Canada’s benchmark index rose 1.24% to end the trading week at 12,197.82. The S&P/TSX Global Mining Index fell 0.19% to 62.58 and the S&P/TSX Global Gold Index fell 1.4% to 164.34. The gold price fell 0.01% to US$1,222.10.
Shares of Moneta Porcupine Mines rose 27% to 12¢. The company recently modelled a geological interpretation for its Golden Highway gold project near Timmins, Ontario. The model includes 58 vein structures across six zones that the company intends to incorporate into an early 2019 Golden Highway resource update. According to a 2012 estimate, Golden Highway contains 31 million indicated tonnes grading 1.09 grams gold for 1.09 million oz. gold and 83 million inferred tonnes at 1.2 grams gold for 3.2 million oz. gold.
Shares of Endeavour Mining fell $1.85 to $16.56, despite positive news out of the company’s Houndé gold mine in Burkina Faso, where it increased indicated resources 40% at the Kari Pump target. Kari Pump now has 11.3 million indicated tonnes grading 2.71 grams gold for 987,000 oz. gold. It also has 200,000 inferred tonnes at 2.21 grams gold for 20,000 oz. gold. The company has upgraded 98% of the Kari Pump maiden resource to the indicated category. Kari Pump boosts the overall Houndé resource to 48.7 measured and indicated tonnes grading 2.2 grams gold for 3.44 million oz. gold.
Kari Pump is located 7 km west of the Houndé processing plant. It is part of the larger Kari gold-in-soil anomaly, which covers a 6 by 2.5 km area. The company has drilled more than 200,000 metres at Kari over the past year and a half in an area that covers only 35% of the total anomaly. The company focused 71,000 metres at Kari Pump, discovering gold at $9 per ounce.
Lundin Mining shares rose 35¢ to $5.79. The company recently outlined its production and financial guidance for 2019 to 2021. The company could produce as much as 218,000 tonnes copper in 2019, 246,000 tonnes copper in 2020 and 251,000 tonnes copper in 2021. Its copper production profile is largely fuelled by its Candelaria copper-mining complex in Chile. The company recently extended Candelaria’s mine life to 2040, increasing the mine’s total copper production by 31%, or 740,000 tonnes. Lundin expects Candelaria will average 180,000 tonnes copper per year over the next 10 years. Cash costs at Candelaria will average $1.60 per lb. copper.
The company predicts it will produce as much as 157,000 tonnes zinc in 2019, 210,000 tonnes zine in 2020 and 241,000 tonnes zinc in 2021. Zinc production will come mostly from its Neves-Corvo zinc mine in Portugal, where the company is building its zinc-expansion project. Lundin says the mine will produce as much as 75,000 tonnes zinc in 2018, but average 150,000 tonnes zinc per year over the next 10 years, after the company has finished expansion.
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