TSX Venture falls, April 2-6

The S&P/TSX Venture Composite Index fell 3.45% to end the trading week at 769.15. The index had traded above 800 for most of 2018 before crashing as low as 754 on April 4. It has since recovered slightly. 

Shares of Garibaldi Resources rose 35¢ to $2.71. In early April, investment guru Eric Sprott announced he had bought another 1 million common shares of Garibaldi. Sprott now controls 17.3 million Garibaldi shares and 4.7 million share purchase warrants representing 17.1% of the outstanding shares on a non-diluted basis.

In February, Garibaldi began helicopter-borne Versatile Time-Domain Electromagnetic and magnetic surveys at its Nickel Mountain project and surrounding claims near Eskay Creek, British Columbia. The survey will cover up to 1,650 strike kilometres, which is triple the size of the company’s 2017 program.

Shares of Canyon Copper rose 153.8% to 17¢. The company has been busy, doubling its claim holdings in Saskatchewan by staking another 36.51 sq. km across eight claim blocks at its Bootleg Lake gold property near Creighton, increasing the overall size of the project to 72.8 sq. km. Canyon is drilling four holes into Bootleg to test what it calls “high-priority gold targets.”

Earlier in March, the company sold its Moonlight copper property — located in Plumas County, Calif. — to Crown Mining. The property now forms Crown’s Moonlight-Superior copper project, which has a more than 2 billion lb. copper resource. Crown intends to commission a preliminary economic assessment on the project later this year.

Shares of NV Gold fell 32¢ to 63¢. At the start of April the company finished drilling its diamond drill hole 6C to 859.5 metres deep at its wholly owned Across the Valley gold project in north-central Nevada. The hole intercepted a sequence of laminated muddy to silty carbonate-bearing rocks that may belong to a lower plate of the Roberts Mountains thrust fault. Assay results are expected in several weeks. The company is preparing to drop two more holes into the property. It could take up to 10 weeks to finish both holes.

The Across the Valley gold project covers 52.6 sq. km and is located 10 km southeast of Twin Creeks and Turquoise Ridge gold mines on the Getchell trend. According to NV Gold, mines on Getchell trend have produced over 20 million oz. gold from Carlin-style deposits.