The S&P/TSX Venture Composite Index retreated by 31.49 points or 4.9% over the Mar. 6-10 trading session, ending at 611.49.
Artemis Gold was the week's top value gainer, adding 48 ? to close at $4.88 on Friday. On Mar. 9, Artemis announced the approval of its B.C. Mines Act permit for the Blackwater gold project in central B.C., the final step required to allow the company to begin major construction activities. It expects the initial gold pour at Blackwater in the second half of 2024. Located about 446 km northeast of Vancouver, the open-pit gold mine and ore processing facilities will be developed in multiple stages. Artemis is planning a 22-year mine life for Blackwater using gravity and conventional cyanidation methods for gold recovery. Over that period, it is expected to produce an average of 339,000 oz. of gold annually. Life-of-mine capital costs are estimated at $2.25 billion, beginning with $645.2 million to be spent before production begins next year.
The week's top percentage gainer was Tajiri Resources, which closed 83.3% higher on Friday at 9 ? per share. The company reported further results of power auger drilling at its K4-5 prospect in Burkina Faso, saying the prospect has the potential size and form to host a large to 'supergiant' gold deposit. According to a Mar. 7 news release, independent of its interpreted potential to host a large gold deposit, the geochemical anomalism now outlined by the saprolite auger campaign is said to be of a scale that is between two to nine times the size of similar tenor saprolite gold anomalies. Tajiri says comparable West African gold deposits have known resources of between 4 million and 7 million ounces.
The most active issue was Advance Lithium, which closed the week at 5 ? per share after 8.9 million shares changed hands during the trading week. On Mar. 9, the company announced an agreement acquire all Wolfden Resources' Bathurst Mining camp claims in New Brunswick. considered one of the world's most important volcanogenic massive sulphide ore deposits. The deal gives Advance a foothold in the historical mining camp, including historic resources, several metal showings and which is near producing mines. Advance considers the package prospective for "a huge opportunity for a major discovery." The deal allows Wofden to unlock potential value from the Tetagouche property while maintaining the focus on the cornerstone Pickett Mountain project across the border in Maine. Subject to exchange approval, Advance will issue to Wolfden 19.9% of its outstanding shares at 5.5 ? each.