TSX Venture Exchange moves higher, Jan. 21-25: Goldsource, Roscan, Palangio, New Pacific

The S&P/TSX Venture Composite Index rose 1.52% to finish the trading week at 604.56.

A new discovery at Goldsource Mines‘  Eagle Mountain gold project in Guyana sent the junior explorer’s shares surging 117% or $0.07 to $0.13 and made it the week’s most heavily traded stock. Results from the first two diamond drill holes at the Salbora target returned 6.52 grams gold per tonne over an estimated true width of 40 metres from surface and 2.82 grams gold over an estimated true width of 40 metres from surface. The holes were drilled below a previously announced surface trench, which cut 123 metres grading 1.92 grams gold. The Salbora discovery is located within a regional structural trend several kilometres in length.

Shares of Roscan Gold Corp. surged 192.3% or $0.13 to $0.19 after reporting it had made a gold discovery at its Kandiole project in western Mali. Air core drilling designed to test strong termite and soil gold anomalies found significant amounts of saprolite-hosted gold mineralization in each of the two test areas. The air core drilling was completed over five anomalies and tested with seven lines of AC holes drilled across the target areas. The anomalies were identified by a sampling program that had covered only about 20% of the land package. The best results included 5.94 grams gold per tonne over 14 metres from surface; 8.68 grams gold over 14 metres starting 10 metres downhole; 8.47 grams gold over 18 metres from 26 metres downhole; and 4.98 grams gold over 8 metres from 16 metres downhole. Additional gold-in-termite and termite anomalies remain to be tested and the company continues its sampling program.

Pelangio Exploration jumped 80% to $0.36 per share. The company announced it has inked an option agreement to acquire a 100% stake in the Dome West property, in Timmins, Ontario, which is adjacent to both the former Paymaster mine property and Goldcorp’s Dome mine. (The property is about 800 metres west of the Dome mine open pit. Pelangio says it plans to evaluate a prospective porphyritic sill unit “interpreted to extend across a substantial portion of the Dome West property at the 1000-foot elevation level from the former Paymaster mine property.” It also announced a non-brokered flow-through private placement consisting of just over 566,000 shares at $0.265 per share for proceeds of $150,000.

New Pacific Metals’ shares gained $0.40 to close at $1.90 on news of near-surface mineralization intercepted in 94 of 98 holes drilled at its 100%-owned Silver Sand project in Bolivia. Significant drill intersections included 135.72 metres grading 240 grams silver per tonne starting 50.8 metres downhole, including 76.63 metres of 383 grams silver; and 273.94 metres averaging 84 grams silver from 0.92 metres downhole. Other assays reported were 106.4 metres of 154 grams silver from 12 metres and 76.03 metres grading 205 grams silver from 64.07 metres downhole.