TSX Venture falls during the Jan 24-28 trading week

The S&P/TSX Venture Exchange fell 18.29 points or 2.13% to 838.33. Spot gold dropped US$44.00 per oz. or 2.4% to US$1,791.60 per ounce. 

Shares of Los Andes Copper climbed $1.04 to $13.04. The company announced financial results for the year ended on September 30, 2021. The company posted a net loss of $1.65 million or 6¢ per share, down from a net loss of $1.89 million or 7¢ per share in the previous year ended September 30, 2020. The company is advancing the Vizcachitas project, a large open pit porphyry copper deposit about 120 km north of Santiago, in Chile. The company said it spent about $3.8 million on the project during the 12-month period and is currently drilling with three rigs and plans to increase that number to five. The drill program is designed to demonstrate the potential of copper mineralization below the likely initial pit depths. The company says it hopes to complete a prefeasibility study on the project at the end of the second quarter of this year. 

Nobel Resources fell by 47.4% to 30¢. The company released drill results on its recently acquired Salvadora copper project and its Algarrobo project, both of which are in Chile. Highlights of the drill program at Salvadora included 1 metre grading 2.29% copper, 0.02% cobalt, 0.29 gram gold per tonne and 1.70 grams silver per tonne starting at 149 metres in drill hole SAL21-001 and 1 metre grading 2.47% copper, 0.01% cobalt and 0.34 gram gold per tonne starting at 139 metres in hole SAL21-005. The drill program started in November. “Although copper grades within these first drill holes are highly variable, we have confirmed this is an extensive mineralized system that needs to be systematically explored to find the higher-grade portion,” the company’s CEO David Gower said in a press release. The highlight of the drill program at Algarrobo included 0.50 metres grading 2.37% copper, 0.07% cobalt, 0.13 gram gold per tonne and 6.2 grams silver per tonne starting at 309.90 metres at a depth of 506.05 metres in drill hole ALG21-047.  

Shares of Canada Nickel fell 61¢ to $2.90. The company announced assay results for its Mahaffy, Dargavel, Kingsmill and MacDiarmid properties at the Crawford nickel project. The highest-grade intersection was at Dargavel in hole DAR21-01, which returned 28.5 metres grading 0.34% nickel starting at 375 metres downhole. The thickest interval of mineralization was at Kingsmill, where drillhole KML21-01 intersected 334.5 metres grading 0.24% nickel starting at 16.5 metres downhole. According to Steve Balch, VP Exploration, the company will move beyond its flagship Crawford project this year to explore 13 other properties, including Sothman, Deloro, Mann Central, Reaume and Midlothian, which it acquired in November.