The S&P/TSX Venture Composite index (INDEXTSI:JX) was on the rise last week, gaining 3.35 percent, or 16.2 points, to finish at 499.52 points.
A number of junior mining companies were part of that rise. First on the list was Canasil Resources (TSXV:CLZ), and it was followed by North Arrow Minerals (TSXV:NAR), Orex Minerals (TSXV:REX), Corsa Coal (TSXV:CSO) and Rusoro Mining (TSXV:RML).
Canasil saw its share price rise a whopping 227 percent following impressive drill results from its Sandra-Escobar silver project in Mexico. The company noted that its joint venture partner, Orex Minerals, reported assay results from the first hole of an ongoing program at the project, with an intercept of 359 g/t silver over 61 meters from surface.
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“These are exceptional results with very high silver values over an appreciable mineralized intercept from surface,” said Canasil President and CEO Bahman Yamani in a statement. “Silver mineralization in this area has been observed in outcrops over a strike length of 700 metres on surface and we look forward to the results from the other holes being completed in the current drill program.”
North Arrow Minerals
North Arrow Minerals is currently focused on advancing its Pikoo diamond project in Saskatchewan. Most recently, the company reported in October that its 2015 exploration program had confirmed the presence of four diamondiferous kimberlites at Pikoo.
The company saw its share price rise 68.75 percent last week to hit $0.27. However, there has been no new news to explain that rise.
As mentioned above, Orex is Canasil\’s joint venture partner, and the operator of the Sandra-Escobar project. Accordingly, shares of Orex gained 66.67 percent to close the week at $0.35 on news of the silver discovery. Orex has an option agreement with Canasil under which it may earn up to a 65-percent interest in the Sandra-Escobar project.
Shares of Corsa Coal gained 50 percent last week to trade at $0.03. The company, a metallurgical coal supplier with operations in the Appalachian region of the US, completed a private placement for US$7.25 million on October 23, and reported a positive adjusted EBITDA “