TSX Venture moves higher, Feb. 18-22: New Pacific Metals; Amex Exploration; Bluestone Resources; Parrallel Mining

The S&P/TSX Venture Composite Index rose 1.19% to finish the trading week at 623.27.

New Pacific Metals released the second batch of assay results this year from its Silver Sand project in Bolivia. Highlights included 226 metres averaging 116 grams silver per tonne from 60 metres in drill hole 505003, including 100 metres of 244 grams silver from 186 metres. Drill hole 5203 returned 6 metres grading 290 grams silver starting from 21 metres below surface, and 193 metres grading 123 grams gold from 101 metres; and drill hole 505004 intersected 95 metres grading 162 grams silver from 74 metres, including 17 metres of 703 grams gold. The project is 4,050 metres above sea level and 25 km northeast of the Cerro Rico silver and base metal mineral system near Potosi. The company’s shares jumped 28¢ to $2.23.

A strategic investment by Eric Sprott sent  shares of Amex Exploration up 37¢ to $1.30. Sprott acquired 4 million units in a private placement for a total $3-million investment. The precious metals investor, through 2176423 Ontario, now owns 7.40% of the issued and outstanding common shares of the company, on a non-diluted basis. It is Sprott’s first investment in the company. Amex Exploration has an option agreement to acquire a 100% stake in the Gowan property near the Kidd Creek mine. Its 100%-owned Perron gold project is 110 km north of Rouyn-Noranda, Quebec. It owns 100% of the Eastmain River gold properties in James Bay, Que., and 100% of the Cameron project in Lebel-sur-Quévillon, Quebec.

Bluestone Resources announced a bought-deal private placement at $1.25 per unit for up to $10 million. Each unit will consist of one common share of the company and one-half of one common share-purchase warrant. Each warrant will entitle the holder to acquire one common share of the company for 24 months after closing at a price of $1.65. The funds will be used to advance Cerro Blanco, a gold project in Guatemala, and for general corporate purposes. Bluestone Resources’ shares fell 12¢ to $1.28.

Parallel Mining reported assays from its recent drill program designed to test one of the areas of Mane II, its 163 sq. km optioned concession in the Kaya-Goran greenstone belt in central Burkina Faso, 20 km south of Nordgold’s Bissa gold mine. Drill hole 18-007 returned 2 metres of 8.63 grams gold per tonne from 28 metres downhole; drill hole 18-006 intersected 2.97 grams gold over 4 metres from 91 metres, including 7.98 grams gold over 1 metres; and drill hole 18-002 cut 2 grams over 3 metres from 41 metres, including 4.59 grams gold over 1 metre. Parrallel Mining’s shares fell 44.4% to 3¢.