A US$50-per-oz. spot gold price correction sent the S&P-TSX Venture Composite Index tumbling 5.7% over the Sept. 5-11 trading session, closing down 156.86 points at 2,604.43. Average daily trading volumes surged with the sell-off over the week at 66.3 million shares.
Market pulse remained bullish despite the index drop, with 50 companies reaching new annual highs and 27 explorers sliding to 52-week lows.
Shares of volume leader Plexmar Resources plummeted almost 30%, or 33, to close at 79 on volume of 24.2 million shares. The company remains an active trader with its Bolsa del Diablo gold project in northern Peru and the recent acquisition of the Escondida project across the border in southern Ecuador.
Searchgold Resources bucked the market trend and gained 26%, closing up 3.5 at 17 per share on trading volume of over 23 million shares. The company announced a large gold anomaly at its Mandiana project in Guinea, West Africa.
Following a US$24.9-million offer to acquire all of the privately owned royalties on its Nevada projects, Mill City Gold gained 17% to close at 24.5 per share on volume of 9.1 million. Vista Gold is looking to grab the 3% net smelter royalty (NSR) held on the properties, although Mill City holds right of first refusal on them until the end of September.
Beleaguered Yukon Zinc gained a penny on strong volume of almost 8 million shares to close at 25. A feasibility study completed earlier this year on its Wolverine zinc-copper-lead deposit in the Yukon showed elevated cost estimates coupled with an onerous precious metals royalty structure.
Prospective miner Aurcana saw almost 7.2 million shares change hands, gaining two pennies to close at 70 per share. The company is moving to reopen the past-producing La Negra silver-copper-zinc-lead mine in Queretaro state, Mexico; Aurcana acquired the property from Peoles earlier this year.
On 6.7 million shares of trading volume, VenCan Gold shed 2 to close the week at 13 per share. Drilling at its Cayenne East project southwest of Timmins, Ont., intersected up to 16.85 metres grading 4.22% zinc.
Cash Minerals dropped 26% over the session to close at $1.56 per share on volume of 6.3 million. Drill core from its Igor project in the Yukon has been delivered to the assay lab, with a statement that “chalcopyrite may be present.” Meanwhile, drilling on its Lumina uranium project returned a 27-metre intersection averaging 0.2% U3O8.
Market speculation on its Lac La Hache porphyry copper-gold project in south-central British Columbia propelled GWR Resources to a 110% gain, trading up 44 to close at 84 per share on volume of more than 2.6 million. With no news out on results from its initial hole, the company announced it is adding a second rig to the project.
Shares of Bear Creek Mining gained $1.21 to close at $9.30 apiece on volume of 3.2 million. Producer Silver Wheaton has boosted its interest in the Peru-focused explorer to 19%.
TSX-V greatest percentage change
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Citadel Gold | CGM.H | 44 | 0.18 | 0.09 | 0.17 | +112.5 |
| GWR Res | GWQ | 2689 | 0.92 | 0.45 | 0.84 | +110.0 |
| Zeox | ZOX | 2663 | 0.12 | 0.08 | 0.105 | +50.0 |
| Profile Res | PFL | 30 | 0.03 | 0.03 | 0.03 | +50.0 |
| Hinterland Mtl | HMI | 294 | 0.13 | 0.085 | 0.12 | +50.0 |
| Namex Expl | NME | 670 | 0.71 | 0.47 | 0.59 | +45.6 |
| Am Creek Res | AMK | 53 | 1.70 | 1.20 | 1.60 | +44.1 |
| BcMetals | C | 4960 | 0.95 | 0.63 | 0.92 | +43.7 |
| Great Sthn Ent | GSR | 14 | 0.165 | 0.10 | 0.165 | +43.4 |
| Tsodilo Res | TSD | 19 | 0.87 | 0.75 | 0.85 | +37.1 |
| BacTech Mining | BM | 348 | 0.19 | 0.12 | 0.13 | -38.1 |
| Kettle River | KRR | 164 | 0.85 | 0.52 | 0.55 | -35.2 |
| Moss Lake Gld | MOK | 62 | 0.40 | 0.25 | 0.25 | -34.2 |
| Horseshoe Gld | HSX | 229 | 0.375 | 0.265 | 0.265 | -33.7 |
| Intl KRL Res | IRK | 1389 | 0.27 | 0.15 | 0.16 | -31.9 |
| Twenty-Sev Cap | TSC | 518 | 1.58 | 0.97 | 1.05 | -30.9 |
| Mountain-Wst R | MWR | 38 | 0.10 | 0.09 | 0.09 | -30.7 |
| Silv Fields Rs | SF | 1529 | 0.19 | 0.13 | 0.13 | -29.7 |
| First Majestic | FR | 4253 | 5.25 | 2.97 | 3.45 | -29.5 |
| Noront Res | NOT | 374 | 0.205 | 0.15 | 0.155 | -29.5 |
TSX-V greatest value change
| VOLUME | CLOSE | CHANGE | ||
| Bear Creek Mng | BCM | 3275874 | 9.30 | +1.21 |
| Palmarejo Gold | PJO | 114985 | 8.60 | +0.51 |
| Pac Booker Min | BKM | 31925 | 8.50 | +0.50 |
| Am Creek Res | AMK | 53400 | 1.60 | +0.49 |
| Intl Tower Hil | ITH | 43437 | 3.35 | +0.45 |
| GWR Res | GWQ | 2689031 | 0.84 | +0.44 |
| Gobimin | GMN | 142304 | 1.70 | +0.35 |
| Forsys Metals | FSY | 907999 | 1.80 | +0.30 |
| Franconia Mnls | FRA | 1453070 | 1.40 | +0.29 |
| Midway Gold | MDW | 393033 | 3.18 | +0.28 |
| Aurelian Res | ARU | 1045394 | 26.20 | -3.55 |
| Seabridge Gold | SEA | 288660 | 12.80 | -3.20 |
| First Majestic | FR | 4252644 | 3.45 | -1.45 |
| Northern Dyn M | NDM | 656570 | 8.00 | -1.40 |
| Osisko Explora | OSK | 950516 | 5.70 | -1.18 |
| Arizona Star | AZS | 196306 | 11.20 | -0.93 |
| Birch Mountn | BMD | 3481384 | 3.30 | -0.90 |
| Mansfld Mnrls | MDR | 627025 | 2.80 | -0.60 |
| Aranka Gold | ARK | 53340 | 2.55 | -0.55 |
| Altius Mnrls | ALS | 194138 | 7.11 | -0.54 |
TSX-V most active issues
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Plexmar Res | PLE | 24216 | 1.23 | 0.73 | 0.79 | -0.33 |
| Searchgold Res | RSG | 23167 | 0.19 | 0.125 | 0.17 | +0.035 |
| Mill City Intl | MC | 9145 | 0.44 | 0.21 | 0.245 | +0.035 |
| Yukon Zinc | YZC | 7997 | 0.32 | 0.245 | 0.25 | +0.01 |
| Aurcana Corp | AUN | 7184 | 0.85 | 0.69 | 0.70 | +0.02 |
| VenCan Gold | VCG | 6704 | 0.16 | 0.11 | 0.13 | -0.02 |
| Cash Minerals | CHX | 6345 | 2.24 | 1.51 | 1.56 | -0.54 |
| Skeena Res | SKE | 6281 | 0.63 | 0.46 | 0.47 | -0.01 |
| Antoro Res | ORE | 6157 | 0.17 | 0.12 | 0.13 | 0.00 |
| UrAsia Energy | UUU | 5106 | 3.09 | 2.70 | 2.74 | -0.26 |
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