TSX Venture manages slight gain, Feb. 9-13

The S&P/TSX Venture Composite Index closed in the green despite a relatively weak trading period for commodity futures, as it jumped 3.07 points en route to a 695.51-point close. According to Statistics Canada, factory sales performed better than expected in December due to gains in transportation equipment, machinery and food sales. 

April contracts for gold bullion lost US$11 before finishing at US$1,227.10 per oz., while March contracts for copper gained US2.2¢ en route to a US$2.60 per lb. close. Oil closed up for a second week, as April contracts for West Texas Intermediate jumped 2.2%, or US$1.17, before closing at US$53.67 per barrel.

Junior Bacanora Minerals sat near the top of the value-added column after a proposed addition to its board of directors and an update on its search for a new CEO. The company gained 12¢ on 393,800 shares traded before closing at $1 per share.

On Feb. 12 Bacanora announced a special shareholders meeting to appoint David Anthony Lenigas as a director. Lenigas serves as the executive director of U.K.-based Rare Earth Minerals, which holds a 12% equity stake in Bacanora and a 30% interest in two of the company’s subsidiaries.

Bacanora reported it has identified several candidates in its search for a technically oriented CEO who will advance it into the production phase at its Sonora lithium and the Magdalena borate projects. Bacanora said the preferred candidate has “been engaged” in discussions.

Kennady Diamonds lost the most ground after announcing drills results from a delineation drill program at its Kennady North project in the Northwest Territories. The company dropped 36¢ before closing at $3.79 per share.

On Feb. 12 Kennady reported results from hole 15HQ-1b, which intersected kimberlite over 194 metres and confirmed Kelvin kimberlite strike continuity over 660 metres.

Kenneady has increased its tonnage estimate to 13 million tonnes.

Developer Diamcor Mining dropped 18¢ before closing at 95¢ per share, with the company releasing an update on its Krone-Endora at Venetia project in the Limpopo province of South Africa. Diamcor reported that project expansion included an in-field dry-screening plant to remove fine material.

Diamcor closed a $3-million private placement in December, and expects the expansion will be complete by the end of April. The company plans to expand its trial mining exercises and material processing in all sizes from deposits in the project’s K1 area to “arrive at an initial production decision.”