The S&P TSX Venture Composite Index’s ten-week ascent continued during the second week of September, a trading week shortened by Labour Day. Over Sept. 7-10 the Venture board gained 30.54 points to close at 1596.5. After picking up dramatically in the first week of the month, daily trading volumes remained strong, averaging 133 million.
The junior market’s bears still outweighed its bulls, though the race was much closer than it has been for months. Over the week 82 Venture-listed companies reached new 52-week share price highs while 101 fell to new lows.
Top trader status for the week went to Bayfield Ventures, which moved more than 20 million shares to gain 42¢ or 53% to reach $1.21. Drills at the company’s Burns Block property, which is adjacent to Rainy River Resources’ namesake project, intercepted 10 metres grading 35.93 grams gold per tonne within 81 metres averaging 5.08 grams gold. The hit came 400 metres away from the nearest high-grade intercept, indicating potential for a high-grade shoot of significant size. Rainy River also gained notably over the week, adding 52¢ to reach $8.06.
Another set of high-grade hits from the Haile gold mine in South Carolina lifted Romarco Minerals as high as $2.32 during the week before settling to $2.14, a gain of 11¢. New results expanded the Snake and Horseshoe zones at Haile and increased the potential for continuity of mineralization between the two zones, with highlight holes returning 77.7 metres of 8 grams gold, 19.8 metres of 10.6 grams gold, and 148.3 metres of 3.6 grams gold.
High-grade hits did not help San Gold: the company extended the 007 zone at its Rice Lake mine in Ontario with such intercepts as 31.5 metres grading 61 grams gold and 15.8 metres of 32 grams gold, but its share price fell 34¢ to $3.59.
Sacre-Coeur Minerals jumped on news of a takeover proposal, gaining 41¢ to reach $1.31. The company says it received a “proposal for acquisition of the company by a large international mining entity” that would involve a complete share purchase at a premium, but did not say which major made the approach. Sacre-Coeur owns several early stage gold properties in Guyana that collectively cover more than 1,000 sq. km.
A chip sampling program at the 3Ace property in the Yukon returned highlight results of 1.1 metes averaging 1,013 grams gold and 1 metres of 181 grams gold, and the news lifted Northern Tiger Resources‘ share price 23¢ to 50¢. The company plans to follow up on this year’s surface program at 3Ace with a drill program next year.
Good metallurgical results and a new high-grade zone at the Mayaniquel project in Guatemala lifted Anfield Nickel 65¢ to $4.00, a new high. Smelting testwork recovered 93% of the nickel from composite samples that included limonite, transition, and saprolite material (Mayaniquel predominately hosts saprolite mineralization). And the first drill program at a new project zone known as Tres Juanes produced a best results of 18.2 metres grading 1.69% nickel.
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