A rally in gold through the US$700-per-oz. spot price level prompted modest gains in the S&P-TSX Venture Composite Index over the Sept. 4-10 trading session, with the index inching up 20.56 points to close at 2,668.37. Average daily trading volumes also saw a slight boost to 74.2 million shares.
Despite the strong bullion price, the junior market remained bearish, with only 13 exploration companies managing new 52-week highs over the session, while 105 slipped to new annual lows.
Noront Resources remained top trader on the week after it released initial assay results from its Double Eagle project in northern Ontario’s James Bay Lowlands. The stock more than doubled, closing up 89 at $1.74 per share on volume of over 28.5 million shares. Partial results from the first hole returned 36 metres averaging 1.84% nickel and 1.53% copper, with further results pending.
The surge in gold prompted an 8% rise in Peak Gold, which closed the week up four pennies at 54 per share on trading volume of more than 17 million shares. Earlier this year, the company acquired the Peak mine, in Australia, and the Amapari mine, in Brazil, from Goldcorp.
Both Spider Resources and KWG Resources remained strong traders on the session, posting trading volumes of 14 million shares and 6.1 million shares, respectively. The joint-venture partners hold the McFaulds Lake VMS project, which is adjacent to Noront’s recent discovery.
Shares of Tamerlane Ventures closed down 35%, off 63 at $1.18 apiece on trading volume of almost 7.7 million. The company recently received a positive feasibility study for its Point lead-zinc deposit in the Northwest Territories.
San Gold posted a 27% gain to close up 30 at $1.40 per share on trading volume of 5.6 million shares. Recent deep drilling at its Rice Lake gold mine, in eastern Manitoba, discovered multiple new mineralized zones with intercepts of up to 6.5 metres grading 30.7 grams gold per tonne.
Seabridge Gold posted a strong gain of $7.57 on the week to close at $32.27 per share. Recent drilling on its Kerr-Sulphurets project, near Stewart, in northwestern B.C., returned intercepts of up to 469.6 metres grading 0.83 gram gold and 0.26% copper, and has expanded the Mitchell porphyry zone.
Bell Resources and Grandcru Resources both posted drops of 32% on the trading session, closing at 34 and 8.5 per share, respectively. The companies tabled merger plans along with private company Rogue River Resources to consolidate the trio’s copper projects in Canada, U.S., Mexico and Chile.
Osisko Exploration posted a 13% gain on the week to close up 65 at $5.60 per share on trading volume of 915,000 shares. The company has been growing the resource at its Malartic gold deposit, in Quebec, and evaluating other nearby mineralized zones. The company recently contracted an engineering firm to complete a feasibility study on the large gold deposit.
TSX-V greatest percentage change
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
Probe Mines | PRB | 1260 | 0.40 | 0.17 | 0.39 | + | 105.2 |
Noront Res | NOT | 28524 | 1.82 | 0.76 | 1.74 | + | 104.7 |
Hellix Vent | HEL | 760 | 0.60 | 0.39 | 0.59 | + | 55.2 |
MacDonald Mns | BMK | 8243 | 0.14 | 0.075 | 0.12 | + | 50.0 |
Fancamp Expl | FNC | 159 | 0.38 | 0.18 | 0.35 | + | 45.8 |
Royal Standard | RSM | 1595 | 0.66 | 0.45 | 0.64 | + | 43.8 |
SNS Silver | SNS | 507 | 1.05 | 0.69 | 0.99 | + | 43.4 |
ATW Venture | ATW | 198 | 0.58 | 0.45 | 0.58 | + | 43.2 |
Rockgate Cap | RGT | 454 | 1.77 | 1.11 | 1.60 | + | 39.1 |
Ruby Red Res | RRX | 76 | 0.28 | 0.20 | 0.25 | + | 38.8 |
Hawkeye Gold | HKO | 286 | 0.04 | 0.015 | 0.035 | – | 46.1 |
Spruce Ridge R | SHL | 121 | 0.35 | 0.25 | 0.25 | – | 44.4 |
Zappa Res | ZPA | 923 | 0.195 | 0.12 | 0.12 | – | 36.8 |
Tamerlane Vent | TAM | 7679 | 1.81 | 1.06 | 1.18 | – | 34.8 |
Grandcru Res | GR | 3008 | 0.115 | 0.08 | 0.085 | – | 32.0 |
Bell Res | BL | 465 | 0.47 | 0.34 | 0.34 | – | 32.0 |
Mexican Silver | MSM | 451 | 1.25 | 0.80 | 0.87 | – | 30.4 |
Gee-Ten Vent | GTV | 913 | 0.275 | 0.195 | 0.195 | – | 26.4 |
Lounor Expl | LO | 67 | 0.19 | 0.145 | 0.145 | – | 25.6 |
Verdstone Gold | VGC | 163 | 0.105 | 0.09 | 0.09 | – | 25.0 |
TSX-V greatest value change
VOLUME | CLOSE | CHANGE | |||
Seabridge Gold | SEA | 245316 | 32.27 | + | 7.57 |
Noront Res | NOT | 28523770 | 1.74 | + | 0.89 |
Mag Silver | MAG | 450056 | 13.84 | + | 0.84 |
Aranka Gold | ARK | 67908 | 3.24 | + | 0.69 |
Chesapeake Gld | CKG | 155623 | 5.90 | + | 0.65 |
Osisko Explora | OSK | 914909 | 5.60 | + | 0.65 |
Salazar Res | SRL | 615466 | 2.95 | + | 0.57 |
Andina Mnls | ADM | 369654 | 3.17 | + | 0.53 |
Uruguay Mnl Ex | UME | 70400 | 3.25 | + | 0.53 |
Mawson Res | MAW | 891124 | 1.96 | + | 0.49 |
Azimut Expl | AZM | 348802 | 4.20 | – | 1.30 |
SouthGobi Engy | SGQ | 14600 | 5.50 | – | 1.00 |
Tamerlane Vent | TAM | 7679079 | 1.18 | – | 0.63 |
Whitemud Res | WMK | 49850 | 10.00 | – | 0.50 |
Northland Res | NAU | 207107 | 3.67 | – | 0.49 |
Palmarejo S&G | PJO | 326695 | 9.25 | – | 0.49 |
Anooraq Res | ARQ | 1923356 | 2.87 | – | 0.48 |
Triex Minerals | TXM | 139197 | 2.80 | – | 0.40 |
Mexican Silver | MSM | 451480 | 0.87 | – | 0.38 |
Zeox | ZOX | 381610 | 2.19 | – | 0.37 |
TSX-V most active issues
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
Noront Res | NOT | 28524 | 1.82 | 0.76 | 1.74 | + | 0.89 |
Peak Gold | PIK | 17039 | 0.59 | 0.48 | 0.54 | + | 0.04 |
Spider Res | SPQ | 14014 | 0.06 | 0.035 | 0.055 | + | 0.015 |
Rockwell Diam | RDI | 9376 | 0.71 | 0.58 | 0.58 | – | 0.12 |
MacDonald Mns | BM K |
8243 | 0.14 | 0.075 | 0.12 | + | 0.04 |
Yukon Zinc | YZC | 7705 | 0.24 | 0.195 | 0.205 | – | 0.01 |
Tamerlane Vent | TAM | 7679 | 1.81 | 1.06 | 1.18 | – | 0.63 |
Montello Res | MEO | 7642 | 0.16 | 0.14 | 0.15 | + | 0.005 |
KWG Res | KWG | 6157 | 0.055 | 0.04 | 0.05 | + | 0.005 |
San Gold Res | SGR | 5604 | 1.50 | 1.09 | 1.40 | + | 0.30 |
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