TSXV dips during Apr. 3-6 trading week

The S&P/TSX Venture Composite Index retreated by 8.33 points or 1.3% over the Apr. 3-6 trading session to end at 625.85.

The TSXV’s top value gainer this week was NGEx Minerals which added $1.69 to close Thursday at $5.81. Shares in the company surged on Apr. 4 on results from the first drill program at its Potro Cliffs project in northwest Argentina that revealed a potentially major new copper-gold system. Highlights from hole DPDH002, the first at the target, include 60 metres grading 5.65% copper, 2.04 grams gold per tonne and 44 grams silver from 212 metres downhole; 10 metres grading 3.7% copper, 1.51 grams gold and 259.4 grams silver from 574 metres depth; and four metres grading 5.81% copper, 2.62 grams gold and 81.5 grams silver from 150 metres depth. The San Juan province project is located between NGEx’s Los Helados copper-gold porphyry deposit to the north and Filo Mining‘s gold-copper-silver deposit to the south, part of the prospective Vicuna District, where Lundin Group companies have been exploring since the early 2000s.

Arena Minerals was the most active TSXV issue during the shortened trading week, with 28.8 million shares changing hands over four days. The stock closed 6¢ lower on Thursday at 57¢ apiece. Arena shareholders voted in favour of a US$227 million all-scrip buyout of Arena by Lithium Americas on Apr. 6. The move seeks to combine two neighbouring projects operated by the companies in the Pastos Grandes basin, located on the Argentine side of South America’s lithium triangle, close to Lithium Americas’ Caucharí-Olaroz project. This lithium brine project is expected to enter production by June. China-based Ganfeng Lithium, GFL International and their affiliates collectively own about 16% of Arena’s outstanding shares and warrants that, if exercised, would represent a further 6% stake. Lithium Americas said Ganfeng had entered an agreement to dispose of all its Arena securities before the merger closing.

Transatlantic Mining was the week’s biggest percentage gainer, doubling in value to close at 14¢ per share. The company’s most recent public disclosure was on Jan. 30, when it provided a status update regarding its lease-to-purchase arrangement on the Miller gold mine in Montana. After completing a new mine portal, the company could enter and start cleaning up and dewatering the existing mine development. Transatlantic said it had passed a substantial volume of mud over a gravity table and found enough visible gold to warrant further mud processing. The dewatered mine workings will give the company access to areas last worked in the 1960s, where recent observations also found visible gold in the wall, roof and floor.