TSX falls, if only slightly, for Nov 22-26 period

The TSX Composite Index was off 39 points to 12,892 points for the Nov. 22-26 despite solid data on retail spending and signs of inflation. Along with such bullish indicators came increased sentiment that the Bank of Canada may begin raising rates as early as the first quarter of next year.

That possibility led to a bolstering of the Canadian dollar against most major currencies, with the exception of the U.S. greenback.

The relative strength in the U.S. dollar wasn’t good news for gold as it fell by US$2 to US$1,355.00. Lower prices for the yellow metal had the Global Gold Index down just a single point to 410.71 for the period.

Higher prices for nickel and lead weren’t enough to bolster the the Capped Metals & Mining Index, which was off 24 points to 1,281.32 for a period. Copper, aluminum, tin and zinc prices were all lower.

Early stage exploration results were enough to give Mawson Resources a significant boost for the period. The company’s shares climbed 44% to finish at $2.24 after releasing channel sample results from its Rompas gold-uranium project in northern Finland. Highlights included 0.3metres grading 1,866 grams gold and 8% uranium and 0.26 metres grading 1,510 grams gold and 3.95 % uranium.

Solid exploration results were also behind Almaden Minerals market surge. The company gained 40% to finish up at $3.90 after releasing two sets of results from the Ixtaca zone in Mexico. First came word of 94.65 metres grading 1.33 grams gold and 79.9 grams silver, then a day later, on Nov. 24, the company announced a highlight intercept of 126.22 metres grading 0.86 grams gold and 61.7 grams silver. The Ixtaca vein zone was a blind discovery with little surface manifestation and lies within the Trans Mexican Volcanic Belt, roughly 120-km southeast of the Pachuca gold and silver deposit.

But the most impressive results came from Continental Gold, which continued its torrid pace with a 36% gain for the period. The company, with key gold assets in Colombia, only began trading in late April of this year, and has already managed to run up form the $2.30 range it began trading at to above the $10 mark. The latest buying frenzy came on the release of drill results from its Buritica project which were highlighted by 17.9 metres grading 113.82 grams gold and 112 grams silver.

Word that Alexis Minerals had interested visible gold in its first hole at its Noralex project near Rouyn-Noranda in Quebec lifted the company’s fortunes for the period. Alexis shares were up 38% to 22¢. The company also announced that it had acquired more gold prospective ground at its Snow Lake project in Manitoba. The new claims cover 38 sq. km in the Herblet lake area of Manitoba. Alexis will have to spend $3 million on the ground over five years to earn a full interest in the ground.