TSX Venture moves higher, Dec. 9-13: Victoria Gold, Metalla Royalty, O3 Mining

The S&P/TSX Venture Composite Index moved 0.50% higher to 540.53, while spot gold finished at US$1,475.70 per oz., up US$16 per ounce (1.10%).

Shares of Victoria Gold jumped 51¢ to $8.56 in the wake of assay results from trenches in the Nugget zone — part of its Raven discovery in the Yukon. The latest assay results extend surface mineralization over 200 metres east and 250 metres southeast from the Raven discovery trench 18-33, which returned 124 metres of 3.51 grams gold per tonne last year. Highlights from the most recent set of results included 6.64 grams over 10 metres in trench 19-13; 7.91 grams gold over 12 metres in trench 19-15 and 1.12 grams gold over 60 metres in trench 19-07. CEO John McConnell said Raven has become a “tier-one target for future exploration efforts.” Raven lies on the southeastern contact margin of the Nugget Intrusive Stock. It is centered on a greater than 1 sq. km coincident gold-arsenic-bismuth-in-soils geochemical anomaly.

News of its application to list on the NYSE American stock exchange sent shares of Metalla Royalty & Streaming up 44¢ to $1.73. In connection with the listing, the company said it will consolidate its outstanding common shares. The consolidation will bring one new common share for every four outstanding common shares. The common shares are expected to start trading on the TSX Venture Exchange on a post-consolidation basis beginning around Dec. 19. Metalla has 135,160,667 issued and outstanding common shares, and expects there will be 33,790,167 common shares issued and outstanding after the consolidation.

Drill results and a property acquisition sent O3 Mining’s shares up 27¢ to $2.70. At its Alpha property, 5 km southeast of Val-d’Or, Que., drill hole 19-016 returned 9.3 grams gold per tonne over 6 metres, including 25.7 grams gold over 2 metres at its Epsilon target. Drilling on the Alpha property focuses on the Cadillac–Larder Lake fault corridor and the Epsilon and Pontiac East zones. The Epsilon zone has been traced over a 1.5 km strike length. The company also reported news that it has completed its purchase from Monarch Gold of the Simkar property, 20 km east of Val-d’Or. Simkar includes two mining concessions and 15 claims covering 5 square kilometres. O3 Mining is consolidating exploration properties and holds 4,350 sq. km in Quebec and 250 sq. km in Ontario. In Quebec, it controls 610 sq. km in Val-d’Or and has over 50 km of strike length in the Cadillac Larder break.