The S&P/TSX Venture Composite Index climbed 1.92% to finish the Sept. 28-Oct. 2 trading week at 708.60. Spot gold rose US$37.60 per oz., or 2.02%, to US$1,898.80 per ounce.
New Found Gold jumped 72¢ to $2.68 on results from its first drill hole targeting the Lotto zone at its wholly owned Queensway gold project, 15 km west of Gander, Newfoundland. The company recently started a 100,000 metre drill program, and reported two separate near-surface intervals of quartz veining “with significant sulfide and visible gold,” that returned 41.2 grams gold over 5 metres starting at 35 metres downhole and 25.4 grams gold over 5 metres starting at 57 metres downhole. The Lotto zone is situated along a secondary structure occurring along the east side of the Appleton fault, 2 km north of the high-grade Keats zone, the site of New Found’s initial high-grade gold discovery at Queensway.
Surge Copper saw its shares surge 134.5% to 34¢. The company announced on Sept. 23 that a 3D induced polarization (IP) survey identified a large and previously unidentified geophysical anomaly on the east side of its Seel trend at its Ootsa project in British Columbia. The project contains the East Seel, West Seel and Ox porphyry deposits, adjacent to the open-pit Huckleberry copper mine in British Columbia. A 3D induced polarization geophysical survey conducted over the Seel trend identified the anomaly contains chargeability, resistivity and magnet values that are similar to the East Seel deposit over an area extending 800 metres long by 500 metres wide.
Shares of Palladium One jumped 77.8% to 16¢. The company announced that it has extended the Kaukua South zone at its Lantinen Koillismaa (LK) platinum-nickel-copper project in Finland. Visual interpretation of 11 discovery holes from its Phase I drill program extended the strike length of Kaukua South from 600 metres to 4 km and is interpreted as the fault-displaced extension of the Kaukua deposit. The company reported that the 11 holes each contained magmatic sulphide mineralization and said they confirm the Kaukua South Induced Polarization (IP) chargeability anomaly is the result of magmatic sulfides. Rush assays are pending.
Nevada Energy Metals increased 60% to 12¢. The junior closed a non-brokered private placement of 20 million units at 5¢ for gross proceeds of $1 million. Each unit consisted of one common share and one purchase warrant allowing the holder to buy one additional share of the company at 6¢ over a five-year period. Nevada Energy Metals’ main focus is lithium brine targets in Nevada, and it wholly owns 77 claims in Clayton Valley. The southern boundary of its Clayton Valley BFF1 lithium project is 250 metes from Albemarle’s Silver Peak lithium mine and brine processing operations.
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