TSX VENTURE EXCHANGE JUNE 17-23

The S&P-TSX Venture Composite Index lost ground over the June 17-23 trading session, sliding 32.46 points to close the session at 2,603.61. Average daily trading volumes retreated to 90 million.

More than 170 junior companies fell to new share price lows during the week, compared with only 31 that managed new highs.

Cloudbreak Resources was far and away the session’s top trader, moving 88 million shares to finish up 9 at 19. The Vancouverbased junior is rising on the backs of the Canadian coal and potash crazes; it has applied for 146 coal dispositions in Saskatchewan and more recently sought about 3,237 sq. km of potash permits in Alberta, near the Saskatchewan border.

Another company faring well in the Saskatchewan coal craze is North American Gem. The junior traded at under 20 at low volumes for years until mid-May, when it applied for coal permits.

This week, it traded 43 million shares to close up 23 at 52. Saturn Minerals and Swift Resources likewise continue to gain ground based on unproven coal permit applications.

Shareholder approval for the three-way merger of Metallica Resources, New Gold, and Peak Gold prompted activity for each company. In particular, Peak Gold traded 25 million shares over the session to finish up 4 at 79. The deal now needs court approval and is expected to close by the end of the month.

Another shareholder-approved restructuring — Western Uranium’s spinout of its lithium assets — was not greeted as warmly. Western Uranium fell 61 over the session to close at $1.54.

An intercept of 16.6 metres grading 16.8 grams gold per tonne boosted San Gold 27 over the session to close at $1.98. The intercept came from the Hinge No. 4 zone, a relatively new discovery for San Gold that has returned strong grades from 100 to 400 metres depth. The new area is also conveniently close to the company’s active mill, which processes ore from the Rice Lake and SG-1 mines.

Shares in Goldsource Mines continued to climb, gaining another $6.91 to finish at $17.91 on 21 million shares traded.

This week, the company received 55 coal permits covering its recent coal discovery near Hudson Bay, Sask.; another 179 permits are pending. Coal permits in hand, however, mean Goldsource can start drilling again.

Noront Resources had a bad week without even releasing any news. Over the session its shares lost 38 to close at $3.32 each. Bitterroot Resources managed the opposite, gaining 49 to close at 93 on no news. Similarly, Largo Resources gained 39 to close at $1.48 without releasing any news.

And in the week following news of a planned merger with joint-venture partner Maximus Ventures, NFX Gold climbed 34 to close at 72. The joint company will continue to advance the Larder Lake gold project in Ontario.