TSX Venture moves up, Nov. 25-29: New Pacific, K92, Aurania

The S&P/TSX Venture Composite Index gained 0.34% to 531.81. Spot gold finished at US$1,464 per oz., up 0.2%.

Shares of New Pacific Metals jumped 36¢, or 8.37%, to $4.66. The company recently announced interim financial results for the three months ended Sep. 30. Net income attributable to equity holders of the company was $1.29 million, or 1¢ per share, compared to a net loss of $752,583 or 1¢ per share in the three months ended Sept. 30 2018. The results were mainly affected by greater income from investments, and a $176,342 foreign-exchange gain. The company also closed a bought-deal financing underwritten by BMO Capital Markets on Oct. 25, raising $17.2 million by issuing 4.3 million common shares at $4 apiece.

K92 Mining climbed 35¢, or 16.1%, to $2.52. The company announced the latest diamond-drill results from the Kora North Extension at its Kainantu gold mine in Papua New Guinea. The 10 holes, completed from surface and underground at the Kora North deposit, included two holes — 147 and 147A — that are among the highest-grade intersections ever drilled at Kora or the Kainantu mine. Hole 147A returned 13 metres of 288.73 grams gold per tonne, 104 grams silver per tonne and 0.77% copper. Drill hole 147, proximal to 147A, cut 14 metres of 107.55 grams gold, 103 grams silver and 1.50% copper. The company declared commercial production from Kainantu in February 2018, and has started expanding the mine.

Aurania Resources jumped 46¢ to $3.44 after it announced it had found an old road in the central part of the company’s Lost Cities–Cutucu project in Ecuador. The company says the road likely linked two gold-mining centres that historic Spanish documents and maps from the 16th and 17th centuries refer to as Sevilla del Oro and Logrono de los Caballeros.

A volcanogenic massive sulphide (VMS) target found on the southern part of its Dixie Halo property in Red Lake, Ont., sent BTU Metals shares soaring 139% to 22¢ per share. The company reported that partial results have been received for hole 13, which show elevated copper, gold and silver. The Dixie Halo gold project totals 147.7 sq. km and borders much of Great Bear Resources’ Dixie project. “Drilling of holes 12 and 13 have identified polymetallic mineralization, including chalcopyrite, copper and gold, which is extremely rare,” the company said in a news release. BTU has done a Versatile Time Domain Electromagnetic survey that it says “has provided further evidence of a potential VMS target.”


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