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Toronto explorers on the rise

It was a mixed period on the markets with continuing macro concerns but investors were keen on TSX Venture Exchange-listed explorers producing strong drilling results.
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ASX-listed OZ Minerals gained on strong results

Staff reporter

Goldsource Mines (TSXV: GXS) closed more than 73% higher yesterday on a new, high-grade discovery at its Salbora target at the Eagle Mountain gold project in Guyana.

New Pacific Metals (TSXV: NUAG) rose C26 or almost 16% as it reported 76.63m at 383g/t silver among the first batch of drilling results from its Silver Sand project in Bolivia, saying 94 of 98 holes had intercepted near-surface silver mineralisation.

Spruce Ridge Resources (TSXV: SHL) gained 30% or 1.5c on hitting 20.94m at 6.21% copper in the first round of diamond drilling at its Great Burnt copper-gold project in Newfoundland.

Juniors have been in the spotlight this week at the Vancouver Resource Investment Conference, where keynote speakers had a positive outlook for precious metals and equities.
 
The gold price was above US$1,281 an ounce on the spot market earlier, while base metals closed higher in London yesterday following news of further Chinese stimulus.

Australian jobs data helped lift the ASX, where OZ Minerals (ASX: OZL) was one of the bigger risers with a gain of about 3.4% as it reported exceeding copper and gold production forecasts in 2018 and raised gold production guidance for 2019.

Finally, among the majors, Rio Tinto (LSE: RIO) closed down more than 2% yesterday, soon-to-be-enlarged Newmont Mining (NYSE: NEM) closed up 0.3% and BHP (ASX: BHP) was off about 0.03% this afternoon.