Miners push TSX to almost 10,000 pts.

Gold surged late in the March 2-8 report period, to end US$3.80 higher at US$437.25 per oz. That helped the Toronto Stock Exchange’s gold index rebound to the tune of 8.87 points to finish at 214.29 points. The diversified miners contributed a 12.53-point gain to 328.07 on a strengthening copper price. In the end, the TSX-S&P Composite Index was 175.31 points higher at 9,903.34, just shy of the 10,000-point level, which has not been reached since late 2000.

Shares in Jaguar Nickel plummeted 20, or 33%, to 40, after the company said two years’ worth of tests had determined that its proprietary atmospheric chloride acid leaching process would not be economic for the lateritic nickel at its Sechol project in Guatemala. The company is now looking at using other proven technology.

Likewise, shares in WGI Heavy Minerals were nearly halved, ending $2.55, or 44%, cheaper at a new 52-week low of $3.30. The Idaho-based miner has declared force majeure on an ilmenite supply agreement with a major pigment producer. The Indian government recently withdrew the export licence for Earth Minerals Resources, which produces the ilmenite concentrate sold by WGI.

Heading the other way was Afriore, which recently cut multiple zones of high-grade platinum-group-element values at the Akanani project in South Africa. The latest results include a 6.5-metre section grading 19.8 grams combined platinum, palladium, rhodium, and gold per tonne. Afriore can earn up to a 74% interest in the 41-sq.-km property. The issue jumped 56, or 55%, to a new year-high of $1.57.

Nuinsco Resources tagged along, gaining a dime to make 31 after the first hole of its winter drilling program returned some encouraging nickel intersections from the Minago project in Manitoba. A 16.1-metre interval, beginning 209.4 metres below surface, graded 1.8% nickel. Minago is home to a measured resource of 7.3 million tonnes grading 0.7% nickel, with another 22.5 million tonnes of indicated material averaging 0.6% nickel. The company is in the midst of a 3,000-metre drill program.

An investment by Newmont Mining sent shares in Shore Gold soaring. The major has agreed to subscribe to half of a $100-million financing. In the end, Newmont will own just short of 10% of Shore. The junior will use the proceeds to advance the Star Kimberlite project in Saskatchewan. A 3,050-carat parcel of diamonds from Star was recently valued at US$110 per carat. Shore grabbed $1.17 to reach a new all-time high of $6.45.

Fellow diamond explorer Ashton Mining of Canada made 18 to hit $1.45. The company, together with Quebec government-owned Soquem, recently recovered a 3.26-carat, grey-coloured, translucent composite diamond from a 6-tonne mini-bulk sample of the Renard 9 kimberlite on the Foxtrot project in Quebec.

Tahera Diamond finished among the most actively traded miners, with nearly 38 million shares making their way 8 higher to 57. The Department of Indian Affairs & Northern Development recently approved a lease for Crown lands covering the company’s Jericho project in Nunavut. A similar lease for Inuit treaty lands is expected shortly.