The S&P/TSX Venture Composite Index fell 2% to 589.52. It has been on a slow but steady decline since the start of 2018.
Shares of SilverCrest Metals rose 28¢ to $3.27. Recently, SSR Mining agreed to invest $31 million into the company, buying more than 8 million shares at $3.73 per share.
Earlier in the month SilverCrest announced some of its best drill-hole intercepts to date at its Las Chispas silver property in Sonora, Mexico. Hole 96 cut 14.4 grams gold and 2,132.4 grams silver over 10 metres from 200 metres downhole. The company also cut 33.06 grams gold and 2,092.1 grams silver over 3.5 metres from 307 metres downhole in hole 94 and 3.99 grams gold and 580.2 grams silver over 11.1 metres from 294 metres downhole, in hole 95.
The results come from infill drilling at the project’s Babicanora vein, but were not included in the Las Chispas resource update SilverCrest tabled in September 2018. Las Chispas has 4.3 million inferred tonnes grading 3.68 grams gold and 347 grams silver for 511,500 oz. gold and 48.29 million oz. silver.
Shares of Aurania Resources rose 25¢ to $2.65. The company recently found silver-zinc-lead mineralization in grab samples taken between its Tiria gold-silver target and its Jempe copper zone at its Lost Cities–Cutucu project in Ecuador. The samples graded as high as 325 grams silver, 48% zinc and 39% lead. The company is calling the new target “Shimpia.”
The company says it is focused on gold exploration, but says other commodities — copper in particular — could add value to the project at a minimal cost. Aurania will now explore the structural corridor that links the mineralized areas at Jempe, Shimpia and Tiria with ridge and spur soil sampling to refine targets for scout drilling in 2019.
The company is waiting for the Ecuador government to approve its drill permits and appoint a new minister of the environment.
Shares of Novo Resources fell 29¢ to $2.02. The company is using TOMRA Sorting to perform mechanical rock sorting on four, 5-tonne bulk samples from its Comet Well gold project in Western Australia, which is part of its larger Karratha gold project. Karratha features nuggety gold that is hard to assay.
The company crushed and screened the samples, and scanned them with X-ray transmission and electromagnetic induction technology. The X-ray scans found rocks that have particles with a high atomic mass, like gold, while the electromagnetic scans found electrically charged particles. Novo will assay the ore to determine the effectiveness of the sorting. The company says the test results so far indicate the sorting technology could help it process ore from a future mine at Comet Well. The company says the tests are ongoing, and expects full results by early 2019.
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