The S&P/TSX composite index continued to show resilience over the holiday shortened Oct. 6-9 reporting period, despite widespread consensus that the market was due for a correction. The index gained more than 300 points, finishing at 11,436.92.
The resource-heavy index was, no doubt, helped along by continuing strength in the commodities markets. The prices for oil and base metals were higher, and gold was touching a record high of US$1,065.50 per oz. at presstime.
That was bullish for the Global Gold index, which edged 17 points higher to finish at 347.39, with established miners Yamana Gold (up $1.42 to $12.62) and Agnico-Eagle Mines(up $3.73 to $74.99) leading the charge.
Higher prices for copper, aluminum, nickel, tin, lead and zinc kept the Capped Metals and Mining index moving up, gaining 75 points overall to finish at 934.57.
Word of a second round of diamond drilling on its Goliath gold project near Dryden, Ont., was enough to lift Treasury Metals 48% higher, as the junior explorer finished the period at 37¢. The program calls for 4,500 metres of drilling at the site that was once held by Teck Resources and Corona Gold.
A new partner for VG Gold at its majority-owned Davidson-Tisdale property in the Timmins mining camp had a positive effect on its share price. The company gained 40% to finish at 53¢ after announcing that San Gold was acquiring a 31.5% stake in the property, previously held by Venture-listed Laurion Mineral Exploration. The company has also benefited from a strategic investment by former Goldcorp boss Rob McEwen.
Nevsun Resources managed a 32% gain to finish at $2.99, shortly after announcing the completion of a mining analyst tour at its Bisha project in Eritrea. The company also announced continued support from the Eritrean government as evidenced by an additional $20-million loan to be used towards construction of the project.
It was also a strong period for Aquiline Resources. First, the company announced it had completed the full purchase of the Pico Machay gold project in Peru’s Huancavelica province, then it quickly announced an updated resource estimate for the project. In the oxidized zone, Pico Machay now holds 7.7 million measured and indicated tonnes grading 0.88 gram gold per tonne, and in the non-oxidized zones, it hosts 2.9 million tonnes grading 0.52 gram gold.
On the downside, after running up from 33¢ per share in mid-September to 50¢ on Oct. 5, Niocan shares saw a correction over the period, falling back 24% to finish at 38¢. Niocan is after niobium, a metal used as an alloy for specialty steels. The company is contending with resistance from the Kanesatake Mohawk Council, which says a proposed mine by the company in Oka, Que., would harm agricultural lands over which the First Nations group has a claim.
| TSX most active issues | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Starfield Res | SRU | 70588 | 0.14 | 0.09 | 0.10 | -0.02 |
| Uranium One | UUU | 55713 | 3.39 | 2.66 | 3.15 | + 0.50 |
| Yamana Gold | YRI | 42110 | 13.07 | 11.65 | 12.62 | + 1.42 |
| Breakwater Res | BWR | 32364 | 0.38 | 0.28 | 0.38 | + 0.08 |
| Eastern Platin | ELR | 29916 | 0.64 | 0.55 | 0.61 | + 0.07 |
| HoriznsGBear | HGD | 25242 | 5.01 | 4.44 | 4.69 | -0.61 |
| New Gold | NGD | 24192 | 4.76 | 4.22 | 4.44 | + 0.28 |
| Lundin Mng | LUN | 23447 | 4.00 | 3.62 | 3.74 | + 0.12 |
| HoriznsGBull | HGU | 21985 | 14.45 | 12.97 | 13.63 | + 1.33 |
| Centamin Egypt | CEE | 20592 | 1.98 | 1.72 | 1.86 | + 0.09 |
| TSX greatest percentage change | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| BRC DiamondCr | BCD | 25 | 0.08 | 0.08 | 0.08 | + 60.0 |
| Treasury Metal | TML | 845 | 0.49 | 0.23 | 0.37 | + 48.0 |
| Arehada Mining | AHD | 232 | 0.22 | 0.16 | 0.22 | + 46.6 |
| VG Gold | VG | 2947 | 0.55 | 0.39 | 0.53 | + 39.4 |
| Excellon Res | EXN | 5292 | 0.55 | 0.38 | 0.53 | + 39.4 |
| Genco Res | GGC | 2408 | 0.70 | 0.47 | 0.63 | + 36.9 |
| Aquiline Res | AQI | 1766 | 5.24 | 4.14 | 5.24 | + 32.3 |
| Nevsun Res | NSU | 5094 | 3.15 | 2.40 | 2.99 | + 31.7 |
| Moydow Mns Int | MOY | 62 | 0.17 | 0.16 | 0.17 | + 30.7 |
| Atlanta Gold | ATG | 117 | 0.22 | 0.09 | 0.13 | + 30.0 |
| Nevoro | NVR | 5504 | 0.13 | 0.09 | 0.09 | -30.7 |
| Niocan Inc | NIO | 19 | 0.42 | 0.38 | 0.38 | -24.0 |
| Richview Res | RVR | 2332 | 0.05 | 0.04 | 0.04 | -20.0 |
| Avnel Gold | AVK | 77 | 0.23 | 0.14 | 0.14 | -17.6 |
| Starfield Res | SRU | 70588 | 0.14 | 0.09 | 0.10 | -16.6 |
| Mega Uranium | MGA | 7274 | 1.16 | 0.88 | 0.92 | -16.3 |
| Erdene Res Dev | ERD | 1292 | 0.36 | 0.28 | 0.28 | -15.1 |
| Delta Uran | DUR | 356 | 0.06 | 0.05 | 0.06 | -14.2 |
| Talon Metals | TLO | 47 | 0.34 | 0.31 | 0.31 | -13.8 |
| Linear Metals | LRM | 199 | 0.31 | 0.26 | 0.26 | -13.3 |
| TSX greatest value change | ||||
| WEEK | ||||
| VOLUME | CLOSE | CHANGE | ||
| Inmet Mining | IMN | 1364726 | 63.00 | + 4.40 |
| Teck B | TCKB | 17023357 | 32.71 | + 3.91 |
| First Quantum | FM | 1522104 | 70 .43 |
+ 3.81 |
| Agnico-Eagle | AEM | 3245453 | 74.99 | + 3.73 |
| Teck A | TCKA | 22084 | 32.87 | + 3.60 |
| Agrium | AGU | 3496973 | 53.93 | + 3.23 |
| Pan Am Silver | PAA | 1154327 | 26.99 | + 2.91 |
| Potash Cp Sask | POT | 4077727 | 94.44 | + 2.83 |
| Major Drilling | MDI | 622181 | 24.11 | + 2.68 |
| Coeur d Alene | CDM | 137810 | 24.23 | + 2.63 |
| Ivanhoe Mines | IVN | 5309778 | 13.00 | -0.91 |
| Horizns G Bear | HGD | 25242085 | 4.69 | -0.61 |
| AvalonRareMt | AVL | 3245683 | 3.24 | -0.24 |
| Entree Gold | ETG | 1217831 | 2.95 | -0.24 |
| Seabridge Gold | SEA | 145219 | 28.82 | -0.23 |
| Mega Uranium | MGA | 7273623 | 0.92 | -0.18 |
| PolyMet Mng | POM | 552335 | 2.82 | -0.18 |
| Globex Mng | GMX | 81547 | 1.45 | -0.15 |
| Peregrine Diam | PGD | 3449074 | 2.73 | -0.15 |
| Minco Silver | MSV | 216286 | 1.82 | -0.14 |
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