The S&P/TSX Venture Composite Index rose 1.80% to 506.54 and gold finished the week at US$1,673.10 per oz., a rise of US$87.60 per oz. from the previous week.
Shares of Aurania Resources rose by $0.49 to $3.44 per share. The company recently closed the second tranche of an $8 million non-brokered private placement announced in February, with proceeds of $4.16 million. Combined with the first tranche, the company has raised $5.63 million so far and expects to close the third tranche in the coming weeks. The proceeds will be used to advance exploration work at its Lost Cities-Cutucu project in the province of Morona-Santiago in Ecuador. The work program will include the completion and interpretation of geophysics surveys to refine target areas and to drill for gold, silver and copper, as well as corporate social responsibility work required to obtain access to concession areas.
Chesapeake Gold’s shares rose $0.36 to $2.63. The company announced an option to acquire a 100% interest in the El Duraznito gold-silver project near the town of Tayoltita in Mexico’s Durango state. Mineralization at the project is made up of low sulfidation epithermal quartz veins, breccia and stockwork hosted within zones of altered and silicified andesitic and rhyodacitic volcanic rocks. Rock chip channel samples from two subparallel quartz and quartz breccia vein structures returned 45 meters grading 1.6 grams gold per tonne and 16 grams silver per tonne; 30 meters of 3.9 grams gold per tonne and 48 grams silver per tonne; 23 meters of 1.8 grams gold per tonne and 58 grams silver per tonne; and 15 meters of 3.1 grams gold per tonne and 24 grams silver per tonne. Channel sampling of well-defined quartz veins returned 10 meters of 4.8 grams gold per tonne and 464 grams silver per tonne; 2.5 meters of 3.9 grams gold per tonne and 756 grams silver per tonne; 2.5 meters of 9.7 grams gold per and 343 grams silver per tonne; and 3 meters of 2.8 grams gold per tonne and 113 grams silver per tonne.
With the announcement that it has closed the final tranche of a non-brokered private placement, shares in Rokmaster Resources rose to $0.09 from $0.07 per share. The proceeds will be used to update a previous preliminary economic assessment from exploration work at its Revel Ridge project, located 35 km north of Revelstoke, B.C. The property contains two precious and base metal deposits. The Main zone has 4,200 measured and indicated tonnes grading 5.59 grams gold per tonne, 53.4 grams silver per tonne, 1.87% lead and 3.43% zinc. The Yellowjacket zone contains indicated resources of 771,000 tonnes grading 0.09 gram gold, 62.6 grams silver, 2.60% lead and 9.93% zinc.