TSXV falls during May 30-June 3 trading week

Over the May 30 to June 3 trading week, the S&P/TSX Venture Composite Index fell 4.08 points or 0.6% to end at 720.11.

Shares in Los Andes Copper gained $1.20 to $16.20 during the trading week. Los Andes has announced that it will issue 3,260 ordinary shares in the company at a deemed price of US$11.50 (C$14.77) as payment for US$37,490 (C$48,161) in interest owing on a US$5 million 8% convertible debenture issued to Queen’s Road Capital Investment on June 2, 2021. Under a trust indenture entered between the company and Computershare Trust Company of Canada on the same date, interest on the convertible debenture is payable quarterly, 5% in cash and 3% in shares. The issuance of the common shares as payment for interest owing on the convertible debenture is subject to the terms and conditions of the trust Indenture and other appovals.

Artemis Gold shares gained 55¢ during the trading week to reach $6.05. The company has been on the rise since announcing on May 24 that it has executed binding agreements with Finning Canada to supply a primary and ancillary mining fleet for the company’s Blackwater gold project in central British Columbia. Finning is a dealer of Caterpillar equipment, and through the deal, Artemis has the option to place orders for Caterpillar’s zero-emissions haul trucks, currently under development, for shipments beginning in 2029. The fleet transition will substantially reduce the carbon footprint of Blackwater’s operations, which could see first gold in the second half of 2024. The company has also executed a credit-approved commitment letter for an equipment lease facility with Caterpillar Financial Services.

Shares in Prime Mining rose 38¢ during the period after announcing additional Phase 2 drill results from 12 step-out holes at the Guadalupe East deposit. Guadalupe East is one of eight known gold-silver deposits that comprise the current resource at the company’s Los Reyes project in Mexico’s Sinaloa state.

Among the highlight intercepts were 61.99 grams per tonne of gold and 977.6 grams silver over 3.6 metres in hole 22GE-53, and 2.93 grams gold and 61.6 grams silver over 6.1 metres in hole 22GE-48. Since the company’s inception in 2019, Prime has drilled about 75,002 metres and completed 283 holes at Los Reyes. As a result of greater efficiencies and operational successes, the second-phase program, planned initially at 50,000 metres, will be expanded as crews have now completed 49,350 metres, with drilling scheduled to continue until the end of October. To date, 161 drill holes have been completed in the current program, with eight drills continuing to operate.