The S&P-TSX Venture Composite Index eked out a modest gain of 15.13 points over the holiday-shortened Aug. 28-31 trading session to close at 2,647.81. Average daily trading volumes continued to retract at 70 million shares.
The market continued on a strongly bearish trend, with just three junior exploration companies touching new 52-week highs over the session, while 115 slumped to new annual lows.
Field observations from its Double Eagle project, in Ontario’s James Bay Lowlands, lifted Noront Resources to top trader on the week with volume of 24.2 million shares. The stock posted a 113% gain to close up 45 at 85 per share. The first hole at Double Eagle cut 26 metres of visible copper mineralization (chalcopyrite) within an ultramafic-hosted massive sulphide horizon.
Noront’s results also boosted trading volume in its neighbours Spider Resources and KWG Resources, which have been drilling their joint-venture McFaulds Lake volcanogenic massive sulphide project. The duo posted trading volumes of 12.8 million shares and 6.2 million shares, respectively.
Additional high-grade copper intercepts from definition drilling at First Narrows Resources’ Chester project in New Brunswick pushed the company’s trading volume to over 5.8 million shares over the week, closing down half a penny at 39 per share. The company reported intervals of up to 8.3 metres averaging 5.4% copper.
Celtic Minerals shares notched up 6 over the session to close at $1.03 apiece on trading volume of almost 5 million. The company recently announced a nickel-copper-cobalt-palladium massive sulphide discovery at its Kingurutik project in Labrador.
After strong recent gains, Blue Note Mining saw its shares pull back a couple of pennies over the week, closing at 59 per share on trading volume of 4.8 million shares. In mid-August, the company delivered the first lead concentrate produced from its Caribou lead-zinc mine in New Brunswick to Xstrata’s Belledune smelter.
Western Uranium posted a 58% gain on the week to close up $1.08 at $2.94 per share on trading volume of 3.3 million shares. Cameco closed its investment in the junior by purchasing 5.6 million units at $3.80 apiece to hold 10% of Western Uranium. The deal also gives Cameco rights to acquire a joint-venture interest in the junior’s uranium project portfolio.
Rainy River Resources shares gained 12% on the week, closing up 49 at $4.60 per share on trading volume of more than 1.4 million shares. The company recently closed a $35-million financing earmarked for its Richardson Township and Off Lake properties, located south of Kenora, Ont.
Shares of GoldQuest Mining slipped 34% to close the week down 28 at 55 apiece on trading volume of over 3.8 million. Drilling at the company’s Las Animas project, in the Dominican Republic, recently turned in intercepts of up to 13 metres grading 4.5% copper, 4.4 grams gold per tonne and 558.3 grams silver in massive sulphides.
SNS Silver gave up 29% on the week, closing down 28 at 69 per share on trading volume of more than 628,000 shares. Drilling on its Crescent mine project, in northern Idaho, recently cut a handful of narrow silver intercepts including 1.5 metres of 1,470 grams silver per tonne.
TSX-V most active issues
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Noront Res | NOT | 24245 | 0.91 | 0.55 | 0.85 | +0.45 |
Spider Res | SPQ | 12823 | 0.06 | 0.035 | 0.04 | 0.00 |
Peak Gold | PIK | 8501 | 0.51 | 0.435 | 0.50 | +0.005 |
KWG Res | KWG | 6168 | 0.065 | 0.035 | 0.045 | +0.01 |
First Narrows | UNO | 5853 | 0.50 | 0.35 | 0.39 | -0.005 |
Celtic Mnrls | CME | 4922 | 1.17 | 0.95 | 1.09 | +0.06 |
Blue Note Mng | BN | 4766 | 0.65 | 0.55 | 0.59 | -0.02 |
Intl Wayside G | WGM | 4554 | 0.21 | 0.16 | 0.195 | +0.01 |
E-Energy Vent | EEV | 4358 | 0.175 | 0.15 | 0.15 | -0.05 |
Yukon Zinc | YZC | 4276 | 0.225 | 0.21 | 0.215 | -0.005 |
TSX-V greatest percentage change
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Noront Res | NOT | 24245 | 0.91 | 0.55 | 0.85 | +112.5 |
Gold Bulln Dev | GBB | 26 | 0.17 | 0.135 | 0.16 | +68.4 |
Spruce Ridge R | SHL | 20 | 0.45 | 0.30 | 0.45 | +60.7 |
Adroit Res | ADT | 46 | 0.22 | 0.165 | 0.20 | +60.0 |
Western Uran | WUC | 3301 | 3.05 | 1.80 | 2.94 | +58.0 |
Windarra Minls | WRA | 51 | 0.16 | 0.15 | 0.16 | +45.4 |
Zeox | ZOX | 683 | 2.60 | 1.78 | 2.56 | +42.2 |
Dejour Enterp | DEJ | 391 | 2.37 | 1.68 | 2.32 | +39.7 |
African Metals | AFR | 10 | 0.53 | 0.40 | 0.53 | +39.4 |
Golden Dawn Ml | GOM | 331 | 0.36 | 0.25 | 0.355 | +39.2 |
Waseco Res | WRI | 2266 | 0.445 | 0.28 | 0.285 | -38.0 |
Midland Expl | MD | 82 | 0.60 | 0.49 | 0.49 | -36.3 |
GoldQuest Mng | GQC | 3886 | 0.82 | 0.48 | 0.55 | -33.7 |
SNS Silver | SNS | 628 | 0.98 | 0.65 | 0.69 | -28.8 |
E-Energy Vent | EEV | 4358 | 0.175 | 0.15 | 0.15 | -25.0 |
Tanqueray Res | TQY | 41 | 0.09 | 0.07 | 0.09 | -25.0 |
New Nadina | NNA | 109 | 0.23 | 0.17 | 0.17 | -24.4 |
Lounor Expl | LO | 79 | 0.19 | 0.155 | 0.155 | -24.3 |
Northern Hemis | NHD | 140 | 0.20 | 0.155 | 0.155 | -24.3 |
Capella Res | CPS | 964 | 0.64 | 0.48 | 0.48 | -23.8 |
TSX-V greatest value change
VOLUME | CLOSE | CHANGE | ||
Western Uran | WUC | 3301225 | 2.94 | +1.08 |
Seabridge Gold | SEA | 76065 | 24.70 | +0.85 |
Zeox | ZOX | 682740 | 2.56 | +0.76 |
Dejour Enterp | DEJ | 391341 | 2.32 | +0.66 |
Mag Silver | MAG | 153340 | 13.00 | +0.65 |
Rainy River Rs | RR | 1452562 | 4.60 | +0.49 |
Noront Res | NOT | 24244676 | 0.85 | +0.45 |
Pac Booker Min | BKM | 17925 | 11.60 | +0.35 |
Cons Puma Minl | CPW | 112700 | 1.80 | +0.30 |
Osisko Explora | OSK | 114919 | 4.95 | +0.26 |
Azimut Expl | AZM | 181875 | 5.50 | -0.50 |
Northern Dyn M | NDM | 464659 | 10.51 | -0.49 |
JNR Res | JNN | 722062 | 2.33 | -0.35 |
Pearl Ex & Pr | PXX | 1673146 | 3.70 | -0.35 td> |
Anglo Mnrls | ALM | 196700 | 2.15 | -0.30 |
Mexican Silver | MSM | 127960 | 1.25 | -0.30 |
GoldQuest Mng | GQC | 3886493 | 0.55 | -0.28 |
Midland Expl | MD | 81785 | 0.49 | -0.28 |
SNS Silver | SNS | 628333 | 0.69 | -0.28 |
Tamerlane Vent | TAM | 1397333 | 1.81 | -0.26 |
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