TSX Venture falls, Oct. 15-19

The S&P/TSX Venture Composite Index fell 4.1% to 682.16.

Shares of Great Bear Resources rose 57¢ to $3.24. The company recently discovered an outcropping ultramafic rock unit with at least a 2 km strike length at its Dixie gold project in Red Lake, Ontario. Because it folds into a “D2 fold axis,” Great Bear says it contains the primary controls for high-grade gold mineralization, as they occur in Red Lake.

The company found the outcrop through geological mapping it completed during the summer. It has several new drill targets as a result that it will test with its ongoing 30,000-metre, 150-hole drill campaign, which it will run through 2018 and into 2019.

In September, the company drilled its best assay so far at Dixie, grading 101.05 grams gold over 1.8 metres from 90 metres downhole.

Westhaven Ventures shares jumped 42¢ to 76¢ on positive drill results from its 3,721-metre drill campaign at its 155 sq. km Shovelnose gold property, 30 km south of Merritt, British Columbia. The company reported visible gold in five of its 10 drill holes, as well as a 20-metre quartz vein in one of its holes. The drill extended the project’s South zone 300 metres southeast for a total of 700 metres. It remains open to the southeast.

Initial highlights from the campaign include 175 grams gold and 249 grams silver over 1.7 metres from 125 metres downhole, and 2.14 grams gold and 17.01 grams silver over 3 metres, from 386 metres downhole. The most recent assays include 24.5 grams gold and 107.9 grams silver over 18 metres from 210 metres downhole.

The company is waiting on results from three more step-out holes on the zone’s southeastern extension. It says it will begin a fully financed, follow-up drill campaign in November.

Shares of Garibaldi Resources rose 40¢ to $1.82. The company recently found a third area it’s calling the Central zone in between the Northwest and Discovery zones at its Nickel Mountain nickel project. The company confirmed the zone by drilling massive sulphide outcrops exposed by melting ice and snow this summer. 

The receding ice field exposed three massive sulphide areas, called Crevasse, Gully and Cliff. Garibaldi’s initial drilling cut nickel sulphide mineralization over “significant widths” to 75 metres. The company has deeper drill holes planned later in its campaign. So far, it has drilled 29 holes in its current campaign for 10,623 metres. It began drilling with $25 million in cash. In September, Garibaldi expanded Nickel Mountain by buying out another 7.6 sq. km of adjacent land.