The S&P/TSX Composite Index rose 0.75% to 15,713.82 during the July 6-10 trading week. The S&P/TSX Global Mining Index rose 5.06% to 95.05, and the S&P/TSX Global Base Metals Index climbed 8.12% to 99.07. Spot gold jumped US$24.20 per oz., or 1.36%, to US$1,798.60 per oz., and the S&P/TSX Global Gold Index rose 5.55% to 358.9.
Steppe Gold (TSX: STGO) rose by 35.5% to $2.71 per share. The company updated investors on its ATO gold mine in Mongolia, which started commercial production in the second quarter and has as of July 6 sold 15,389 oz. gold and 4,978 oz. silver in six separate deliveries. Steppe say it is on track to produce about 60,000 oz. gold in its first year of production at cash costs of about US$500 per oz. In other news, it announced a $15 million strategic investment by Eric Sprott. The financier acquired 6.98 million subscription receipts in a non-brokered private placement at $2.15 per receipt. In addition to its ATO mine in eastern Mongolia, the company is advancing its Mungu gold and silver discovery northeast of ATO and its Udam Khundi property, about 800 km southwest of the capital, Ulaanbaatar.
Shares of Canarc Resource (TSX: CCM; US-OTC: CRCUF) rose by 30% to 13 ? per share. The company has optioned its Lightning Tree gold property in Idaho to Minkap Resources (TSXV: KAP). Under a non-binding letter of intent, Minkap has the option to acquire a 100% stake in the Canarc's Lightning Tree property in Lemhi County, Idaho. Lightning Tree is one of 11 properties Canarc acquired in 2017 and the fourth one it has optioned out to third parties interested in its Nevada/Idaho portfolio of assets. The Lightning Tree property consists of four unpatented claims lying along the regional, northeast-trending Trans-Challis structural zone and is situated about 25 km southwest of the Beartrack deposit and 70 km northeast of the Grouse Creek deposit.
Erdene Resource Development (TSX: ERD; US-OTC: ERDCF) rose to 52 ?, up 30%. The company announced drill results from the Midfield Southeast zone at the company's 100%-owned Bayan Khundii gold project, located within the Khundii Gold district in southwestern Mongolia. Highlights from the drilling included 5.5 metres grading 125.9 grams gold per tonne, with a high-grade core of 1 metre grading 581.63 grams gold, starting from 11.5 metres downhole, and 15 metres grading 25.6 grams gold, including 1 metre grading 338 grams gold, from 14.9 metres downhole. The project contains measured and indicated resources of 5.1 million tonnes grading 3.16 grams gold for 521,000 oz. of contained gold. Inferred resources add 0.9 million tonnes grading 3.68 grams gold for 103,000 oz. of gold. Resources quantities are based on a cut-off grade of 0.55 gram gold per tonne.