The S&P/TSX Venture Composite Index soared 10.91% to finish the trading week at 1,022.64. Spot gold fell US$32.90 per oz., or 1.78%, to US$1,815.20 per ounce.
Eskay Mining climbed 60¢ to $3.00 per share. The company announced it is acquiring a 19.5% stake in Garibaldi Resources from the Sprott Foundation. Under the agreement, Eskay will acquire 23.7 million common shares of Garibaldi Resources valued at $10.78 million in exchange for 4.2 million working capital units of Eskay Mining at a price of $2.56 per unit. Each unit consists of one common share of Eskay and one common share purchase warrant. Garibaldi Resources has assets in British Columbia and Mexico.
Shares of Fabled Silver Gold rose 12¢ to 29.5¢. The company reported assay results from the second diamond drill hole of an 8,000-metre drill program at its Santa Maria property in Parral, Mexico. Drillhole SM20-002 intersected 6 metres grading 323.88 grams silver per tonne and 0.54 gram gold per tonne starting from 150.4 metres, including 3.3 metres of 561.2 grams silver and 0.9 gram gold from 151 metres. The company has completed five holes for a total of 1,414 metres.
O3 Mining dropped 23¢ to $2.81 per share. The company has discovered a new zone at its Marban project in Val-d’Or, Quebec. The new zone called Golden Bridge covers an area of 175 metres by 100 metres starting from 175 metres below surface and remains open at depth, up-dip, and to the west, the company said. Two drill holes intersected the zone, O3MA-20-012, which cut 9.7 metres of 1.2 grams gold per tonne from 185.8 metres, and O3MA-02-015, which returned 5.4 metres of 2 grams gold from 205.8 metres. O3 Mining said the new zone offers the potential to generate a new open-pit resource, 200 metres northwest of the Norlartic deposit. Drilling has also expanded near-surface mineralisation outside of the Kierens deposit, with hole O3MA-20-028 cutting 6.3 metres of 1.5 grams gold from 49.8 metres. The company’s 2020-2021 drill program consists of drilling 50,000 metres to test extensions to deposits and zones outside of the resource areas outlined in a preliminary economic assessment (PEA) released last September. The PEA was based on 54.2 million measured and indicated tonnes grading 1.1 grams gold per tonne for 1.9 million oz. contained gold and inferred resources of 13.2 million tonnes of 1.44 grams gold for 610,827 oz. of gold.