The S&P/TSX Composite Index rose 1.02% to 20,188.43 during the July 19-23 trading week. The S&P/TSX Global Mining Index climbed 0.50% to 107.36, and the S&P/TSX Global Base Metals Index jumped 2.12% to 166.73. Spot gold dropped US$10.00 per oz., or 0.55%, to US$1,802.20 per oz., and the S&P/TSX Global Gold Index fell 2.17% to 293.50.
Skeena Resources increased by 74 ? to $15.29 per share. The company released a preliminary feasibility study for its 100%-owned Eskay Creek gold-silver project in the Golden Triangle of British Columbia. The study envisioned an open-pit mine with an average annual production of 249,000 oz. gold and 7.2 million oz. silver (352,000 gold-equivalent ounces) over a 9.8-year mine life. All-in sustaining costs are expected to average US$702 per oz. gold-equivalent over the life of the mine. Initial capital costs were estimated at $488 million, with $47 million budgeted for sustaining capital over the mine life. The study estimated the after-tax net present value using a 5% discount rate at $1.4 billion, based on US$1,550 per oz. gold and US$22 per oz. silver, and an after-tax internal rate of return of 56%. Initial capex could be paid back in 1.4 years.
Shares of Solaris Resources rose 50 ? to $13.29. The company announced a new discovery during its initial drill program at the Warintza East target on its Warintza project in south-eastern Ecuador, about 85 km east of the city of Cuenca. Collared approximately 1,300 metres from Warintza Central, the first drill hole on the Warintza East target, SLSE-01, intersected 320 metres grading 0.36% copper, 0.02% molybdenum, and 0.05 gram gold per tonne (0.46% copper-equivalent) from surface, including 54 metres of 0.60% copper, 0.02% molybdenum, and 0.04 gram gold (0.70% copper-equivalent). The company said the discovery at Warintza East marks the third major copper discovery within the seven km by five km Warintza project. Future drilling will focus on an open, undrilled area between the Warintza East and Warintza Central zones.
Harte Gold fell 2 ? to 6 ? per share. The company has discovered a new greenfield mineralised area on its Sugar Zone property in northern Ontario, about 8.5 km northwest of the Sugar Zone mine. The new discovery, called the "007 showing," came from Harte's exploration of priority areas across its 81,287-hectare land package. Initial results from channel sampling at the 007 showing returned anomalous gold values of up to 4.4 grams gold per tonne. The Sugar Zone property covers a large greenstone belt 36 km in length and 10 km wide. The company has identified over 15 targets on the property that have been prioritized for advanced exploration. Harte is completing a fully integrated 3D geological model, which it said will be used to generate and advance regional targets.