TSXV dips 0.7% over Aug. 21-25, but IsoEnergy, Founders Metals shine

The S&P/TSX Venture Composite Index retreated by 4.11 points or 0.7% over the Aug. 21-25 trading session, ending at 581.23. 

 Uranium explorer IsoEnergy (TSXV: ISO) was the week’s top value gainer, closing 65¢ per share higher Friday at $3.51. While the company has been quietly working in the field on its eastern Athabasca prospects in Saskatchewan, shares have been buoyed by positive momentum in the long-term and rising spot uranium prices, once more kicking junior exploration activity into high gear.

IsoEnergy on June 19 outlined its summer exploration plans, budgeting 1,100 metres of diamond drilling at the Hurricane deposit to test areas identified with potential for resource expansion. It will also conduct an ambient noise tomography survey on the Hurricane deposit and surrounding area to find new drill targets.

The company further plans to conduct diamond drilling at the Larocque East, Ranger, and Hawk projects, totalling 4,700 metres. It also plans to conduct airborne geophysical surveys at the East Rim, Trident, Collins Bay Extension, and Full Moon projects. 

Founders Metals (TSXV: FDR) ranked among the week’s top percentage gainers, closing Friday up 82.9% at 75¢ per share. The company has been releasing regular news flow this month as its first drilling campaign on the Antino project in Suriname delivers high-grade gold cuts in the Froyo zone.

It has completed 3.500 metres out of a planned 10,000 metres program targeting the Upper Antino area, part of the 8-km Antino gold trend. On Aug. 24, the company released the latest round of assay results, confirming the continuity of high-grade gold over potentially broader areas than previously thought. Gold mineralization at Upper Antino contains quartz and up to 35% sulphides. Due to their size and the link between sulphide content and gold, they are key targets in geophysical surveys.

This provides Founders with new drill targets to uncover more gold in the area’s high-grade zones. Exploration continues with trenching, sampling, and an upcoming ground magnetics survey. 

The most traded issuer this week was Benchmark Metals (TSXV: BNCH), which on Aug. 24 completed its merger with Thesis Gold (TSXV: TAU). Until the transaction’s closing, 8.7 million shares changed hands for the issuer to last trade at 25¢ per share.

The deal created one of the largest precious metals development and exploration companies in the Toodoggone mining district of northern British Columbia. Benchmark’s Lawyers gold-silver project is next to exploration targets at the Thesis Ranch project, about 300 km north of Smithers.

The two 100%-owned exploration projects are about 45 km northwest of the power grid at Centerra Gold’s (TSX: CG; NYSE: CCAU) Kemess underground gold project. In the next 12-15 months, the company plans 50,000 meters of drilling, culminating in updated resource estimates for both projects in the New Year.