The S&P/TSX Venture Composite Index rose 0.18% to finish the trading week at 948.51. Spot gold increased by US$17.70 per oz., or 1%, to US$1,781.50 per ounce.
New Found Gold rose 63¢ to $12.08 per share. The company released the latest assays from the Lotto zone at its 100%-owned Queensway gold project in Newfoundland, 15 km west of Gander. Highlights included drillhole NFGC-21-201, which intersected 11.5 metres grading 150.3 grams gold per tonne from 196.5 metres, including 2.45 metres of 683.1 grams gold. Hole NFGC-21-89 returned 18.8 metres of 1.6 grams gold from 80.9 metres. “The outstanding result from hole NFGC-21-201 demonstrates the potential for the definition of a significant discovery at Lotto,” Greg Matheson, New Found Gold’s chief operating officer, stated in a press release.
Shares of Vizsla Silver climbed 43¢ to $2.60. The company released results from 14 holes drilled into the Napoleon vein at its Panuco silver-gold project in Mexico. Highlights included drillhole NP-21-112, which intersected 8.4 metres grading 889 grams silver-equivalent per tonne starting from 142.6 metres, including 1.34 metres of 5,197 grams silver-equivalent. In addition, three holes drilled 50 metres south of previous work, averaged 7.4 metres with a weighted average grade of 673 grams silver-equivalent. Vizsla says the results have extended mineralisation at the vein to over 950 metres, and the vein remains open to the south and at a depth below 350 metres. “The southern end of Napoleon is proving to be consistently higher grade and wider than any part of the mineralized zone,” Michael Konnert, Vizsla’s president and CEO, stated in a press release. The company is now adding two drill rigs to the project, bringing the total number to ten.
Labrador Gold fell 23¢ to $1.47 per share. The company announced that it hit the highest grade intercept so far at its Kingsway project in the central Newfoundland gold belt, about 18 km northwest of Gander. Drillhole K-21-17, a 30-metre step out to the northeast, intersected 1.85 metres grading 50.4 grams gold per tonne starting from 71.85 metres, including 0.6 metres of 160.4 grams gold. Drilled on the Big vein, K-21-17 extended the high-grade, near-surface mineralisation about 40 metres along strike. The mineralisation remains open to the northeast and southwest. Labrador Gold recently increased the drill program at Kingsway from 20,000 metres to 50,000 metres. To date, approximately 4,000 metres of drilling have been completed at Big Vein. The company now plans to double the number of drill rigs to four so that it can “aggressively test Big Vein” and “follow up targets developing along the quartz vein corridor,” Roger Moss, Labrador Gold’s CEO, stated in a press release.
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