Fallout from U.S. economic woes triggered precipitous drops in Canadian markets over the Jan. 15-21 trading session with the S&P-TSX Venture Composite Index plummeting 13.5%, or 379.3 points, to 2,390.52. Daily trading volumes for the week averaged 95.7 million shares.
A decisively bearish trend overwhelmed the junior board with a paltry six companies managing new annual highs, while 273 dropped to 52-week lows.
With anxiously awaited assays in from its Voltaire Lake project in northwestern Ontario, Gravity West Mining plummeted 68% to close the week down 20.5 at 9.5 per share on trading volume of 60.3 million shares. Investors were not impressed with hole VL07-03A, which returned 10.8 metres of 0.34% copper and 0.08% nickel — including 2 metres of 0.87% copper and 0.15% nickel. A separate 1-metre interval assayed 1.2 grams palladium per tonne.
Sage Gold posted almost 20 million shares of trading volume and shed over 50% to close at 22.5 per share. Drilling at its Jacobus property, near Beardmore, in northern Ontario, returned up to 22.6 metres of 0.7% nickel and 0.74% copper, including 11.8 metres of 0.93% nickel and 0.92% copper.
Shares of Peak Gold fell a dime on trading volume of 13.3 million shares to close the week at 49 apiece. It closed a $110-million financing late last year.
Carmax Explorations slipped 1.5 to finish the week at 19 per share on more than 9 million shares traded. Recent drilling on the company’s Eaglehead property, in northern B.C.’s Quesnel Trough, intersected wide intervals of copper-molybdenum-gold mineralization.
Tyler Resources continued to be a strong trader over the week with 9 million shares changing hands — closing off two pennies at $1.53 per share. Chinese metals giant Jinchuan recently tabled a $1.60-per-share takeover bid for the junior. In mid-2007, Tyler released a significant resource estimate for its Bahuerachi polymetallic project, in northern Mexico.
MacDonald Mines Exploration dropped 16 on the session to close at 42 apiece on nearly 8.2 million shares traded. It closed a $10-million financing in November with drill plans for its VMS projects in the McFaulds Lake area of the James Bay Lowlands.
On 7.8 million shares traded, Geoinformatics Exploration slipped 2.5 to 24 per share after strong recent gains stemming from a resource estimate at its Whistler project, in Alaska. The project holds 840,000 contained ounces gold classified as indicated, plus 2.74 million oz. gold under the inferred category.
Shares of Sable Resources continued to soar on no news. The stock traded up 29 on the week to close at $1.07 on nearly 1 million shares traded. The company raised $1 million late last year for underground development work and processing equipment at its Shasta project in north-central B.C., where it plans small-scale gold and silver production.
TSX-V greatest percentage change
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
St Eugene Mng | SEM | 69 | 0.12 | 0.07 | 0.10 | + | 66.6 |
Luxor Ind | LRL | 10 | 0.085 | 0.05 | 0.085 | + | 54.5 |
Resolve Vent | RSV | 45 | 0.195 | 0.195 | 0.195 | + | 39.2 |
Sable Res | SAE | 999 | 1.15 | 0.78 | 1.07 | + | 37.1 |
Plato Gold | PGC | 64 | 0.12 | 0.06 | 0.12 | + | 33.3 |
Cantex Mn Dev | CD | 2892 | 0.11 | 0.07 | 0.10 | + | 33.3 |
Jantar Res | JR | 150 | 0.09 | 0.07 | 0.09 | + | 28.5 |
Island Arc Exp | IAX | 55 | 0.195 | 0.155 | 0.195 | + | 25.8 |
Pac Casc Minls | PCV | 199 | 0.23 | 0.17 | 0.23 | + | 24.3 |
Diamcor Mng | DMI | 26 | 0.57 | 0.425 | 0.49 | + | 22.5 |
Gravity West | GRW | 60308 | 0.305 | 0.095 | 0.095 | – | 68.3 |
Northern Abiti | NAI | 2793 | 0.355 | 0.13 | 0.15 | – | 57.1 |
Sage Gold | SGX | 19777 | 0.46 | 0.195 | 0.225 | – | 50.5 |
Great Sthn Ent | GSR | 60 | 0.035 | 0.01 | 0.03 | – | 50.0 |
Goldmember Mnl | GMV | 47 | 0.37 | 0.20 | 0.20 | – | 45.9 |
Golden Arrow R | GRG | 165 | 0.85 | 0.55 | 0.55 | – | 43.8 |
Kodiak Expl | KXL | 5626 | 3.68 | 2.15 | 2.15 | – | 42.6 |
Rye Patch Gold | RPM | 69 | 0.39 | 0.24 | 0.24 | – | 41.4 |
Anglo Mnrls | ALM | 949 | 5.87 | 3.60 | 3.60 | – | 39.0 |
Mexican Silver | MSM | 719 | 0.57 | 0.35 | 0.355 | – | 37.7 |
TSX-V greatest value change
VOLUME | CLOSE | CHANGE | |||
Sable Res | SAE | 998600 | 1.07 | + | 0.29 |
Digger Res | DIG | 17800 | 2.10 | + | 0.20 |
New Millen Cap | NML | 719042 | 0.85 | + | 0.15 |
Wealth Minls | WML | 102865 | 1.45 | + | 0.15 |
Asian Minl Res | ASN | 93380 | 1.69 | + | 0.14 |
Olivut Res | OLV | 13589 | 0.90 | + | 0.09 |
Polar Star Mng | POS | 134039 | 0.75 | + | 0.09 |
Diamcor Mng | DMI | 25500 | 0.49 | + | 0.09 |
Moss Lake Gld | MOK | 421500 | 0.48 | + | 0.08 |
New World Res | NW | 70500 | 0.43 | + | 0.06 |
Seabridge Gold | SEA | 312473 | 20.00 | – | 7.28 |
Pan Oce Exp | POE | 2336456 | 11.30 | – | 2.90 |
Anglo Mnrls | ALM | 948814 | 3.60 | – | 2.31 |
Kodiak Expl | KXL | 5625588 | 2.15 | – | 1.60 |
Chesapeake Gld | CKG | 124743 | 6.85 | – | 1.27 |
Whitemud Res | WMK | 25767 | 9.25 | – | 1.25 |
Noront Res | NOT | 4255585 | 2.70 | – | 1.14 |
Bear Creek Mng | BCM | 267960 | 7.13 | – | 1.12 |
Rainy River Rs | RR | 722528 | 4.01 | – | 1.09 |
Pediment Expl | PEZ | 1316947 | 2.05 | – | 1.07 |
TSX-V most active issues
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
Gravity West | GRW | 60308 | 0.305 | 0.095 | 0.095 | – | 0.205 |
Sage Gold | SGX | 19777 | 0.46 | 0.195 | 0.225 | – | 0.23 |
Peak Gold | PIK | 13315 | 0.59 | 0.49 | 0.49 | – | 0.10 |
Opact Res | OPA | 9128 | 0.75 | 0.50 | 0.55 | – | 0.17 |
Carmax Expl | CMX | 9066 | 0.24 | 0.17 | 0.19 | – | 0.015 |
Tyler Res | TYS | 9030 | 1.56 | 1.52 | 1.53 | – | 0.02 |
MacDonald Mns | BMK | 8183 | 0.63 | 0.42 | 0.42 | – | 0.16 |
Geoinformatics | GXL | 7799 | 0.355 | 0.24 | 0.24 | – | 0.025 |
Blue Note Mng | BN | 7351 | 0.33 | 0.24 | 0.255 | – | 0.075 |
Yukon Zinc | YZC | 7034 | 0.13 | 0.11 | 0.11 | – | 0.015 |
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