The S&P/TSX Venture Composite Index rose by 2.5% to finish the July 20-24 trading week at 691.39, with spot gold finishing the week at US$1,901.30 per oz., a rise of US$91.00 per oz. from the previous week.
Shares of Blackrock Gold jumped by 195.35% to $1.27 per share. The junior released initial drill results from the Victor target at its wholly owned Tonopah West project in western Nevada. Highlights include 3 metres grading 11.52 grams gold per tonne and 1,046.06 grams silver per tonne (2,197.90 grams silver-equivalent per tonne) starting from 561 metres downhole in drill hole TW20-001. In addition, the company reported that Eric Sprott had agreed to purchase $5 million of a $7.5 million non-brokered private placement. Blackrock reported it would issue 10.42 million units of the company at a price of 72¢ per share. Each unit is made up of one common share and one-half of one common share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share of the company for a price of $1 per share.
Callinex Mines’ shares rose by 151% to $3.16 per share. The company plans to commence a soil sampling campaign at its wholly owned Nash Creek project, located within the Bathurst mining district of New Brunswick. The company plans to collect approximately 1,680 soil samples for analysis of base and precious metals over an 11 km trend that encompasses two previously announced near-surface silver discoveries located 6.8 km apart. In June, Callinex reported it had intersected 29 metres of 57 grams silver per tonne at a vertical depth of 120 metres, including two 6 metre intervals of 140 grams silver and 88.5 grams silver.
Shares of UrbanGold Minerals rose to 39¢ per share, up 81.4%. The company announced plans to begin a 2,500-metres drill program in August at its wholly owned Pallador gold project, located in the Troilus area of Quebec, 115 km north of Chibougamau. The drill program will test a newly discovered gold-bearing quartz vein system, where several grab samples reported this month returned values of up to 33 grams gold per tonne. Several other gold targets will also be drill tested, including an area 6 km to the southeast, where historic exploration identified palladium in several locations, including a channel sample of 1 metre grading 0.6 gram palladium per tonne.
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