US stocks close lower during Feb. 6-10 trading week

During the Feb. 6-10 trading week, the Dow Jones Industrial Average fell 56.7 points or 0.17% to 33,869.3 and the S&P 500 fell 46 points or 1% to 4,090.5.

Among this week’s top-traded stocks was major Barrick Gold, which saw at least 31 million shares change hands by market close on Friday. The company’s equity added US62¢ to end the trading week at US$23.94. The company made headlines this week after announcing substantial global reserve growth. Barrick said on Feb. 9 that the proven and probable reserve base grew by 6.7 million oz. (net of depletion and using US$1,300 per oz.) to 76 million oz. This compares with total reserves in 2021 of 69 million oz. (at US$1,200/oz.). The largest increase occurred at Pueblo Viejo, in the Dominican Republic, where the completed prefeasibility study for the new Naranjo tailings storage facility added 6.5 million oz. The mine life will be extended beyond 2040 and as a result, the 2022 reserves for the region increased to 27 million oz. from 21 million oz. in 2021. When all was tallied at the end of 2022, Barrick had gold reserves of 1.4 billion tonnes grading 1.67 grams gold per tonne (76 million contained oz.), copper reserves of 1.5 billion tonnes grading 0.38% copper (12 million contained lb.), and silver reserves of 980 million tonnes at 5.39 grams silver (170 million ounces).

Arizona Metals counted among the week’s top value gainers, adding 90¢ to close at US$4.85. The copper junior’s story has become more interesting of late, given its announcement of a VMS discovery in Yavapai County, Ariz., on Jan. 17. The company said step-out drilling located 300 metres north and on strike of its Kay mine deposit had intersected a new zone of copper-gold VMS mineralization, at depths ranging from 150 to 600 metres below the surface. The new zone is said to be open in all directions, with drilling underway to test for extensions and thickening of the mineralization encountered. The company remains fully funded (with US$58 million in cash on Sept. 30, 2022) to complete the remaining 8,500 meters planned for the second-phase program and a further 76,000 meters in an upcoming third phase of the program (budgeted at US$32 million). The third phase will be used to test the parallel targets heading west of the Kay and possible northern and southern extensions.

Sabre Gold recorded the week’s top gain in percentage terms, adding 23.8% to close at US26¢ per share on Friday. Sabre said on Jan. 30 it had sold a 1% net smelter return royalty on the Kerr-Addison mine claims owned by Gold Candle for cash proceeds of US$7 million. It has agreed to pay a US$500,000 break fee to Gold Candle.