TSX Venture Exchange, Feb. 3-7

The S&P/TSX Venture Composite Index rallied during the trading sessions after two consecutive weeks in the red, as it jumped 1.1%, or 10.78 points, en route to a 962.10-point close. Markets were bolstered by rising metal and energy futures, as well as positive January jobs data that indicated that the Canadian economy had registered its biggest monthly employment gain since August 2013.

Gold futures bounced back after falling toward a three-week low at the end of January, with April contracts rising 1.9%, or US$23.30 during weekly trading, before closing out the period at US$1,267 per oz. Meanwhile, crude oil futures rallied to a four-week high, as March contracts for West Texas Intermediate jumped 3.6%, or US$3.45, en route to a US$100.09-per-barrel close. Copper futures also recovered from a soft spell at the end of January, with March contracts closing up 2.1%, or US6.6¢, at US$3.25 per lb.

Shares of graphite explorer Zenyatta Ventures rose 28¢ on 1.4 million shares traded to $2.18. On Feb. 4 the company announced an initial geological model for its wholly owned Albany graphite deposit in northeastern Ontario, as well as more funding from the federal government to keep researching at the project.

Zenyatta has been studying Albany alongside Lakehead University’s geology department, with financial support from the National Research Council of Canada’s industrial assistance program for metallurgical testing. The company reports that the discovery represents “a unique example of a hydrothermal graphite deposit in which a large volume of highly crystalline, fluid-deposited graphite occurs within an igneous host.”

The government awarded a second collaborative research grant through the Natural Sciences and Engineering Research Council to carry out more studies at Albany.

It was a strong week for producer Avino Silver & Gold Mines after a January production update from its Gonzalo mine near Durango, Mexico. Shares rose 22¢ on 846,350 traded to $2.11. On Feb. 4 Avino released details on its Gonzalo and Avino mine surface-stockpile operations. The company reported a 27% month-to-month increase in its silver equivalent production to 105,600 oz., thanks to higher average silver and gold feed grades at San Gonzalo.

Shares of Mexico-focused junior Oroco Resource climbed 144% on 1.6 million shares traded after a Federal Tribunal of Mexico granted the company’s appeal of a 2011 decision regarding its Xochipala gold project. Oroco rose 7¢ during the week before closing at 11¢ per share.

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