TSX rises during May 30-June 3 trading period

Over the May 30 to June 3 trading period, the S&P/TSX Composite Index rose 42.15 points or 0.2% to 20,790.73. The S&P/TSX Global Mining Index edged up 1.03 points or 0.9% to 113.91 and the S&P/TSX Global Base Metals Index rose 0.91 points 0.5% to 197.96. The S&P/TSX Global Gold Index fell 4.18 points or 1.4% to 298.86 and spot gold ended the week down 0.2%, or US$3.79 per oz. lower, at US$1,851.17 per ounce. 

Shares of Sabina Gold & Silver rose 11.9% to $1.22 as the company reported high-grade results from the final drill holes of its 2022 spring drilling program at the Goose property on its 100%-owned Back River project in Nunavut.  

Highlights from drilling included 45.1 metres grading 12.59 grams gold per tonne starting from 123.6 metres in hole 22GSE607 and 20.4 metres grading 12.64 grams gold starting from 146.4 metres in hole 22GSE611.   

The eight-hole drill program was focused on the V2 Zone at Umwelt to better define continuity within the existing resource envelope near the interface of the planned open pit and upper portions of the underground. Drilling has demonstrated that the higher grades of the V2 zone extend up plunge into the lower portions of the open pit, Sabina said.  

“These results continue to demonstrate the exceptional gold endowment of the Umwelt deposit and its potential for further optimization and growth,” Bruce McLeod, the company’s CEO said in a press release. “With the current advancement of our exploration ramp at Umwelt, we expect to be in a position to commence underground exploration drilling later this year.” 

Shares of Serabi Gold rose 20% to 72¢ as the company reported that it produced 2,919 oz. gold in April, its highest monthly total this year. It anticipates production for May to be similar. It also announced its unaudited financial results for 2021 and reported a 13% increase in revenue compared to the previous year, while its earnings per share increased to 13.85¢ from 11.92¢ in 2020. Serabi’s all-in sustaining cost for the year however, increased to US$1,429 per oz. gold from US$1,374 per oz., reflecting the additional US$2.5 million spent on mine development. The company’s after-tax profit in 2021 was US$9.9 million compared to US$7 million in 2020. The company operates the Palito and Sao Chico gold mines in Brazil.  

Shares of Laramide Resources rose by 12.2% to 55¢ as the company announced the beginning of its diamond drill program at its Westmoreland uranium project in Queensland, Australia. Drilling is focused on an initial test of a potential satellite deposit called the Amphitheatre prospect, located about 16.5 km northeast of the Junnagunna deposit, one of the three mineralized zones comprising the Westmoreland mineral resource. “We are pleased to be drilling and actively exploring again in Australia and have been encouraged by the dramatic improvement in the uranium price,” the company’s CEO, Marc Henderson, said in a press release.