U.S. markets under pressure, Sept. 22-26

U.S. markets ended in negative territory during the trading week, with the Dow Jones Industrial Average falling 166.59 points, or 0.96% to 17,113.15, and the S&P 500 Index sliding 27.55 points, or 1.37%, to 1,982.85. The Philadelphia Gold & Silver Index dropped 3.01 points, or 3.46%, to finish at 83.92.

Assay results from infill drilling at the F2 deposit at its Phoenix gold project in Red Lake, Ont., sent Rubicon Minerals shares up 13¢, or 10%, to finish the week at US$1.37. Highlights include intercepts of 136.5 grams gold per tonne over 4 metres, 34.8 grams gold over 2.5 metres and 20.6 grams gold over 5 metres. So far, the company has finished 124 holes  totalling 22,000 metres of a 38,000-metre infill drill program. The Phoenix gold project is fully permitted for initial production at 1,250 tons per day, and the company says that based on current forecasts “potential gold production is projected in mid-2015.”

Lake Shore Gold shares also advanced on assay results from 65 holes totalling 13,900 metres that the company drilled into the Labine deposit at its Bell Creek mine. The company said  drilling between the 775 and 925 levels identified high-grade mineralization, with intercepts including 12.68 grams gold per tonne over 18.5 metres, 10.36 grams gold over 10.5 metres and 10.10 grams gold over 7.6 metres. Lake Shore Gold reports that drilling below the 925 level confirms high-grade mineralization to depth, and management says there is potential to add to reserves. Assays below the 925 level include 9.98 grams gold over 10.3 metres and 5.60 grams gold over 16.9 metres. Lake Shore Gold has started work on a prefeasibility study to update reserves and resources and evaluate whether to deepen the Bell Creek mine. The company expects the study will be completed early next year. For the week Lake Shore’s shares rose 3.9% to US$1.05.

Companies in the troubled coal sector saw their shares fall and were among the most actively traded of the week. Alpha Natural Resources topped the list with nearly 99 million shares changing hands. Its stock fell 62¢ to US$2.36. It has extended its senior-secured credit facility and plans to “maintain a liquidity-neutral facility position through June 2016, while extending significant liquidity well into 2017.”

U.S. most active issues

U.S. greatest percentage change

U.S. greatest value change