The S&P/TSX Venture Composite Index fell 4.96% or 49.28 points to 944.05 during the November 22-26 trading week. Spot gold dropped US$57.80 per oz. or 3.13% to finish the wee at US$1,787.20 per ounce.
Canada Nickel Company gained 60¢ to $3.67 per share. The company announced it had concluded 18 separate transactions resulting in the acquisition or earn-in to 13 additional target properties within a 95 km radius of its flagship Crawford nickel-sulphide project in the Timmins area of Ontario. Each of the properties contains one or more ultramafic target based on a combination of historical geophysical work and drilling over the last 65 years. “These properties have combined target structures 40 times the scale of the structure which hosts our current Crawford Main zone resource (contained nickel of 1.56 million tonnes in the measured and indicated plus 0.76 million tonnes inferred), and like Crawford, all these target structures are near excellent infrastructure,” Mark Selby, the company’s chairman and CEO, stated in a news release, adding that “each target has had some amount of historical work, and in some cases, much more than Crawford did initially, confirming these targets contain the same serpentized dunite and/or peridotite that hosts Crawford mineralization.”
Shares of Frontier Lithium climbed 32¢ to $1.71. The company announced a $10 million bought deal private placement of flow-through shares at a price of $1.86 per flow-through share. The junior owns the PAK lithium project in Ontario. Since 2013, the company has delineated two premium spodumene-bearing lithium deposits (PAK and Spark), which are about 2.3 km apart. The 26,774-hectare project has measured and indicated resources of 10.49 million tonnes averaging 1.78% lithium oxide and inferred resources of 18.48 million tonnes averaging 1.45% lithium oxide. The company has made two other spodumene-bearing discoveries: the Bolt pegmatite (between the PAK and Spark deposits), and the Pennock pegmatite, 30 km northwest of the PAK deposit.
New Found Gold announced that it had closed its previously announced non-brokered private placement of 5 million common flow-through shares at a price of $9.60 per share for gross proceeds of $48 million. Eric Sprott purchased all of the shares in the placement and owns about 22% of the company. New Found Gold owns 100% of the Queensway project, about 15 km west of Gander in Newfoundland. In other news, the company announced that it had closed its previously announced acquisition of three royalty interests. New Found Gold purchased 100% of each vendor’s royalty interests, each equal to 0.2% of net returns for an aggregate of 0.6% of net returns from the Linear and JBP Linear properties, which cover key target areas of the Queensway project and include its Keats, Golden Joint, and Lotto discoveries. The company’s shares fell 40¢ to $7.38 during the trading week.
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