The S&P/TSX Venture Composite Index gained 11.65 points to close at 810.89 over the trading week, boosted by a strengthening commodity prices. Spot gold prices gained US$27.21 before finishing at US$1,337.56 per oz., whereas Comex copper prices rose 4¢ to US$2.20 per lb.
Shares of G4G Capital gained 28¢ to 45¢ after the company signed an option agreement with prospector Shawn Ryan and private company Wildwood Exploration to buy up to 12,301 claims, covering 2,490 sq. km, in Yukon’s prospective White Gold district. The properties represent all of Ryan’s precious metal interests in the district not under joint venture, and are subject to $25 million in exploration work. In exchange for the properties, G4G plans to issue the vendors 1 million shares upon closing the deal, another 6 million shares within 18 months and $3.5 million in cash in incremental installments. The deal is contingent upon G4G completing a $3-million private placement at 20¢ per unit issued comprising a share and a warrant. Each warrant would be exercisable within three years at 25¢ per share. Proceeds of the placement would finance the purchase, plus exploration and general corporate purposes.
Junior explorer Colorado Resources saw 11 million shares traded before falling 16¢ to 25¢ per share after the company tabled the results of a 9,000-metre drilling campaign at the company’s historic Inel gold mine, located in northwestern B.C.’s Golden Triangle district. One intercept, located 500 metres east of Inel’s discovery adit, returned 4 metres of 16.02 grams gold per tonne. The drill program targeted mineralization over a 500-by-600-metre area at 75- to 100-metre centres, and defined three stacked gold-zinc zones that extend for 350 metres downdip and 600 metres along strike. Geochemical surveying and geological mapping suggest the target spans at least 1 km in strike and 1.5 km wide. Drilling also retested a historical channel sample of 15 metres of 2.94 grams gold and 0.5% copper at the Tami showing, 5 km southeast of Inel, but failed to intercept the target due to unforeseen geological complexity. Inel and Tami are part of Colorado’s 305 sq. km KSP property, which is under joint venture with partner Seabridge Gold.
Shares of K92 Mining gained 31¢ to $1.57. The company reported on Sept. 12 that it has begun exploration drilling at its restarted Kainantu gold-silver-copper mine in Papua New Guinea’s eastern highlands. K92 plans to target the Judd vein system, which was identified through drilling by former operator Barrick Gold, as having a strike length of at least 2.5 km parallel to Kainantu’s Irumafimpa and Kora gold deposits. The Irumafimpa and Kora deposits contain 1.84 million inferred oz. gold at 11.6 equivalent grams gold per tonne and 240,000 indicated oz. gold at 13.3 equivalent grams gold per tonne.