The S&P/TSX Venture Composite Index rose 3.32% to 508.99 and gold continued to make gains, rising US$39.30 per oz., or 2.26%, to close at US$1,742.20 per ounce.
Abitibi Royalties saw its share price jump $1.01 to $22.00 with news of an updated resource estimate for their New Alger royalty. The company has a 1% net smelter return (NSR) royalty at the property, which is owned by Renforth Resources. The New Alger property is one of the company’s near-mine, early-stage NSRs, located in Cadillac, Québec, and contiguous to Agnico Eagle’s LaRonde mine. According to Abitibi, the resource estimate for New Alger totals 62,600 oz. gold in 1.04 million tonnes at an average grade of 1.88 grams gold per tonne in the indicated category, and 188,000 oz. gold in 3.23 million tonnes at an average grade of 1.81 grams gold in the inferred category.
Shares of Rupert Resources almost doubled in price, gaining 76¢ to $1.62. This came as the company reported the results of its ongoing exploration program in northern Finland, which is targeting a multi-million ounce gold field. The firm has been drilling at its wholly-owned Pahtavaara project in the Central Lapland Greenstone Belt, and has drilled a significant gold-hosting structural zone there. Rupert Resources says one hole intersected 137 metres grading 1.8 grams gold from 11 metres, the base of till surface, while a second hole drilled 100 metres away intersected 54 metres grading 1.5 grams gold from 25 metres.
Pure Gold Mining’s shares jumped 17¢ to $1.04, as news about its Madsen mine was released. Located in northwestern Ontario, the mine near Red Lake has seen surface construction and underground development continuing in the midst of the corona pandemic, and Pure Gold expects to produce its first pour by year-end. The operation is located on the site of two former gold mines that produced 2.5 million oz. gold between 1938 and 1976, and the firm believes the high-grade mine is capable of producing 125,000 oz. payable gold annually over a 12-year period.
After Melkior Resources’ share price soared from 40¢ to 94¢, the gold and base metals exploration company requested on May 14 that trading of its shares be halted pending company news. This request followed an announcement on May 12 that Melkior was optioning a series of claims adjacent to its Carscallen project near Timmins, Ontario. The Carscallen project shares over 9 km of border with Pan American Silver.