TSXV ends lower, April 29-May 3: Radius, Osisko, Cobalt 27, Aurania

The S&P/TSX Venture Composite Index fell 0.70% to 606.42.

Shares of Radius Gold were the most traded, posting a jump of 22¢ to 37¢ per share. The junior explorer reported results from the second round of its diamond drill program at the Amalia gold-silver project in Mexico’s Chihuahua state. Highlights included drill hole 19-10, which intersected 44 metres grading 12.38 grams gold per tonne and 309.3 grams silver per tonne starting from 210 metres downhole, including 11 metres of 39.9 grams gold and 323 grams silver. Drill hole 18-9 returned 26 metres of 7.08 grams gold and 517 grams silver, starting from 144 metres downhole, including a 5-metre section grading 14.71 grams gold and 1,378 grams silver. Drilling continues at Amalia, with holes in progress stepping out 100 metres along strike and 50 metres above and below the known mineralization. Pan American Silver has an option to earn an initial 65% stake in the project by making cash payments totalling US$1.5 million, and spending US$2 million on exploration over four years. Pan American can then earn another 10% stake by advancing the property to a preliminary feasibility study.

Osisko Metals finished 12¢ higher at 68¢ per share, lifted by assay results from the North Zone of its Pine Point Mining Camp (PPMC) on the south shore of Great Slave Lake in the Northwest Territories. Highlights from the latest results include hole 65-19-25, which cut 18.25% zinc and 1.31% lead over 32 metres from 21 metres downhole, and 65-19-62, which intersected 9.62% zinc and 1.15% lead over 14 metres, starting from 23 metres. PPMC hosts inferred resources of 38.4 million tonnes grading 4.58% zinc and 1.85% lead, make it the largest near-surface, pit-constrained zinc deposit in Canada.

Shares of Cobalt 27 Capital were down 50¢ to $4.17. The company announced that shareholders of Highlands Pacific had voted in favour of Cobalt 27’s acquisition of the company. Highlands’ key assets are its 8.56% joint-venture interest in the Ramu mine and 20% interest in the Frieda River copper-gold project, both in Papua New Guinea. Ramu produced a record 35,355 tonnes nickel and 3,275 tonnes cobalt in 2018.

Disappointing results from scout drilling at Aurania Resources’ Crunchy Hill target on its Lost Cities-Cutucu project in Ecuador put pressure on the stock, which ended the week down 46¢ per share at $3.54. “Drilling confirmed indications of an epithermal gold-silver system, and epithermal-related alteration and sulphides are present in core. However, no significant vein systems have been intersected yet,” the company said in a May 2 press release. Seven bore holes have been completed at Crunchy Hill for a total of 2,600 metres, and an eighth is underway.