The S&P/TSX Venture Composite Index retreated by 6.7 points or 1.1% over the Feb 6-10 trading session, ending the week at 613.42.
Callinex Mines was the week's top value gainer, adding 71 ? per share to close at $3.35 apiece on Friday. On Feb. 6, the company announced it had appointed former Hudbay Minerals CEO Peter Jones to its technical team. Jones is credited for playing a pivotal role in developing Hudbay's 777 mine in Manitoba and the Konuto Lake and Chisel North mines in the same province. The company has also recently announced receipt of the results from the 2022 exploration campaign to expand and delineate the 100% owned, high-grade copper-gold-silver and zinc Rainbow deposit at Pine Bay in Manitoba's Flin Flon region. Rainbow sits 850 metres and 1.4 km from the historical Pine Bay and newly discovered Alchemist deposits, which are all located within the mineral lease. The company anticipates that the resource estimate will be completed and published by the second quarter.
The week's top traded mining equity was ATEX Resources which closed 4 ? higher at $1.14 following 13.7 million trades during the week. On Feb. 7, the company announced the assay results from a single hole, ATXD-11A, which is part of the third phase of drilling at the Valeriano copper-gold project in Chile's Atacama Region. The hole returned 1,270 metres, grading 0.63% copper equivalent, ending in porphyry mineralization at 2,130 metres. The company said the drilling campaign had confirmed the continuity of the high-grade porphyry trend to the northeast by a further 200 metres and extended the known copper-gold mineralization along a new trend to the west. The current phase of the drilling campaign continues to expand the mineralized corridor through step-out drilling along the strike, mainly to the northeast, test new targets along this corridor and define the continuity and geometry of high-grade trends. Two diamond drill holes are currently underway.
Satori Resources was the week's top gainer in percentage terms. The equity climbed 150% to close the week at 10 ? apiece. The market interest ostensibly stemmed from industry personality and investor Rob McEwen acquiring a 37.6% interest in the company. The former Goldcorp executive stated that his investment's primary objective would be to expand the high-grade gold zones at the past-producing Tartan Lake gold mine in Flin Flon, Man. In return, Satori is proposing to acquire McEwen's 100%-owned private exploration company, Apollo Exploration, which has been acquiring key exploration projects around Canada's largest gold mines and development projects, including , Barrick Gold's Hemlo Mine , and Agnico Eagle's Hammond Reef Project and Canadian Malartic Mine. Apollo will also have about $1.5 million in cash and no debt upon closing.