TSX Venture down, Sept. 2-6: Probe Metals, Chesapeake Gold, GT Gold

The S&P/TSX Venture Composite Index fell 0.14% to 588.51 during the trading week.

Probe Metals rose 9.8%, or 13¢, to $1.46 per share in the wake of an updated resource estimate for its Val-d’Or East project in Quebec. The project comprises three wholly owned properties — Pascalis, Courvan and Lapaska — along with two other properties, Monique and Cadillac Break East, where it is close to completing 60% earn-ins. Measured and indicated resources for Pascalis, Courvan and Lapaska total 14.57 million tonnes grading 1.85 grams gold per tonne for 866,300 contained oz. gold. Inferred resources add 28.74 million tonnes averaging 1.87 grams gold for 1.73 million contained oz. gold. The two properties under option — Monique and Cadillac Break East’s Sleepy deposit — have inferred resources on a 100% basis of 9.13 million tonnes grading 2.25 grams gold per tonne for 661,400 contained oz. gold, and 1.86 million tonnes grading 4.70 grams gold for 279,800 contained oz., respectively. Of the total measured and indicated resources contained in the latest resource estimate, 84.6% are pit-constrained. The company will continue drilling through 2019.

Chesapeake Gold fell 5.5%, or 22¢, to $3.78 per share. In late August, the company announced that it had raised $15 million through two private placements. In the first, Eric Sprott acquired 5.33 million common shares at $2.25 per share for gross proceeds of $12 million. Sprott now owns 10.9% of the company. In the second financing, Sun Valley Gold Master Fund acquired 1.33 million common shares at the same price for proceeds of $3 million. Net proceeds from both transactions will be used for working capital and general corporate purposes.

Shares of GT Gold fell 16.8%, or 20¢, to close at 99¢. The company announced assay results for 11 drill holes of a 10,000-metre drill program at its Saddle North copper-gold porphyry discovery on its wholly owned Tatogga project in northwestern Britsh Columbia. Highlights include 0.57 gram gold per tonne, 0.26% copper and 0.96 gram silver per tonne over 1,206 metres starting from 18 metres downhole in hole 126, and 0.43 gram gold, 0.22% copper and 0.73 gram silver over 964 metres starting from 34 metres downhole in drill hole 121. Drill hole 125 returned a 397-metre intercept from 8 metres downhole grading 0.37 gram gold, 0.31% copper and 1 gram silver. The company says the results could expand higher-grade mineralization by 100 metres along strike to the southeast at depth, and by 200 metres along strike to the northwest near-surface. The system remains open in most directions, with targets at depth, to the west and to the southeast.