TSX Venture drops, July 9–13

Shares of Argentum Silver rose 10¢ to 25¢ after the company struck an option to acquire 80% of Lithium Energy Products’ Vanadium Ridge property for $150,000 and 1,250,000 Argentum shares. Vanadium Ridge encompasses 20 mining claims across 21 sq. km on the southern edge of the Quesnel Trough, 50 km north of Kamloops, British Columbia. With the backing of its majority shareholder, Sprott Mining, Argentum seeks to become a leading energy metals company to supply the increasing demand for battery metals. Vanadium has emerged as a compelling alternative to lithium ion for large-scale battery applications, especially electric grids. The lion’s share of demand for the metal still comes from its use as a steel additive.

Shares of Orla Mining rose 14¢ to $1.43, after the company released a preliminary economic assessment for its wholly owned Camino Rojo gold project in Zacatecas State, Mexico. The PEA envisions an open-pit mining and heap-leach operation that would produce gold at all-in sustaining costs of US$555 per oz. gold. The company estimates the project would generate a 24.5% after-tax return on an initial $125-million capital expense. Orla estimates that resources at Camino Rojo are 966,000 oz. gold and 18,517,000 oz. silver. Orla bought the Camino Rojo project from Goldcorp in 2017 for 19.9% of Orla’s stock and a 2% net smelter return royalty on revenues from all metal production from the project. Goldcorp has an option to enter in a joint venture with Orla and operate the project if Orla’s mining plan for Camino Rojo includes a sulphide ore processed at Goldcorp’s Penasquito mine, or a sulphide ore with at least 500 million tonnes of proven and probable reserves processed on-site.

Shares of White Metal Resources rose 9¢ to 21¢ after the company found a sulphide mineralized area at its Gunners Cove gold project near St. Anthony on the island of Newfoundland. The company is awaiting results from 15 grab samples taken from the area. The samples are described as “sheared black shale and polymictic breccia, with up to 10% pyrite in the form of nodules, cubes and stringers.” The company plans to carry out channel sampling on the sulphide-mineralized area, in addition to three other high-priority zones.