TSX up, July 5-9

The S&P/TSX Composite Index rose 0.16% to 20,257.95 during the July 5-9 trading week. The S&P/TSX Global Mining Index climbed 2.24% to 109.76, and the S&P/TSX Global Base Metals Index jumped 2.43% to 173.35. Spot gold increased by US$20.60 per oz., or 1.15%, to US$1,807.90 per oz., and the S&P/TSX Global Gold Index advanced 0.89% to 299.71.

Gatos Silver increased by $1.98 to $24.20 per share. The company reported that its 70%-owned Cerro Los Gatos mine in Mexico, about 120 km south of the city of Chihuahua, produced 240,047 tonnes of mineralized material (on a 100% basis) in the second quarter, up from 209,832 tonnes in the first quarter. The mill processed 230,656 tonnes, up 13% from the first quarter. “Mine development during Q2 accessed the expected higher-grade ore forecast to be mined during 2021 and the plant production averaged a record 2,535 tonnes per day, above the design capacity of 2,500 tonnes per day,” Stephen Orr, Gatos’ CEO, stated in a press release. The company’s 2021 production guidance stands at 7.5-7.9 million oz. of silver, 40-42 million oz. of lead, and 49-52 million lb. of zinc.

Shares of Solaris Resources rose $1.47 to $13.24. The company released more assays from its flagship Warintza copper-gold project in southeastern Ecuador, about 85 km east of the city of Cuenca. The additional drill holes have extended the strike length of Warintza Central by 1,250 metres to the east, with some of the strongest intervals reported so far on the project, the company said. Highlights included drillhole SLS-24, which was collared on the southeastern limit of the Warintza Central grid and drilled into an open area due east. The hole intersected 952 metres grading 0.53% copper, 0.02% molybdenum, and 0.04 gram gold per tonne (0.62% copper-equivalent) starting from ten metres, including 502 metres of 0.57% copper, 0.02% molybdenum, and 0.05 gram gold (0.67% copper-equivalent). To date, 36 holes have been completed at Warintza Central, with assays reported for 26.

Cameco fell 81¢ to $22.79 per share. The company announced on July 4 that its regular workforce was returning to the Cigar Lake uranium mine in northern Saskatchewan after a local wildfire forced an evacuation and suspension of operations. About 230 workers were evacuated from the site on July 1 as a precaution due to the proximity of the Briggs wildfire. By the next day, the wildfire had moved past the main camp area without serious impact to the site. Inspections indicated that no structural damage occurred to any buildings and all assets appeared intact, Cameco said.