After falling as low as 14,639.70 in late October 2018, Canada's benchmark index rebounded to end the trading week up 1.55% to 15,119.28. The S&P/TSX Global Mining Index rose 5.9% to 65.73 and the S&P/TSX Global Gold Index rose 3.1% to 166.28. The price of gold fell 0.04% to US$1,232.20.
Shares of Mason Resources rose 146% to 40 ? on news that Hudbay Minerals would acquire the remaining 86% of its shares. At 40 ? a share, the deal values Mason at $31 million.
Hudbay will focus on developing Mason's Ann Mason copper project in Nevada's Yerington district. As of a March 2017 preliminary economic assessment, Ann Mason contains 1.4 billion measured and indicated tonnes grading 0.32% copper, 0.006% molybdenum, 0.03 gram gold and 0.65 gram silver for 9.89 billion lb. copper, 186.6 million lb. molybdenum, 1.33 million oz. gold and 29.46 million oz. silver. It also contains 623 million inferred tonnes grading 0.29% copper, 0.007% molybdenum, 0.03 gram gold and 0.66 gram silver for 3.98 billion lb. copper, 96.2 million lb. molybdenum, 580,000 oz. gold and 13.16 million oz. silver.
In late September, the company agreed to a seven year option to buy up to 33 sq. km per year of primary groundwater rights 6 km southwest of Ann Mason. The land is currently allocated for agricultural use. Mason needs the Nevada Division of Water Resources to approve it for mining use.
Shares of Platinum Group Metals rose 32% to 25 ?. The company recently increased measured and indicated resources at its Waterberg platinum group elements project in South Africa by 1.46 million oz. 4E. The project now contains 242.5 million measured and indicated tonnes grading 0.98 gram platinum, 2.13 grams palladium, 0.05 gram rhodium and 0.22 gram gold, or 3.38 grams 4E, for 26.3 million oz. 4E. The company also boosted the grade at the project's T-zone from 3.88 grams 4E to 4.51 grams 4E.
The company says it will include its latest resource in its forthcoming definitive feasibility study (DFS). The DFS will consider two underground bulk mining options, one at 600,000 tonnes per month and another at 250,000 to 350,000 tonnes per month.
Shares of Guyana Goldfields fell 43% to $1.76 after the company lowered the 2018 production guidance for its Aurora gold mine in northern Guyana from 175,000-185,000 oz. gold to 150,000-155,000 oz. gold. It was the second time the company reduced its production guidance this year. In July it reduced its guidance from 190,000-210,000 oz. gold.
The company also increased its cost of sales and all-in sustaining costs from US$850-US$900 and US$830-US$880 per oz. gold to US$1,030-US$1,055 and US$1,025-US$1,050 per oz. gold. The company blamed lower than anticipated head grade for its issues. It is reviewing its underlying resource model, and expects to incorporate the results of the review into its 2019 guidance and annual reserve and resource update.