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Positive debut for juniors in Canada

Three new Americas-focused resource companies, including one pinning its hopes on Last Hope in Manitoba, had a positive start as they began trading in Canada yesterday.
Positive debut for juniors in Canada Positive debut for juniors in Canada Positive debut for juniors in Canada Positive debut for juniors in Canada Positive debut for juniors in Canada

Nobel29 Resources is drilling the Algarrobo IOCG project in Chile

Ngaire McDiarmid

Reporter

Nobel29 Resources gained 52.5%, New Target Mining rose 40% and Last Hope hopeful 55 North Mining added 4.76%.

Big riser Nobel29 (TSXV: NBLC) has the right to acquire the past-producing Algarrobo iron oxide copper gold project in Chile.

Its CEO is David Gower, who held senior roles with Falconbridge (now Glencore) and is also a director at Alamos Gold.

The junior's chair Lawrence Guy said drilling was underway at Algarrobo and initial results were expected in the coming weeks.

The company, formerly Novo19 Capital, this month completed its reverse takeover of Nobel Resources, which had raised C$8.8 million at 40c per subscription receipt.

Nobel29 shares closed at 61c yesterday to value it at $40 million (US$32 million).

New Target Mining (TSXV: NEW) this month completed its IPO, raising $450,000 at 15c per share, and closed at 21c yesterday to capitalise it at $2.4 million (US$1.9 million).

New Target has an option to acquire the Scarlett gold project, about 65km from Vancouver in British Columbia.

55 North Mining on Monday reported a resource update for its high-grade Last Hope project at Lynn Lake, which it said was a requirement for its upcoming listing on the Canadian Securities Exchange.

The update put the indicated resource at 213,000 tonnes at 5.53g/t for 37,966 ounces, and inferred at 1.1 million tonnes at 5.17g/t for 184,120oz, using a 1.8g/t cut-off.

The company said its management had experience and expertise in the camp and had acquired and developed the Lynn Lake project, sold in 2016 to Alamos Gold.

It said two rigs were operating at Last Hope and it expected to complete a resource update using the new data by year-end.

The company issued stock options yesterday to directors, officers, consultants, and employees with an exercise price of 15c per share, subject to regulatory approval.

Its shares (CSE: FFF) closed at 22c to value it about $22.9 million (US$18 million).