The S&P/TSX Venture Composite Index dropped 0.63% to finish the trading week at 902.56. Spot gold fell US$10.00 per oz., or 0.55%, to US$1,802.20 per ounce.
Nouveau Monde Graphite climbed 39¢ to $8.95. On July 21, the company announced the appointment of SD Capital Advisory (SDCA) and GKB Ventures (GKB) as joint financial advisors to assist with the financing for its flagship Matawinie graphite project in Quebec, about 150 km north of Montreal. The graphite developer has already commenced construction activities on the property and says it now has a clear roadmap to turn Matawinie into the largest graphite operation in North America. “SDCA and GKB will help further refine our project financing parameters and assist us to gain access to international debt finance, a strategic step in developing a sound capital structure that supports our long-term growth,” Eric Desaulniers, Nouveau Monde’s CEO, stated in a press release. Once in operation, Matawinie is expected to produce 100,000 tonnes of purified spherical graphite per year for batteries in electric vehicles.
Shares of Emerita Resources rose 32¢ to $1.92. The Toronto-based company has mobilized a second drill rig at the La Infanta deposit on its Iberia West project in Spain, about 120 km east of Seville. Emerita said the initial drill program at Infanta is designed to test the mineralization’s full 1.2 km strike length and test the depth extent to about 300 meters down dip. The drilling, it said, will move from the known mineralization and step out systematically along strike and down dip to establish a mineral resource estimate for the deposit. The second drill on Infanta “allows us to accelerate the program and it is expected we should receive assays for initial drill holes next week,” Joaquin Merino, Emerita’s president, stated in a press release. The company plans to complete about 30 drill holes this year for a total of 5,000 meters of drilling.
Los Andes Copper increased by 30¢ to $7.40 per share. The company announced that as part of a prefeasibility study for its Vizcachitas copper-molybdenum project in Chile, 150 km northeast of Santiago, it has received results from molybdenum samples from the first 12 years of operation. The company said the results confirmed the molybdenum recovery assumptions in a 2019 preliminary economic assessment for Vizcachitas, with projected overall molybdenum recoveries of 76%, a slight improvement from the 75% recovery assumed in the PEA. The results also confirmed that the project will produce clean concentrates, it said.
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