The S&P/TSX Venture Composite Index had a six-month low during the trading sessions, dropping 4.4%, or 29.60 points, before finishing at 640.98 points. Investors monitored the Greek debt crisis and Chinese stock market, while commodity prices struggled and the International Monetary Fund lowered its growth rate for the Canadian economy to just 1.5%, adding downward pressure.
August contracts for gold bullion dropped 1.3%, or US$15.39, before closing at US$1,157.90 per oz. September contracts for copper lost 2.2%, or US5.7¢, en route to a US$2.54 per lb. close. August contracts for West Texas Intermediate crude oil traded relatively flat, and closed at US$52.74 per barrel.
Pacific Booker Minerals topped the value-lost column, after revealing potential permit delays at its Morrison copper-gold project, 65 km northwest of Smithers, B.C. The company plummeted $2.83, before closing at $2.35 per share.
On July 8 Pacific Booker Minerals reported that the B.C. government would further assess Morrison. Pacific Booker has three years to provide more information required by the government. The company has been trying to permit the project since its mine plan was rejected by authories in 2012.
Barkerville Gold Mines has resurfaced on the stock list after being rescued from certain doom by gold speculator Eric Sprott. The company gained 6¢ on 213,400 shares traded, before closing at 27¢ per share.
On July 8 Barkerville reported that Sprott would convert an aggregate $19.5 million in debt — representing the entire principal debt and interest due and owing under a credit agreement — by issuing 75 million shares priced at 26¢ per share. Since the debt settlement Sprott has controlled 42% of the company’s outstanding stock.
Barkerville recently announced the start of a first-phase drill program at the Bonanza Ledge–BC Vein areas its Barkerville Mountain project.
Lithium outfit Bacanora Minerals fell 23¢ on 356,000 shares traded before finishing at $1.30 per share. On July 8 the company released an update on its Sonora Lithium project in Mexico. Bacanora is undertaking a prefeasibility study on a plant designed to deliver up to 50,000 tonnes per year of lithium carbonate.
The company started a 4,000-metre drill program on the the Fleur and El Sauz concessions testing the continuity of higher-grade, near-surface mineralization. Bacanora anticipates it will release the study by March 2016.
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