The S&P/TSX Venture Composite took a step back during the trading sessions, losing 5.23 points en route to a 697.62-point weekly close. Losses were underpinned by falling commodity futures, as manufacturing in China declined to a 52-week low and the U.S. manufacturing sector dipped more than expected in April. Meanwhile, Statistics Canada reported that Canadians on employment insurance jumped 2% in February to 509,800.
June contracts for gold lost 2.6%, or US$31.20, before finishing at US$1,175 per oz. July contracts for copper fell 2.2%, or US6.3¢, en route to a US$2.75 per lb. weekly close, while June contracts for West Texas Intermediate crude oil closed down US9¢ at US$57.15 per barrel.
Explorer Mega Precious Metals saw a $17.5-million takeover bid from producer Yamana Gold. Mega Precious saw 11.2 million of its shares change hands, as it gained 5¢ before finishing at 9.5¢ per share.
Under the plan of arrangement Mega shareholders would receive 0.02092 of a Yamana share and cash of 0.1¢ per share held, which equates to 10¢ per Mega share based on Yamana’s April 23 closing price. Yamana has a five-business-day right to match any superior proposals.
Mega’s flagship asset is the Monument Bay gold-tungsten project, 340 km east of Thompson, Man., which has measured and indicated resources totalling 47 million tonnes grading 1.43 grams gold for 2.2 million contained oz. The deposit also holds 248,000 tonnes WO3.
Project-generator Reservoir Minerals released news of an option agreement at its Parlozi zinc-lead-silver target in Serbia. The company jumped 36¢ on 106,000 shares traded, before finishing at $4.32 per share.
On April 23 Reservoir reported that junior Midland Minerals was ending an option agreement wherein it could earn a 51% interest in Parlozi by spending $4.5 million in exploration over four years. In September 2014 Midland released results from a six-hole drill program at Parlozi that included 2.95 metres grading 2.5% lead, 3.8% zinc and 174 grams silver per tonne in hole 1.
Explorer Kennady Diamonds released diamond recovery results from a core drill program at its North Kennady project in the Northwest Territories. The company jumped 29¢ on 258,000 shares traded, en route to a $4.82-per-share close.
On April 23 Kennady reported a sample grade of 3.64 carats per tonne from 1.8 tonnes of kimberlite from the Kelvin South Lobe and 5.95 carats per tonne from 47.6 kilograms from the Kelvin Sheet. Kennady says the Kelvin-Faraday kimberlite cluster could host up to 13 million tonnes grading between 2 and 2.5 carats per tonne.
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