TSX Ventures slips, June 7-11

The S&P/TSX Venture Composite Index slipped 0.17% to finish the trading week at 979.70. Spot gold fell by US$14.20 per oz., or 0.75%, to US$1,877.80 per ounce.

Callinex Mines climbed 74¢ to $4.03 per share. The company announced the latest drill results from its 30,000-metre drill program at its Rainbow deposit. The deposit, which contains copper, gold, silver and zinc, lies within its 100%-owned Pine Bay project in Manitoba’s Flin Flon mining district. Highlights included drillhole PBM-129-W1, which intersected 4.87 metres grading 14.94% copper, 0.23 gram gold per tonne, 5.61 grams silver per tonne, and 0.15% zinc (15.20% copper-equivalent) from 862.13 metres. Hole PBM-129 returned 5.50 metres of 8.45% copper, 0.13 gram gold, 2.67 grams silver, and 0.16% zinc (8.62% copper-equivalent) from 888.50 metres. There are two rigs operating at the project. 

Shares of Rupert Resources rose 25¢ to $5.45. The company closed a pair of concurrent equity financings, raising $48.7 million, which it intends to use for exploration in Finland and for general corporate purposes. Rupert issued 5.7 million common shares at a price of $5.30 each in a public offering to raise $30 million. The junior also issued 3.5 million shares at the same price for proceeds of $18.7 million in a private placement with existing shareholders, including Agnico Eagle Mines. The total amount of both offerings included over-allotments. Rupert owns the former Pahtavaara gold mine and mill in Finland’s Central Lapland Greenstone belt. Drilling at the project is focused on defining underground resources, particularly at depth. Rupert has also made six new gold discoveries about 20 km to the west of the Pahtavaara mine.

Gold Mountain Mining dropped 51¢ to $2.45 per share. The company says its Elk gold project in the Merritt area of B.C. is on track for first production in October. The company received a draft mining permit for the project on June 8. A final mining permit, which the junior gold company said should follow shortly, will allow it to begin large-scale waste rock mining operations in July and August and mining of the high-grade 1300 vein at Elk. Some construction and site preparation work and pit dewatering already have been authorized and are underway. The company plans to start mine commissioning in the third quarter, followed by commercial production in the final quarter of this year. “Aggressive timelines of getting into production are something we have committed to since coming to trade in December of 2020,” Kevin Smith, CEO of Gold Mountain, stated in a press release.