TSX Venture drops, Feb. 17-21: K92, Great Bear, New Pacific, Novo Resources

The S&P/TSX Venture Composite Index fell 2.14% to 582.67 and gold finished the week at US$1,643.00 per oz., up US$59.40 per ounce.

Drill results from the Kora North Extension of its Kainantu gold mine in Papua New Guinea sent K92 Mining’s shares up $0.37 to $4.38. Results from 25 diamond drill holes completed from surface and underground into the Kora North deposit included drill hole 0167, which intersected 30.1 metres grading 22.7 grams gold per tonne, 5 grams silver per tonne and 0.54% copper. Drill hole 0177 cut 14.60 metres averaging 5.96 grams gold per tonne, 35 grams silver per tonne and 3.32% copper and drill hole 0175 returned multiple high-grade intersections including 8.08 metres of 20.01 grams gold per tonne, 13 grams silver per tonne and 0.87% copper, plus 8.50 metres of 10.83 grams gold per tonne, 52 grams silver per tonne, and 3.81% copper. K92 said “the vast majority” of the high-grade intercepts were outside the boundaries of the October 2018 resource estimate.

Shares of Great Bear Resources rose $0.35 to $9.08 per share after the company reported developments from its $21 million exploration program at its flagship Dixie project in Ontario’s Red Lake district. Great Bear announced it had identified key geological controls to the distribution of gold mineralization along the LP Fault and noted that high-grade gold mineralization “occurs in close proximity to a steeply dipping felsic volcanic/medtasedimentary contact.” The company said it has retained consultant James Gray to assist its geological team with modeling; Gray was involved in resource definition drilling and modelling at the David Bell mine at the Hemlo gold deposit.

New Pacific Metals rose $0.31 per share to $6.00 after reporting assay results from the final 37 drill holes of its 2019 resource definition and discovery drill program at its Silver Sand project in Bolivia. Highlights included drill hole 525021, which returned 279.25 metres grading 91 grams silver per tonne from 4.9 metres, including 15.4 metres of 657 grams silver per tonne from 217.55 metres; drill hole 522513, which cut 108.98 metres averaging 228 grams silver from 40.32 metres depth, including 54.46 metres of 414 grams silver from 43.84 metres; and drill hole 527505, which intersected 78.2 metres of 245 grams silver from 40.1 metres, including 28.44 metres of 335 grams silver from 43.3 metres.

Novo Resources fell $0.41 to $2.73 per share. The company recovered 562.25 grams of natural coarse gold from a large, 413.6 cubic metre, bulk sample at its Egina gold project in Western Australia. Of the 562.25 grams of natural coarse gold nuggets, 324.84 grams were recovered by metal detecting and 237.41 grams were recovered using Novo’s IGR3000 gravity gold plant. The bulk sample was collected from trenches of about 4 metres in width and 1.-1.5 metres deep.