TSX Venture posts marginal gain, April 1-5: Cantex, Filo, Ximen

The S&P/TSX Venture Composite Index rose 0.47% to 629.81.

Cantex Mine Development — whose chairman is Charles Fipke — posted the biggest gain, rising 94¢ to $3.43. The company announced on March 29 that it had closed the final tranche of its previously announced private placement for gross proceeds of $2.51 million. Combined with the first and second tranche of the placement, proceeds stand at $15 million from the issuance of 3.5 million flow-through shares and 11.50 million non-flow units. The proceeds will help exploration at its Rackla gold project in the Yukon. Fipke has led teams that discovered the Ekati diamond mine in the Northwest Territories, as well as three large copper-nickel-platinum deposits, and two gold deposits in Yemen.

Shares of Filo Mining rose 31¢ to $2.70. The company has finished the 2018–2019 drill program at its Filo del Sol copper-gold-silver project in Chile’s Region III, next to Argentina’s San Juan province. It also clarified statements in the Swedish media that it says were “intended to confirm that we see the merits of bringing in a corporate partner.” It said that, while it “may engage in discussions with third parties” from time to time, the company “does not currently have any binding agreements or commitments, and there is no guarantee that any potential future discussions will be had, or that any such future discussions will result in a partner coming into the Filo del Sol project.” The junior, led by Adam Lundin, completed a prefeasibility study on the project in January. Two holes from its recently completed seven-hole deep drilling program returned long intercepts of mineralization. Hole 25 returned 1,025 metres starting from surface intersecting 0.30% copper, 0.22 gram gold per tonne and 1.6 grams silver per tonne, including 132 metres of 0.48% copper, 0.30 gram gold and 1.2 grams silver. Hole 26 cut 614 metres starting from surface of 0.39% copper, 0.34 gram gold and 1.6 grams silver, including 460 metres of 0.45% copper, 0.34 gram gold and 1.6 grams silver.

Ximen Mining rose 17¢ to 75¢. The company acquired 129 sq. km of land near its Gold Drop property in the Greenwood district of southern British Columbia. Gold Drop is under an option agreement with GGX Gold Corp., and adjoins land south and east that is being explored by Kinross Gold Corporation. GGX Ximen says the 17 mineral tenures claims announced on April 5 cover or border several historic past-producing mines, including the Providence mine, which produced 183 kilograms of gold, 42,552 kilograms of silver, 183 tonnes of lead and 118 tonnes of zinc between 1893 and 1973. Last year GGX Gold drilled 71 holes on Gold Drop’s COD vein, with highlights of 107.5 grams gold per tonne and 880 grams silver per tonne over 7 metres, and 129 grams gold and 1,154 grams silver over 7 metres.