Sharp corrections in commodity prices precipitated a major drop in the S&P-TSX Venture Composite Index, which shed 4.7%, or 150.24 points, to close at 3,029.49 over the May 9-15 trading session. Average daily trading volumes of 128.8 million shares reached a more than 5-year high over the week.
Despite the decline, 146 junior mining companies rose to new 52-week highs while just 11 explorers dipped to new annual lows.
Yukon Zinc grabbed top-trader honours for the week, with almost 97 million shares changing hands; shares in the company plummeted 45.5, or 48%, to close at 49.5.
The company released a feasibility study on its Wolverine zinc-copper-lead deposit in the eastern Yukon, outlining a 10-year mining plan for the production of zinc and silver with byproduct copper, lead and gold. Investors were taken aback by the project’s economics, including a royalty structure whereby Atna Resources holds a 10% royalty on silver at current price levels.
Coalcorp Mining rose to second place among volume leaders, trading 33.6 million shares and notching up three pennies to close at 89. The coal developer recently closed its acquisition of three projects and a port facility in northern Colombia.
Shares of Plexmar Resources rallied 13%, to close up 4.5 at 40 on volume of 14.3 million. Recent trench sampling at its Bolsa del Diablo project in Peru returned significant intervals of high-grade gold along veins hosted in the altered volcanics.
Aspiring gold producer Galantas Gold traded almost 13 million shares over the week, remaining even at 28. The company plans development of an open-pit mine at its Omagh gold project in Northern Ireland.
Strateco Resources saw volume of 12.8 million shares, dropping 37%, or 64, to close at $1.11. Drilling at its Matoush uranium project, in Quebec’s Otish Mountain region, recently returned up to 5.2 metres of 2% U3O8.
Closing up a dime at $2.89 per share, ECU Silver Mining posted trading volume of almost 11.6 million shares on the session. High-grade silver values plus gold were encountered in an underground crosscut driven between two vein sets at the company’s Santa Juana mine in Mexico’s Durango state.
Searchgold Resources dropped 1.5 to close at 14.5 on volume of 10 million shares. The company updated exploration activity on its Mandala-Ouria diamond project, in the Bouro diamond district of southeastern Guinea, West Africa, a joint venture with Mano River Resources.
Shares of Inspiration Mining soared 88%, closing the week up 60 at $1.28 on volume of 3.1 million. Drilling at the company’s Timmins, Ont.-area Langmuir project returned intercepts of up to 15.4 metres grading 3.1% nickel, including higher-grade intervals up to 9% nickel.
Upstart gold miner San Gold saw its shares rally 34%, gaining 50 to close at $1.98 on volume of almost 3.9 million. The mill at its Rice Lake mine in eastern Manitoba recently began commercial operation.
TSX-V greatest percentage change
| VOLUME(000S) | HIGH | LOW | CLOSE | CHANGE | ||
| Waymar Res | WYM | 173 | 1.00 | 0.45 | 0.61 | +103.3 |
| Huntington Exp | HEI | 503 | 0.30 | 0.21 | 0.30 | +66.6 |
| Inspiration Mg | ISM | 3133 | 1.32 | 0.78 | 1.28 | +60.0 |
| Mandorin Goldf | MGD | 9373 | 0.16 | 0.07 | 0.125 | +56.2 |
| North Am Metal | NAM | 147 | 0.50 | 0.35 | 0.48 | +43.2 |
| Galway Res | GWY | 130 | 1.05 | 0.64 | 1.00 | +42.8 |
| Orbite Expl A | ORT.A | 1239 | 0.20 | 0.10 | 0.17 | +41.6 |
| Golden Tag | GOG | 523 | 0.65 | 0.39 | 0.55 | +41.0 |
| Golconda Res | GA | 735 | 0.49 | 0.22 | 0.33 | +40.4 |
| Mediterrn Res | MNR | 183 | 0.53 | 0.395 | 0.49 | +36.1 |
| Yukon Zinc | YZC | 96733 | 1.01 | 0.45 | 0.495 | -47.8 |
| Colibri Res wt | CBI.WT | 40 | 0.04 | 0.035 | 0.035 | -41.6 |
| Firestone Vent | FV | 3541 | 0.85 | 0.50 | 0.51 | -38.5 |
| Strateco Res | RSC | 12832 | 1.77 | 1.02 | 1.11 | -36.5 |
| United Reef | URP | 590 | 0.08 | 0.055 | 0.065 | -31.5 |
| Marifil Min wt | MFM.WT | 41 | 0.19 | 0.13 | 0.13 | -31.5 |
| Royal Roads | RRO | 71 | 0.165 | 0.14 | 0.14 | -28.2 |
| Sennen Res | SN | 936 | 0.27 | 0.17 | 0.18 | -28.0 |
| Superior Mng | SMP | 250 | 0.075 | 0.06 | 0.065 | -27.7 |
| Colibri Res | CBI | 289 | 0.17 | 0.13 | 0.13 | -27.7 |
TSX-V greatest value change
| VOLUME | CLOSE | CHANGE | ||
| Rockvale Res | RR | 913039 | 3.30 | +0.52 |
| San Gold Res | SGR | 3887485 | 1.98 | +0.50 |
| Inspiration Mg | ISM | 3132960 | 1.28 | +0.48 |
| Chesapeake Gld | CKG | 64195 | 5.86 | +0.44 |
| Polymet Mng | POM | 2103656 | 4.79 | +0.44 |
| Eagle Rock Ex | ERX | 437550 | 1.45 | +0.35 |
| Waymar Res | WYM | 173125 | 0.61 | +0.31 |
| Galway Res | GWY | 129800 | 1.00 | +0.30 |
| Northland Res | NAU | 2412165 | 1.69 | +0.29 |
| Aldridge Minls | AGM | 193520 | 2.27 | +0.27 |
| Seabridge Gold | SEA | 318312 | 11.11 | -1.24 |
| Northern Dyn M | NDM | 1628269 | 8.24 | -1.21 |
| Laramide Res | LAM | 1065261 | 5.70 | -1.20 |
| Palmarejo Gold | PJO | 423410 | 8.76 | -1.04 |
| Mega Uranium | MGA | 2088944 | 6.60 | -0.95 |
| Western Prospc | WNP | 1853440 | 3.00 | -0.89 |
| Asia Gold | ASG | 246259 | 2.21 | -0.81 |
| Pac Booker Min | BKM | 53601 | 6.20 | -0.80 |
| Avino Silver | ASM | 256442 | 3.16 | -0.79 |
| Cardero Res | CDU | 398435 | 3.00 | -0.75 |
TSX-V most active issues
| VOLUME(000S) | HIGH | LOW | CLOSE | CHANGE | ||
| Yukon Zinc | YZC | 96733 | 1.01 | 0.45 | 0.495 | -0.45 |
| Coalcorp Mng | CCJ | 33581 | 1.05 | 0.81 | 0.89 | +0.03 |
| Plexmar Res | PLE | 14314 | 0.53 | 0.36 | 0.40 | +0.04 |
| Galantas Gold | GAL | 12951 | 0.365 | 0.275 | 0.28 | 0.00 |
| Strateco Res | RSC | 12832 | 1.77 | 1.02 | 1.11 | -0.64 |
| ECU Silver Mng | ECU | 11592 | 3.40 | 2.83 | 2.89 | +0.10 |
| Antoro Res | ORE | 10360 | 0.225 | 0.145 | 0.18 | +0.03 |
| Searchgold Res | RSG | 10043 | 0.17 | 0.135 | 0.145 | -0.01 |
| Mandorin Goldf | MGD | 9373 | 0.16 | 0.07 | 0.125 | +0.04 |
| Cons Gold Win | CGW | 8864 | 0.235 | 0.17 | 0.185 | -0.04 |
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