersection of two regional faults. The company is awaiting results from 16 km of trenching and 2,500 rock samples assayed for multiple elements, and is preparing for a 5,000-metre drill program to test the anomaly at depth. TNM