Continued strong precious and base metal prices kept the junior-explorer-dominated TSX Venture Exchange on track over the Dec. 13-19 trading session, notching the index up a nominal 2.35 points to close at 2142.72, approaching an almost 3-month high. Average daily trading volumes remained strong at 51.1 million shares over the week.
The weekly bull versus bear battle saw the bruin continue to prevail with just 49 companies rising to 52-week highs and 95 others sinking to annual lows.
Volume leader on the week was Yukon Zinc, trading over 9.2 million shares and gaining 4 to 29 per share. The company released the final set of results from second-phase definition drilling on its Wolverine zinc-copper-lead deposit in the eastern Yukon, delivering a number of intercepts rich in precious and base metals. The company also recently engaged Macquarrie Bank to act as the exclusive lead in arranging project loan and hedging facilities for development of the Wolverine VMS deposit.
Nevada-focused explorer Staccato Gold Resources grabbed second-most-active trader with volume of 5.6 million shares over the session, closing up almost 80% or 13 at 29.5 per share. Three holes drilled on the Lookout Mountain area of its South Eureka project returned narrow high-grade gold values and also identified a wider mineralized zone. The company was testing the area around the past-producing Lookout pit for new zones of Carlin-style mineralization.
Saskatchewan diamond explorer Forest Gate Resources saw volume of almost 4.5 million shares to place third among most actives. Its stock rallied 16%, or 6, to close at 44 per share following the recovery of 51 microdiamonds and 4 macrodiamonds from 110 kg of drill core from the 121 kimberlite pipe at its East Side project near Prince Albert, Sask. The property is adjacent to the Shore Gold-DeBeers joint venture.
Nevada Pacific Gold remained a strong trader over the week, gaining two pennies on over 3.4 million shares to close at 79. Speculation on Robert McEwen’s plans following his large investment in the company continues to fuel investor interest.
Gold and silver producer Mexgold Resources traded 3.4 million shares over the week, gaining 16% or 63 to close at $4.65 per share. Operations at its El Cubo-Las Torres mine complex, in Guanajuato state, Mexico, report a 75% increase in production over the past year. In November, the mine produced almost 3,900 oz. gold and over 147,000 oz. silver.
Timmins gold camp explorer Vedron Gold saw volume of almost 2.5 million shares, trading up a nickel to 34.5 per share. Drilling on its Buffalo Ankerite project recently returned a number of near-surface gold intercepts.
Shares of Mawson Resources gained 62% or 40 to close the week at $1.05 apiece. The company entered an agreement to acquire the Klappibacken uranium project in Jamtland Cty., northern Sweden. The deposit hosts a historic resource of 930,000 tonnes grading 0.1% U3O8 (about 2 million lbs. of contained uranium oxide).
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