With the price of gold climbing to US$719 per oz., lead pushing US$1.50 per lb., and a number of exploration developments sparking market activity, the S&P-TSX Venture Composite Index climbed 71.58 points over the Sept. 11-17 trading period to close at 2,749.28. Average daily trading volumes were also up, at 90.9 million shares.
The increased activity and strong bullion price did not buck the bearish trend in the venture market, however, with 117 juniors hitting new 52-week lows over the session while only 45 managed new highs.
Noront Resources stayed on as a top trader after the first assays from its Double Eagle nickel-copper project, in northern Ontario’s James Bay Lowlands, came early last week. In three days, the stock shot up $2.20, including a jump of $1.81 on Sept. 13, to close at $3.94 on trading volume of 61 million shares. The stock was halted on Sept. 14. pending further results.
Noront’s discovery prompted nearby explorers to look for similar attention. MacDonald Mines Exploration was the session’s top trader, closing up 25 at 39 on 102.5 million shares traded. The company’s Sachigo Greenstone Belt project is adjacent to Double Eagle. Other gainers in the top 10 included Spider Resources, KWG Resources, Freewest Resources Canada, Canstar Resources, UC Resources and Fancamp Exploration.
VMS Ventures jumped 14 to 36 on trading volume of 14.7 million after announcing a new volcanogenic massive sulphide zone near the former Spruce Point mine in Manitoba.
Developments in Mongolia stirred market activity. On Tuesday, SouthGobi Energy Resources announced it received a licence to develop an open-pit coal mine at Ovoot Tolgoi, the company’s most advanced coal project, located in southern Mongolia. After the news, SouthGobi regained the 85 it lost on Monday. Over the session, the company saw trading volume of 18.6 million.
And after a clarification from the Mineral and Petroleum Resources Authority of Mongolia that neither Western Prospector Group’s nor Khan Resources’ exploration licences are invalid, both companies regained some lost share price. Western Prospector rose $1.21 or 81% in a single day; Khan climbed 61 or 36% the same day, a smaller gain because the company does not own the land it is exploring in Mongolia, making its licensing situation more complicated.
Salazar Resources made significant gains on the results of a sampling program from the company’s Curipamba project in west-central Ecuador. Results from the Sesmo Sur area include 44 metres averaging 3.21 grams gold per tonne and 15 grams silver. Salazar’s share price rose 73 to close at around $3.70 on over 1 million shares traded.
Shares in GobiMin continued to fall, losing 67 over the session to close at $2.14, despite recent announcements of a healthy second quarter and the receipt of production development permits for its Yellow Mountain nickel-copper property in China. Gobimin’s management was not aware of any reason for the price drop.
TSX-V greatest percentage change
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
Fancamp Expl | FNC | 12769 | 2.91 | 0.27 | 2.20 | + | 528.5 |
MacDonald Mns | BMK | 102468 | 0.53 | 0.11 | 0.37 | + | 208.3 |
Spider Res | SPQ | 92279 | 0.16 | 0.045 | 0.155 | + | 181.8 |
KWG Res | KWG | 59995 | 0.165 | 0.045 | 0.135 | + | 170.0 |
Probe Mines | PRB | 9177 | 1.16 | 0.32 | 0.90 | + | 127.8 |
Noront Res | NOT | 60958 | 4.05 | 1.54 | 3.94 | + | 126.4 |
VMS Vent | VMS | 17476 | 0.39 | 0.16 | 0.355 | + | 102.8 |
Hawk Uranium | HUI | 4316 | 0.41 | 0.19 | 0.38 | + | 90.0 |
UC Res | UC | 21112 | 0.75 | 0.28 | 0.56 | + | 89.8 |
Canstar Res | ROX | 29886 | 0.28 | 0.095 | 0.215 | + | 86.9 |
Zinco Mng | ZIM | 26 | 0.41 | 0.35 | 0.35 | – | 46.1 |
Intl Gold Mng | IGL | 236 | 0.055 | 0.035 | 0.035 | – | 41.6 |
Western Warr R | WWR | 73 | 0.25 | 0.15 | 0.15 | – | 34.7 |
Glen Hawk Minl | GHM | 135 | 0.07 | 0.045 | 0.07 | – | 33.3 |
Huntington Exp | HEI | 10 | 0.08 | 0.06 | 0.06 | – | 25.0 |
Lounor Expl | LO | 143 | 0.19 | 0.15 | 0.17 | – | 24.4 |
Gobimin | GMN | 455 | 2.81 | 2.05 | 2.14 | – | 23.8 |
Goldsource Min | GXS | 24 | 0.255 | 0.185 | 0.21 | – | 23.6 |
African Metals | AFR | 19 | 0.41 | 0.405 | 0.405 | – | 23.5 |
Superior Diam | SUP | 35 | 0.38 | 0.30 | 0.30 | – | 22.0 |
TSX-V greatest value change
VOLUME | CLOSE | CHANGE | |||
Noront Res | NOT | 60958247 | 3.94 | + | 2.20 |
Fancamp Expl | FNC | 12768961 | 2.20 | + | 1.85 |
Azimut Expl | AZM | 263117 | 5.11 | + | 0.91 |
SouthGobi Engy | SGQ | 18565 | 6.40 | + | 0.90 |
Western Prospc | WNP | 1409053 | 2.37 | + | 0.88 |
Triex Minerals | TXM | 148941 | 3.65 | + | 0.85 |
Salazar Res | SRL | 1015632 | 3.68 | + | 0.73 |
Pitchstone Exp | PXP | 248528 | 2.74 | + | 0.69 |
Mag Silver | MAG | 414479 | 14.39 | + | 0.55 |
Mansfld Mnrls | MDR | 1049228 | 3.24 | + | 0.54 |
Seabridge Gold | SEA | 157548 | 30.51 | – | 1.76 |
Pac Booker Min | BKM | 18539 | 10.74 | – | 0.78 |
Gobimin | GMN | 454550 | 2.14 | – | 0.67 |
Golden Chalice | GCR | 1152593 | 1.37 | – | 0.37 |
Win Eldrich Mn | WEX | 31400 | 2.00 | – | 0.33 |
Pearl Ex & Pr | PXX | 2091711 | 3.36 | – | 0.31 |
Zinco Mng | ZIM | 25500 | 0.35 | – | 0.30 |
Gulfside Mnls | GMG | 217719 | 1.21 | – | 0.29 |
Genco Res | GGC | 185583 | 3.26 | – | 0.28 |
Hawthorne Gold | HGC | 29000 | 1.41 | – | 0.26 |
TSX-V most active issues
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
MacDonald Mns | BMK | 102468 | 0.53 | 0.11 | 0.37 | + | 0.25 |
Spider Res | SPQ | 92279 | 0.16 | 0.045 | 0.155 | + | 0.10 |
Noront Res | NOT | 60958 | 4.05 | 1.54 | 3.94 | + | 2.20 |
KWG Res | KWG | 59995 | 0.165 | 0.045 | 0.135 | + | 0.085 |
Freewest Res | FWR | 40035 | 0.42 | 0.185 | 0.31 | + | 0.115 |
Canstar Res | ROX | 29886 | 0.28 | 0.095 | 0.215 | + | 0.10 |
UC Res | UC | 21112 | 0.75 | 0.28 | 0.56 | + | 0.265 |
VMS Vent | VMS | 17476 | 0.39 | 0.16 | 0.355 | + | 0.18 |
Peak Gold | PIK | 12977 | 0.65 | 0.54 | 0.61 | + | 0.07 |
Fancamp Expl | FNC | 12769 | 2.91 | 0.27 | 2.20 | + | 1.85 |
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