12.3 ounces to grams

Near-Mine High-Grade Mineralization Confirmed 3 km from Golden Eagle Processing Plant

HIGHLIGHTS

  • Preliminary results include 8 m @ 4.6 g/t Au from 26 m, 10 m @ 3.0 g/t Au from 32 m, 3 m @ 8.9 g/t Au from 5 m, 13 m @ 2.0 g/t Au from 12 m, and 8m @ 3.2 g/t from 37m
  • Genie is part of a wider, untested +1.25 km long prospective gold zone within 3 km of the Company's Golden Eagle processing plant (the " Golden Eagle Plant ")
  • Mineralization remains open in all directions with follow up drilling already in progress
  • Maiden reverse circulation (" RC ") drilling program intersects multiple zones of high-grade mineralization at Novo's Genie oxide gold target in the Pilbara region of Western Australia
  • New style of gold mineralization in the Mosquito Creek Basin, relating to an interpreted early phase of dolerite intrusion

Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an update on recent brownfields exploration drilling conducted at the Genie prospect.

The maiden RC drilling program of 31 holes (for a total of 1,787 m) was completed at Genie in September 2021. Significant intersections returned to date include, but are not limited to:

  • 8m @ 4.6 g/t Au from 26 m (21NU0093)
  • 10m @ 3.0 g/t Au from 32 m (21NU0089)
  • 3m @ 8.9 g/t Au from 5 m (21NU0085)
  • 13m @ 2.0 g/t Au from 12 m (21NU0092)
  • 8m @ 3.2 g/t Au from 37 m (21NU0094)

Genie is a near-mine oxide prospect that forms part of a broader +1.25 km long previously untested lode-gold target located within 3 km of the Golden Eagle Plant ( Figure 1 ).

"Novo has an exceptional exploration team capable of quickly identifying and testing impactful targets around the Nullagine Gold Project," commented Dr. Quinton Hennigh, Non-Executive Co-Chairman of Novo. "Quickly recognizing the excellent potential and new style of mineralization at Genie is a prime example of their strength. And Genie is just one of the first targets on our list. Many more targets are currently being tested, all of which could have near-term impact on delivering resources for the operation. We are thrilled with these early results and eagerly await a large volume of exploration drill results to come. With access to Chrysos PhotonAssay, we expect to deliver a steady stream of results to the market on an ongoing basis."

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c05eca1a-8c72-48dd-b6e0-ec85f617ca56

DETAILS

This maiden drilling program across the western sector at Genie has provided numerous highly significant results and highlights the potential for the prospect to provide valuable oxide feed to the nearby Golden Eagle Plant. Gold mineralization occurs across multiple, stacked, shallow to moderately SW dipping zones and remains open in all directions.

This program was designed to test the tenor of gold mineralization where mapping and rock chip sampling highlighted excellent potential for near-surface mineable gold mineralization. Drilling was completed at 20 m to 40 m line spacing and 20 m hole spacing along the drill traverses.

Table 1 below provides a list of significant intersections (reporting >1 gram/metre) using parameters that include a 0.5 g/t Au cut-off and no more than 2 m internal waste. Reported widths are indicative of true widths.

Considering the highly significant results from this program, further drilling is now a priority with follow up holes designed to extend and further define the extent of mineralization. This second, more aggressive drill program is already in progress.

Genie is located toward the western margin of a prospective gold-mineralized corridor characterized by strong quartz veining within sheeted dolerite dykes and turbiditic sediments of the Mosquito Creek Formation. This style of mineralization relating to an interpreted early phase of dolerite intrusion represents a new gold mineralization style in the region.

The local geology at Genie is characterized by a swarm of mineralized quartz-veined dolerite dykes defined over ~320 m strike, with individual dykes up to 80 m long and 10 m wide ( Figure 2 ). The dolerite dykes trend NW (locally orthogonal to the overall ENE-trending mineralized corridor) and dip shallowly to moderately to the SW. One 50 m long historic working is present in the central drill area. Sand cover and quartz colluvium obscures the geology immediately west, south, and north of the outcropping mineralization where the target extends under cover ( Figure 3 and Figure 4 ).

RC drill samples were submitted to Intertek Testing Services (Australia) Pty Ltd.'s (" Intertek ") lab for PhotonAssay ( refer to the Company's news release dated   May 18, 2021 ), providing rapid turnaround time for exploration assay results, with assays received within two weeks of sample submission.

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/37f27fc1-dd56-4390-88ed-4983931d3f9a

Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9fec7a6f-0dfa-4dff-a0c6-59d8fd1b6472

Figure 4 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f1b74cfd-fc60-4b03-ab69-22453472de66

Analytic Methodology

RC samples from Genie were submitted to Intertek in Perth, Australia. Samples are crushed to -2 mm and RSD split into a single 500-gram jar for PhotonAssay. To test for gold variability and potential coarse gold effect, field duplicates and crushed duplicates were analysed. Standards and blanks are inserted in the sample sequence to test for lab performance.

There were no limitations to the verification process and all relevant data was verified by a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects by reviewing analytical procedures undertaken by the various laboratories. Dr. Quinton Hennigh (P. Geo.) is the qualified person responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is the Non-Executive Co-Chairman and a director of Novo.

About Novo

Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 13,250 square kilometres in the Pilbara region of Western Australia. In addition to the Company's primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com .

On Behalf of the Board of Directors,

Novo Resources Corp.

" Michael Spreadborough "

Michael Spreadborough

Executive Co-Chairman

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, planned exploration activities, the expected timing of receipt of assay results, and that the second Genie drill program will further define the extent of mineralization. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo's management's discussion and analysis for the six months ended June 30, 2021, which is available under Novo's profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.

Table 1: Significant intercept table for all results from this phase of drilling at Genie. The table is generated using a 0.5 g/t Au cut-off grade and no more than 2 m internal waste. Reported intervals (widths) are considered representative of true widths.

HOLE ID COORDSYS EASTING NORTHING HEIGHT AZI
GRID
DIP DEPTH
FROM
DEPTH
TO
Au
(ppm)
Width
(m)
Gram*
metres
21NU0077 MGA94_51 202963 7571292 384 90 -50 21 33 1.9 12 22.4
21NU0077 MGA94_51 202963 7571292 384 90 -50 8 10 1.3 2 2.5
21NU0078 MGA94_51 202961 7571271 384 90 -50 14 25 1.4 11 15.8
21NU0079 MGA94_51 202980 7571268 384 90 -50 11 12 1.2 1 1.2
21NU0080 MGA94_51 202979 7571266 384 45 -50 6 14 0.6 8 4.9
21NU0081 MGA94_51 202968 7571255 383 45 -50 19 21 3.7 2 7.4
21NU0081 MGA94_51 202968 7571255 383 45 -50 1 3 0.8 2 1.6
21NU0082 MGA94_51 203003 7571260 387 45 -50 34 39 2.3 5 11.6
21NU0082 MGA94_51 203003 7571260 387 45 -50 0 3 0.7 3 2.2
21NU0082 MGA94_51 203003 7571260 387 45 -50 51 53 0.9 2 1.9
21NU0083 MGA94_51 202988 7571246 384 45 -50 6 13 2.1 7 14.7
21NU0083 MGA94_51 202988 7571246 384 45 -50 18 28 1.2 10 12.3
21NU0084 MGA94_51 202973 7571231 384 45 -50 82 89 1.4 7 10.1
21NU0084 MGA94_51 202973 7571231 384 45 -50 44 46 1.9 2 3.8
21NU0084 MGA94_51 202973 7571231 384 45 -50 71 73 0.8 2 1.6
21NU0085 MGA94_51 202957 7571217 384 45 -50 5 8 8.9 3 26.7
21NU0085 MGA94_51 202957 7571217 384 45 -50 58 72 1.2 14 16.9
21NU0086 MGA94_51 202943 7571202 385 45 -50 41 49 1.0 8 7.9
21NU0086 MGA94_51 202943 7571202 385 45 -50 68 73 1.3 5 6.7
21NU0086 MGA94_51 202943 7571202 385 45 -50 2 5 1.4 3 4.1
21NU0087 MGA94_51 202928 7571187 385 45 -50 8 10 0.8 2 1.6
21NU0088 MGA94_51 203026 7571255 385 45 -50 54 64 2.1 10 21.0
21NU0088 MGA94_51 203026 7571255 385 45 -50 31 39 0.9 8 7.1
21NU0088 MGA94_51 203026 7571255 385 45 -50 17 21 0.7 4 2.7
21NU0088 MGA94_51 203026 7571255 385 45 -50 24 26 0.8 2 1.6
21NU0088 MGA94_51 203026 7571255 385 45 -50 2 3 1.5 1 1.5
21NU0089 MGA94_51 203056 7571282 386 45 -50 32 42 3.0 10 29.6
21NU0089 MGA94_51 203056 7571282 386 45 -50 4 10 4.0 6 23.8
21NU0089 MGA94_51 203056 7571282 386 45 -50 13 17 1.0 4 4.2
21NU0090 MGA94_51 203042 7571267 386 45 -50 12 22 0.8 10 8.1
21NU0090 MGA94_51 203042 7571267 386 45 -50 7 9 3.8 2 7.5
21NU0090 MGA94_51 203042 7571267 386 45 -50 51 53 1.5 2 3.0
21NU0091 MGA94_51 203102 7571302 387 45 -50 1 2 1.0 1 1.0
21NU0092 MGA94_51 203092 7571291 385 45 -50 12 25 2.0 13 26.3
21NU0092 MGA94_51 203092 7571291 385 45 -50 8 9 1.6 1 1.6
21NU0093 MGA94_51 203079 7571278 386 45 -50 26 34 4.6 8 36.4
21NU0093 MGA94_51 203079 7571278 386 45 -50 10 11 1.1 1 1.1
21NU0093 MGA94_51 203079 7571278 386 45 -50 4 5 1.0 1 1.0
21NU0094 MGA94_51 203062 7571263 385 45 -50 37 45 3.2 8 25.3
21NU0094 MGA94_51 203062 7571263 385 45 -50 16 19 1.4 3 4.1
21NU0094 MGA94_51 203062 7571263 385 45 -50 48 49 1.0 1 1.0
21NU0095 MGA94_51 203046 7571248 385 45 -50 10 11 3.2 1 3.2
21NU0096 MGA94_51 203031 7571233 384 45 -50 62 64 5.6 2 11.2
21NU0096 MGA94_51 203031 7571233 384 45 -50 79 81 5.2 2 10.5
21NU0096 MGA94_51 203031 7571233 384 45 -50 45 47 1.4 2 2.9
21NU0098 MGA94_51 203123 7571292 387 45 -50 11 12 1.8 1 1.8
21NU0099 MGA94_51 203108 7571278 386 45 -50 33 36 2.3 3 6.8
21NU0100 MGA94_51 203148 7571278 386 45 -50 47 48 1.4 1 1.4
21NU0101 MGA94_51 203133 7571263 386 45 -50 18 19 2.6 1 2.6
21NU0101 MGA94_51 203133 7571263 386 45 -50 42 43 1.3 1 1.3
21NU0102 MGA94_51 203119 7571249 385 45 -50 2 4 0.7 2 1.4

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Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.

The Liberal Party of Canada and Prime Minister Mark Carney will form a minority government following their victory in Canada’s national election on Monday (April 28). The Liberals won 168 seats, just shy of the 172 required to form a majority, meaning the Liberal government will have to work with the Bloc Québécois or the NDP, which won 23 and 7 seats, respectively.

The Conservative Party of Canada, led by Pierre Poilievre, won 144 seats. While the CPC was originally expected to win the election, the trade war and sovereignty threats from new US President Donald Trump turned the tide in favor of Carney, who took a firmer stance against Trump. Other election issues included the high cost of living, housing, immigration and crime.

Both parties came into the election with visions for Canada’s economy, which included energy and infrastructure corridors, a commitment to energy production and a focus on resource nationalism.

Statistics Canada released February’s gross domestic product by industry figures on Wednesday (April 30). According to the data, the resource sector’s January gains were largely erased by contractions in February. Oil and gas extraction slipped by 2.8 percent, while mining and quarrying contracted by 2.6 percent during the month. Metal ore mining posted its second month of declines, falling 2.5 percent. On the other hand, non-metallic mineral mining climbed by 2.7 percent, including a 3.5 percent rise in potash mining.

South of the Border, The United States Bureau of Labor Statistics released its April employment situation summary on Friday (May 2). In the report, the agency said that 177,000 new nonfarm jobs were added to the economy in April, which exceeded analysts’ expectations of 133,000 jobs.

The biggest gains came in the healthcare sector, which added 51,000 workers, followed by transportation and warehousing, where 29,000 people found new employment.

Overall, the unemployment rate remained steady at 4.2 percent, and the participation rate was unchanged at 62.6 percent.

However, there were some caveats, most notably, downward revisions of 15,000 fewer jobs in February and 43,000 jobs in March than initially reported.. Long-term unemployment also ticked up by 179,000 to 1.67 million in April, the highest since March 2022.

While the number showed strength in the job market, many analysts expect these gains to be temporary, as the effects of US tariffs have yet to be felt in the economy.

The US government also announced on Wednesday that it signed a critical minerals deal with Ukraine. Under the terms of the agreement, the US will provide funding for Ukraine’s reconstruction in exchange for preferential access to the country’s natural resources, including rare earth minerals, which are critical to tech and military development and supply chains.

Additionally, the Trump administration announced it added 10 new projects to be fast-tracked to its federal permitting dashboard on Friday. The projects include the NorthMet copper and nickel project in Minnesota, which is a 50/50 joint venture between Teck (TSX:TECK.A,TECK.B,NYSE:TECK) and Glencore (LSE:GLEN,OTC Pink:GLCNF), as well as Sibanye Stillwater’s (NYSE:SBSW) Stillwater platinum and palladium project in Montana.

Markets and commodities react

In Canada, major indexes posted gains by the week's close. The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 1.32 percent during the week to close at 25,031.51 on Friday, the S&P/TSX Venture Composite Index (INDEXTSI:JX) moved up 0.01 percent to 656.40 and the CSE Composite Index (CSE:CSECOMP) climbed 2.52 percent to 122.75.

US equity markets also posted gains by close on Friday, with the S&P 500 (INDEXSP:INX) increasing 2.85 percent to close at 5,686.66, the Nasdaq-100 (INDEXNASDAQ:NDX) gaining 3.45 percent to 20,102.61 and the Dow Jones Industrial Average (INDEXDJX:.DJI) rising 2.8 percent to 41,317.44.

The gold price fell from recent highs, closing out Friday at US$3,233.98, down 2.56 percent over the week. The silver price was also down, shedding 3.21 percent during the period to US$32.03.

In base metals, the COMEX copper price fell 4.29 percent over the week to US$4.69 per pound. Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) was down 3.17 percent to close at 520.19.

Top Canadian mining stocks this week

So how did mining stocks perform against this backdrop?

Take a look at this week’s five best-performing Canadian mining stocks below.


Stock data for this article was retrieved at 3:30 p.m. EDT on Friday using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.

1. Lion Rock Resources (TSXV:ROAR)

Weekly gain: 60 percent
Market cap: C$20.51 million
Share price: C$0.32

Lion Rock Resources is a gold and critical mineral exploration company focused on advancing its Volney gold-lithium-tin project in South Dakota, United States.

The property is situated on 142 hectares of private land with surface and mineral rights in place. The site hosts historic gold and tin mining operations dating back to the 1920s. Additionally, the site contains the Giant Volney pegmatite body, from which 15 grab samples graded an average of 4.4 percent lithium oxide, with the highest grading 5.4 percent.

The most recent news from the project came on Thursday (May 1) when Lion Rock announced that it had started its 2025 exploration program, including a high-resolution magnetic survey, mapping and sampling. The company said that the program will target high-grade lithium, gold and tin, and results will be used to refine drill targets and expand known mineralized zones.

The company also released its year-end 2024 financial report on Tuesday (April 29).

2. Foremost Clean Energy (CSE:FAT)

Weekly gain: 42.86 percent
Market cap: C$14.27 million
Share price: C$1.30

Foremost Clean Energy is a uranium exploration company working to advance projects in the Athabasca Basin in Northern Saskatchewan, Canada.

In 2025, its primary focus has been its Hatchet Lake property, part of its Eastern Athabasca projects. The site consists of nine mineral claims within two blocks covering an area of 10,2012 hectares and has seen exploration dating back to the 1960s.

Foremost announced in October 2024 that it had completed the first phase of an option agreement with Denison Mines (TSX:DML,NYSEAMERICAN:DNN) to acquire a 20 percent stake in 10 uranium properties, including Hatchet Lake, in exchange for 1.37 million common shares.

Under the terms of the agreement, Foremost can earn up to a 70 percent stake in the properties in exchange for meeting certain milestones within 36 months.

This Thursday, Foremost announced a new uranium discovery at Hatchet Lake from initial results of the company’s ongoing inaugural drill program.

In the announcement, the company said the discovery included multiple intervals of mineralization, highlighting one grading 0.22 percent equivalent U3O8 over 0.9 meters, including an intersection of 0.5 percent over 0.1 meters.

3. Baru Gold (TSXV:BARU)

Weekly gain: 42.86 percent
Market cap: C$13.53 million
Share price: C$0.05

Baru Gold is a development company working to advance its Sangihe gold project in Indonesia.

The company holds a 70 percent stake in the 42,000 hectare project, with the remaining 30 percent interest held by three Indonesia-based companies.

Baru Gold is progressing towards approval of its production operations plan, which was redesigned due to the significant macroeconomic shift and increase in the gold price since its last mineral resource estimate in May 2017.

On February 14, the company published a technical report with an updated mineral resource estimate. The mineral resource estimate demonstrated an indicated resource of 114,000 ounces of gold and 1.93 million ounces of silver from 3.15 million metric tons of ore with grades of 1.12 grams per metric ton (g/t) gold and 19.4 g/t silver. The project also hosts an inferred resource of 91,000 ounces of gold and 1.08 million ounces of silver from 2.3 million metric tons of ore with grades of 1.22 g/t gold and 14.5 g/t silver.

The update marks a significant step towards government approval for production operations status, with the only remaining requirement being the payment of taxes.

The most recent news came on April 2 when the company announced the closing of the first tranche of a private placement for C$336,321.88. Funding raised through the placement will be used in part for payment of land use taxes on the Sangihe property.

4. Taranis Resources (TSXV:TRO)

Weekly gain: 42.5 percent
Market cap: C$21.07 million
Share price: C$0.285

Taranis Resources is a copper explorer focused on advancing work at its Thor project in Southeast British Columbia, Canada.

The site has seen previous mining dating back to the early 1900s and hosts at least seven different epithermal zones. In a February mineral resource estimate update, the company reported an indicated resource of 1.14 million metric tons of ore containing 27,400 ounces of gold, 5.58 million ounces of silver, 3.1 million pounds of copper, 47.8 million pounds of lead and 77.9 million pounds of zinc.

The most recent news from the Thor project came on April 9, when Taranis provided an update on its 2024 deep drilling program. The company finalized an alteration study of the drill holes, which encountered anomalous gold, zinc and arsenic, and plans to use the results to improve targeting and lower costs for its 2025 drilling program.

5. Black Iron (TSX:BKI)

Weekly gain: 41.18 percent
Market cap: C$38.02 million
Share price: C$0.12

Black Iron is an exploration and development company working to advance its Shymanivske iron project in Ukraine.

The 300 hectare property is located approximately 330 kilometers south-east of the capital of Kiev and is situated within the well-known iron ore mining district of KrivBass.

According to a March 2020 preliminary economic assessment, project economics demonstrated an after-tax net present value of US$1.44 billion at a discount rate of 10 percent with an internal rate of return of 34.4 percent and a payback period of 3.3 years.

The included mineral resource estimate reported a measured and indicated resource of 645.8 million metric tons of ore with an average grade of 31.6 percent total iron and 18.8 percent magnetic iron.

Although Black Iron did not release any news this week, the company’s share price gained alongside news of the US and Ukraine reaching a critical minerals agreement.

FAQs for Canadian mining stocks

What is the difference between the TSX and TSXV?

The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.

How many mining companies are listed on the TSX and TSXV?

As of February 2025, there were 1,572 companies listed on the TSXV, 905 of which were mining companies. Comparatively, the TSX was home to 1,859 companies, with 181 of those being mining companies.

Together the TSX and TSXV host around 40 percent of the world’s public mining companies.

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.

Article by Dean Belder; FAQs by Lauren Kelly.

Don't forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.

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