TSX Venture Exchange September 11-17

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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