The S&P/TSX Venture Composite Index climbed 1.64% to finish the Sept. 14-18 trading week at 745.37. Spot gold closed the week at US$1,988.90 per oz., up US$8.80 per oz. or 0.45%.
Shares of Aurania Resources jumped 86¢ to $4.78. The company announced that drilling has started at its Tsenken N2 copper-silver target at its Lost Cities – Cutucu project in southeastern Ecuador. The company is using a light-weight man-portable rig that has the capacity to drill to 800 metres. The first drill holes are planned to a depth of about 400 metres and after three to five holes are drilled, the company plans to move the rig to test its Tsenken N3 target.
High-grade drill results from its Pahtavaara project in Finland’s Lapland Greenstone Belt sent shares of Rupert Resources up 67¢ to $3.47. Highlights from drilling its Ikkari discovery at the project included 3 grams gold per tonne over 171.2 metres starting from 19.8 metres (15 vertical) including 6 grams gold over 20 metres and 18.1 grams gold over 1 metre in drill hole 120069. Drill hole 120070 cut 2.1 grams gold over 143.6 metres from 70.4 metres (52 vertical metres) and drill hole 120072 intersected 1.5 grams gold over 200.9 metres from 9.1 metres (6 vertical metres).
O3 Mining increased 57¢ to $2.97. Earlier this month the company released results from a preliminary economic assessment for its 100%-owned Marban project in Quebec. The PEA outlined an 11,000-tonne-per day open pit operation with a mine life of 15.2 years. The first 12 years will target production in excess of 130,000 oz. gold per year peaking at 161,000 oz. in year nine, for an annual average of 115,000 ounces. Cash costs are expected to run to US$741 per oz. and all-in sustaining costs to US$822 per ounce. Initial capex of $256 million can be paid back (after-tax) in four years. At a long-term gold price of US$1,450 per oz., Marban should yield an after-tax net present value at a 5% discount rate of $423 million and an internal rate of return of 25.2%.
Shares of Manganese X Energy rose 53¢ to 81¢. The junior announced it was starting a 20-hole (3,000 metre) drill program at its Battery Hill manganese project in New Brunswick within the next three weeks. The program will focus on near surface, higher grade areas of the project, including the Moody Hill zone. Previously, the company completed 25 drill holes (5,188 metres) over a 1.8 km strike length, with highlights of 10.75% manganese over 52.6 metres in drill hole SF-16-05; 12.96% manganese over 32.85 metres in SF-16-08; and 9.39% manganese over 74 metres in drill hole SF-17-18.
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