This week in the Canadian economy, Statistics Canada provided us with a reason for optimism about business prospects in the latter half of 2021.
The organization is estimating that, after a 0.3 per cent contraction in May due to lockdown restrictions, Canada’s GDP rose to the tune of 0.7 per cent in June thanks to increased vaccination rates and bounce backs in the consumer and hospitality sectors.
With more businesses opening their doors, the Canadian dollar remains resilient at US$0.80/C$1.00 as the Federal Reserve looks to dial back its cash injections into the U.S. economy.
The S&P/TSX Composite Index, up almost 25 per cent over the past year, is also showing renewed strength as banks put their considerable capital reserves to work and Canada’s energy sector helps the global supply chain get back into motion.
Against this backdrop, our readers were especially interested in stories from the mining, consumer and cryptocurrency sectors.
Here’s your top five for the week:
American Pacific Mining (CSE:USGD) makes high-grade gold discovery in Nevada
American Pacific Mining has sampled 59.45 g/t gold at the Tuscarora Gold Project in Nevada.
Tuscarora is a high-grade gold project located in a prime precious metal district near the Carlin trend, the Jerritt Canyon Deposit and the Midas Deposit.
The company is working on 3D modelling and data review in advance of additional drilling with an update forthcoming in Q4 2021.
American Pacific Mining is up by 5.48 per cent over the past week trading at $0.77 per share as of 11:31 am ET.
GURU Organic Energy (TSX:GURU) is cleaning up the Canadian landscape
GURU Organic Energy is more than halfway finished with its nationwide community cleaning initiative.
The GURU Good Crew has deployed teams to five sites in British Columbia, six in Alberta, 13 in Ontario, eight in Québec and two in Atlantic Canada with the goal of hosting nearly 60 clean-ups across cities and outdoor playgrounds from June to September 2021.
By September, the company expects to host another 25 clean-ups in Toronto, Ottawa, Calgary, Edmonton, Vancouver and Québec.
GURU Organic Energy is up by 2.01 per cent over the past week trading at $16.75 per share as of 11:29 am ET.
Big Ridge Gold (TSXV:BRAU) provides warrant acceleration and Hope Brook Gold Project updates
Big Ridge has received all necessary permits to open and operate the Hope Brook camp and all exploration and water permits are in place to commence the summer exploration program.
The company also accelerated the expiry date of the 22,325,000 warrants issued on July 8, 2020, for gross proceeds of C$4,465,000.
Big Ridge now has over C$11 million in cash to work toward the initial phase I earn-in to acquire 51 per cent in Hope Brook by spending C$10 million over the next three years.
Big Ridge Gold is unchanged over the past week trading at $0.34 per share as of 11:40 am ET.
Luxxfolio Holdings (CSE:LUXX) begins active bitcoin mining operation
Luxxfolio Holdings is pleased to announce that 80 per cent of the first batch of miners received earlier this month are installed and running on-site.
The new miners are running at approximately 41 PH/s with approximately 2 BTC mined to date.
The company is targeting bitcoin production at 300 PH/s by Q3 2022.
Luxxfolio Holdings is up by 10 per cent over the past week trading at $0.33 per share as of 11:23 am ET.
Metallis Resources (TSXV:MTS) commences its 2021 drilling program
Metallis Resources is pleased to announce the commencement of its 2021 drill program at its 100 percent-owned Kirkham Property.
The 8,000 m drill program will test for higher-grade copper and gold mineralization beneath previous drill hole intersections. An additional target in the Miles Zone is the large gold-bearing overprinted siliceous zones and quartz-carbonate-sulphide veins coincident with a prominent IP resistivity-high and a strong gold-in-soil geochemical anomaly.
The 106 sq. km Kirkham Property is located about 65 km north of Stewart, B.C., in the heart of the Golden Triangle’s prolific Eskay Camp.
Metallis Resources is down by 13.95 per cent over the past week trading at $0.37 per share as of 9:32 am ET.
Stay tuned for our report next Friday on what investors are reading on The Market Herald Canada.