The S&P/TSX Venture Composite Index lost ground, dropping 1.6%, or 11.03 points, before finishing at 692.45 points. The performance followed poor first-quarter results from the U.S. and Canadian economies, which both contracted over the first three months of 2015. Base and precious metal futures also declined, while crude oil futures posted modest gains due to a late rally.
August contracts for gold bullion dropped 1.2%, or US$14.60, en route to a US$1,189.80 close, while July contracts for copper lost 2.5%, or US7¢, before finishing at US$2.73 per lb. July contracts for West Texas Intermediate crude oil closed up 1%, or US58¢, at US$60.30 per barrel.
Explorer Kennady Diamonds once again topped the value-added column after first-pass drill results from a delineation program at the Kelvin North lobe target at its wholly owned Kelvin North project in the Northwest Territories. The company jumped 30¢ before closing at $5.70 per share.
On May 27 Kennady reported results from drill hole 9a, which cut 187 metres of kimberlite at Kennady North and expanded the company’s geological model by 80 metres. The result could improve Kelvin’s tonnage estimate. The company intends to begin land-based exploration and delineation drilling at the Faraday 2 kimberlite.
Junior North Arrow Minerals topped the volume-lost category after announcing it had closed a bought-deal private placement. The company dropped 17¢ before finishing at 98¢ per share.
On May 28 North Arrow reported it had closed a $4-million financing, wherein it issued 4.2 million flow-through shares priced at 95¢ per share. The company had intended to raise $3 million in the placement, but boosted the quantity of issued shares in May.
On May 5 North Arrow reported results from a bulk sample at its Qilalugaq diamond project in Nunavut, which resulted in recoveries of 11,083 diamonds weighing 384.28 carats from 1,353.37 dry tonnes of kimberlite, for an overall sample grade of 28.4 carats per hundred tonnes.
On the corporate restructuring front, explorer West Melville Metals completed a one-for-10 share rollback on May 25 that resulted in 5.26 million shares outstanding. The company traded at 5¢, and closed at 15¢ per share on 122,000 shares traded.
On May 22 West Melville reported cash and equivalents of just $10,760 at the end of March. The company will reportedly not seek a name change and undertook the consolidation to facilitate future financings. West Melville has been working to advance the Isortoq iron-titanium-vanadium prospect in southern Greenland.
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