With the Bank of Canada keeping its policy rate on hold at 0.25 per cent, where it has been since the pandemic began, it’s clear that loosening lockdown restrictions is only the first step of many on the way back to normal.
That said, the situation is improving, as evidenced by The Bank of Canada reducing its weekly bond purchases from C$3 to C$2 billion as Canadians return to work and supply chains get up and running.
The dollar, for its part, stands at US$0.79/C$1.00, within the range of the last few months, but on a considerable uptrend from around US$0.70 since March 2020.
The S&P/TSX Composite Index is down by 0.95 per cent since the beginning of the week coming in at 20,066.78 as of 10:36 am ET.
Against this tentatively optimistic backdrop, Market Herald Canada readers favoured stories in the mining sector this week. Here’s your top five:
Arena Minerals (TSXV:AN) announces $10 million private placement
Arena Minerals has launched a non-brokered private placement of subscription receipts for gross proceeds of up to C$10,000,000.
The company will use the proceeds to acquire the Sal de la Puna lithium brine project from Centaur Resources, as well as for exploration and development expenditures and general corporate purposes.
The financing advances the company toward its goal of becoming a low-cost supplier to the lithium carbonate industry.
Arena Minerals is down by 6.25 per cent over the past week trading at $0.15 per share as of 10:30 am ET.
Rover (TSXV:ROVR) provides an update on phase 2 exploration at its Cabin Gold Project
Rover Metals has announced the start of its phase 2 exploration program at its 100 per cent owned Cabin Gold Project.
The company received its first batch of rush assays for diamond drill hole CL-21-10 and is reporting an average grade of 5.71 g/t Au over 3.4 m (true width).
The company is also announcing that core logging from new drill hole CL-21-13 (assays still at the lab) reported >30 per cent sulphides, shearing and quartz flooding.
Rover Metals is unchanged over the past week trading at $0.085 per share as of 11:09 am ET.
Stratabound (TSXV:SB) commences exploration at Golden Culvert and provides update on California Gold transaction
Stratabound Minerals is pleased to announce that field operations have commenced at its Golden Culvert Project in the southeast Yukon Territory.
Crews have deployed on soil sampling programs on the northern Rubus and Little Hyland claims.
The soil sampling program will complete 100 per cent coverage where past programs have projected open-ended anomalous gold trends.
The Golden Culvert Main Zone has yielded surface float-train samples as high as 320 g/t Au and trenching values up to 95 g/t Au over 1.5 m.
Stratabound Minerals is down by 3.85 per cent over the past week trading at $0.12 per share as of 11:41 am ET.
Pure Gold Mining (TSXV:PGM) announces milestone second quarter
Pure Gold saw a 46 per cent increase in gold production compared to the first quarter with an average grade of 7 g/t Au.
To date, the company has drilled over 4,500 m in over 70 holes at its PureGold Mine in Ontario.
The ramp development rates on the property have improved access to high-grade ore in the near term and present opportunities for future projects.
Pure Gold Mining is down by 7.52 per cent over the past week trading at $1.23 per share as of 11:34 am ET.
Corvus Gold (TSX:KOR) receives offer from AngloGold Ashanti Ltd.
Bringing our Top 5 to a close, Corvus Gold received an unsolicited, non-binding proposal from AngloGold Ashanti Limited for the acquisition of Corvus Gold Inc.
AngloGold would acquire all issued and outstanding Corvus shares for C$4.00 per share, payable in cash.
Corvus’ 100 per cent land ownership covers over 127 km2 across two major new Nevada gold discoveries.
Management and the Board of Directors are currently reviewing the proposal.
Corvus Gold is up by 21.45 per cent over the past week trading at $4.02 per share as of 11:20 am ET.
That’s all for this week. Look out for our report every Friday afternoon for insights into what investors are reading on The Market Herald Canada.
