The S&P/TSX Composite Index fell 0.25% to finish the trading week at 15,998.57, while the gold price climbed US$18.50 per oz., or 1.45%, to US$1,293.40 per ounce.
Shares of Endeavour Mining jumped $1.27 to $22.43 on exploration results from the company’s Houndé and Karma mines in Burkina Faso. At Houndé, drill results from the Kari Pump area of the Kari target included 43.39 grams gold per tonne over 6.2 metres, 8.75 grams gold over 12.2 metres and 4.81 grams gold over 9 metres. Infill and extension drilling at Kari Pump will start in early 2018 with a maiden resource to follow in the second half of next year. (Just 25% of the large gold-in-soil geochemical anomaly at Kari has been drilled and the other 75% will be drilled in the first six months of 2018. The anomaly covers an area that is 6 km long and 2.5 km wide.) At Karma, reconnaissance drilling of the Yanonsgo target returned intercepts of 8.1 metres grading 15.8 grams gold, 6.3 metres of 11 grams gold and 9.9 metres of 6.67 grams gold. A maiden resource for Yanonsgo is expected in the first quarter of next year. At North Kao, oxide mineralization found on a parallel structure east of the North Kao deposit returned 33.2 metres of 4.13 grams gold and 22.8 metres of 4.18 grams gold. The company hopes to complete a resource on the parallel structure in the first quarter of 2018.
Teck Resources climbed 70¢ to $27.98 per share on news that the board approved a supplemental dividend of 40¢ per share in addition to a share repurchase program valued at $230 million. The company said Class B subordinate voting shares will be made opportunistically through March 31, 2018, and explained that the move came from its “strong cash position and feedback from investors, who favour share repurchases over dividends.”
TMAC Resources announced the retirement of its CEO, Catharine Farrow. Farrow, a geologist with a PhD in earth sciences, led the team that reopened Hope Bay and transitioned the site from care and maintenance to commercial production in just four years. Shares of TMAC Resources finished the week at $8.57, up 88¢.
Trevali Mining fell 8¢ to $1.40 per share. The company reported a US$7.8-million net loss in the third quarter, mostly owing to expenses related to its acquisition of Glencore’s African zinc mines. The company reported record concentrate sales revenues of US$81.6 million — up 86%, versus US$43.9 million in the third quarter of 2016. Earnings before interest, taxes, depreciation and amortization totalled US$20 million. Income from mine operations reached US$28.4 million, up 250% from the US$8.1 million in the year-earlier quarter. Trevali finished the quarter with US$105.7 million in cash and working capital of US$135.5 million. The company produced 58.4 million payable lb. zinc, 12.5 million payable lb. lead and 433,442 payable oz. silver during the quarter. TNM
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