TSX Venture falls, June 11-15

The S&P/TSX Venture Composite Index ended the trading week down once again, falling 2.6% to 754.4.   

Shares of Cantex Mine Development rose 18¢ to 33¢. The company said it would drill its wholly owned 225 sq. km North Rackla polymetallic claim group in the Yukon for the first time this July.  The drill rig is already on-site and will target two areas already trenched and sampled by the company.

The Northern Gold area, located in the northern part of the claim group, has a mineralized outcrop within an 18,000-square-metre area. Prospecting, rock sampling and trenching in this area have returned results as high as 15.75 grams per tonne gold, 377 grams silver, 11% lead and 32.5% zinc. The company plans to drill five holes to test the zone.

The company will also drill a 2 km long, massive-sulphide zone prospective for silver, lead, zinc and copper. Trenching at the zone’s northeastern end returned 15.7 metres grading 36 grams silver, 7.04% lead and 1.58% zinc. Cantex drilled eight holes into the southwestern end of the mineralized zone in 2016. The deepest interval returned 4.4 metres from 43.7 metres downhole at 49 grams silver, 5.35% lead and 5.99% zinc. Cantex will drill three holes in the northeastern end of the zone and an undetermined number of holes in the southwestern end.

Shares of Silvercrest Metals rose 21¢ to $2.88. The company tabled new drill results from the Granaditas vein on its Las Chispas gold-silver property in Sonora, Mexico, highlighted by 1.8 metres from 133 metres downhole grading 12.14 grams gold and 1,440.3 grams silver.

It also drilled an unnamed hanging-wall vein as much as 80 metres southeast of Granaditas. Highlights include 0.5 metre grading 600 grams silver equivalent and 0.5 metre grading 514 grams silver equivalent. The company will drill more in the third quarter.

Shares of Millennial Lithium fell 38¢ to $2.21. Argentina recently granted the company an environmental permit to conduct geophysical surveying and drill up to six wells on its Cauchari East lithium brine target in the country’s Jujuy province. The company plans to begin access and geophysical surveys immediately, followed by an initial three reconnaissance holes. It says it will drill up to three more holes to define the mineralization’s limits, if needed.

Millennial is focused on its flagship Pastos Grande lithium brine project in Argentina’s Salta province. It tabled a maiden resource at Pastos Grande in November 2017. The project has 2.1 million tonnes lithium carbonate equivalent and 8.1 million tonnes potash equivalent.