TSX Venture down, May 10-14

The S&P/TSX Venture Composite Index fell 2.47% to finish the trading week at 931.38. Spot gold increased by US$13.20 per oz., or 0.72%, to US$1,843.90 per ounce.

Filo Mining jumped $3.57 to $7.57 per share. The company reported it has discovered a new zone of high-grade copper, gold and silver mineralisation at its Filo del Sol deposit in Argentina’s San Juan province. Highlights included drillhole FSDH041, which returned 163 metres grading 2.31% copper, 2.07 grams gold per tonne, and 183 grams silver per tonne (5.43% copper equivalent) starting from 780.3 metres. Four hundred metres to the north, hole FSDH037 intersected 502 metres of 0.41% copper, 0.13 gram gold, and 28.8 grams silver (0.75% copper equivalent) from 380 metres. The company said that both drill holes strongly suggest continuity of mineralization across the 870-metre gap between the previously released holes FSDH032 and FSDH043. The deposit remains open north of FSDH043 and extends over two km to the south of FSDH032. A total of nine holes have been completed during the current program, with five in progress.

Shares of Doubleview Gold rose 29¢ to 60¢. The company reported initial metallurgical tests on material from its 100%-owned Hat copper-gold-cobalt deposit in northwestern B.C.’s Golden Triangle. Particular attention was paid to the deposit’s cobalt component, which has become a potentially significant economic contributor to Hat’s resources. The company said initial flotation tests demonstrated that it was possible to produce a high gold, low cobalt-copper concentrate and a high cobalt, low-gold pyrite concentrate. Further optimization work will aim to improve selectivity, grades, and recoveries. 

Alphamin Resources increased by 7¢ to 75¢ per share. The company reported initial drill results from Mpama South, an area of historic artisanal mining about 750 metres south of its Mpama North tin mine in the Democratic Republic of the Congo’s North Kivu province. Highlights included drillhole BGH030, which intersected 10.6 metres grading 4.85% tin from 141.9 metres; BGH032, which returned 20 metres of 2.07% tin from 185 metres; and BGH025, which cut 14.6 metres of 2.7% tin from 220.1 metres. Alphamin has completed 8,700 metres of a planned 16,000 diamond drill program at Mpama South. The exploration program aims to extend the current 12.5-year mine life of Mpama North, produce a first resource estimate for Mpama South, and find at least one additional deposit on the 13-km-long highly prospective Bisie Ridge. Alphamin says it hopes to bring Mpama South into production this year. The Mpama North tin mine, about 180 km northwest of Goma, produces about 10,000 tonnes of tin per year, which the company says makes up about 3% to 4% of the world’s mined tin.