TSX Venture drops 1%, Aug. 6-10

The S&P/TSX Venture Composite Index fell 1% to end the trading week at 693.75. The index is now down 17% over the past six months.

Shares of Aben Resources rose 117% to 38¢ after the company reported positive drill results from its flagship Forest Kerr gold project in British Columbia’s Golden Triangle region. Assay results from the first drill hole of 2018 show four high-grade zones, the best one returning 38.7 grams gold per tonne over 10 metres. The discovery was made on the Boundary North Zone of Forest Kerr, 230 metres north of a historic high-grade drill hole made by the site’s previous owner, Noranda, in 1991.

Shares of Prize Mining rose 70% to 26¢ after the company reported results from the first-phase drilling program at its Toughnut gold-silver project in southeastern British Columbia. The company reported visible gold in two of the holes, as well as quartz veining, brecciation and intensive alteration. Prize will report assay results from the drill holes in the coming weeks.

The Toughnut claims are next to Prize’s Kena-Daylight gold project, which contains 481,000 oz. gold indicated resources and 1.3 million oz. gold inferred resources.

The company also reported it raised $4 million through a private placement with Paradigm Capital and Eight Capital. The money will be used for exploration at its Manto Negro copper project in Coahuila State, Mexico.

Sokoman Iron shares were the most traded on the TSX Venture Exchange. On July 30, Sokoman reported the first hole of its drilling campaign at the Moosehead gold project in central Newfoundland found 45 grams gold per tonne over 11.9 metres, including 95 grams gold per tonne over 5.7 metres. Assay results were also reported up and down-hole of the quartz vein.

Shares of RJK Explorations rose 300% to 20¢. On Aug. 7, the company reported an acquisition of 208 claims covering 52 sq. km within the same belt as Sokoman’s Moosehead gold project. RJK’s new acquisition — to be named the Moosehead Gold District project — will be bought from an undisclosed private company for $100,000 and a 2% gross royalty on the property. RJK will raise $1 million through a non-brokered private placement to finance exploration on the property.

Shares of Abacus Mining & Exploration rose 63% to 26¢ after the company finished an initial three-hole drilling program at its Willow and Nev-Lorraine properties at the Yerington camp in southeast Nevada. The company reported the previously unknown “Luhr Hill Granite,” which it says is the source of all known porphyry copper deposits in the Yerington copper camp.