Venture nudges up in Dec. 6 to 10 week

Vancouver – The week of December 6 to 10 had mixed results for the S&P TSX Venture Composite Index, which climbed 42.26 points over three days and dropped 28.89 points on the other two days to end up 14.37 points at 2124.30.

Volume was in line with recent weeks, averaging a lively 175 million shares traded daily. The bears-to-bulls ratio also kept roughly steady, with 49 Venture-listed companies hitting new 52-week lows while 159 hit 52-week highs.

Leading both the percentage gain and volume categories, Ashburton Ventures saw 95 million shares traded as its share price tripled from 6.5¢ to 19.5¢. The company reported silver assay results from samples taken at its Deep Creek project near Elko, Nevada, which had already shown to contain some high gold grades. Sample highlights included 828 grams silver per tonne, 249 grams silver and 123.5 grams silver, with vein widths estimated at under a metre for the highest grade and 0.2 metre for the other two samples. The company also announced a $600,000 financing with Premier Gold of 7.5 million units at 8¢ each.

Close behind in activity, Seafield Resources saw 92 million shares traded after it released more news from its Quinchia gold project in Colombia. The company has moved drills from where it hit 449 metres grading 1.29 grams gold to a porphyry target 3 km northwest first discovered in 2006. Trenching on the target has returned 94 metres grading 1.75 grams gold from surface, including 8 metres averaging 5.51 grams gold. Seafield’s share price climbed 9¢ to 68¢ a week after jumping 35¢ to 57¢. The company also announced a $15 million non-brokered private placement of 30 million units at 50¢ each.

Canaco Resources also had a second big week, climbing $1.22 to $5.97 on 9.8 million shares traded after releasing drill results from its Magambazi gold discovery in Tanzania. Results included 48.6 metres carrying 14.81 grams gold, 8.4 metres averaging 80.9 grams gold and 13.4 metres grading 13.54 grams gold in infill drilling. The results came a week after a licensing issue was resolved on the same project in Canaco’s favour.

Antares Minerals topped Canaco as the highest value gainer of the week, climbing $1.47 to $9.15. The jump came as security holders approved a November plan of arrangement that involves First Quantum acquiring Antares’ large Haquira polymetallic project in Peru for roughly $460 million, or roughly $6.35 per share. Antares’ other assets are to be spun out into Regulus Resources, which will be largely owned by Antares shareholders. The Alberta court also gave final approval for the deal.

Alderon Resource‘s share price got a boost after the company exercised its option right for a 100% interest in the Kamistiatusset iron ore project in western Labrador. The company’s share price was up 65¢ to $2.95, a new 52-week high. To secure the project, Alderon issued 32.3 million shares to Altius Minerals and nominated Altius’ chairman John Baker and its CEO Brian Dalton to the Alderon board. Alderon also announced it had completed a roughly 26,000-metre drill program on the project and plans a 5,000-metre winter drill program, with an initial resource estimate expected for the project in Q1 of 2011.