TSX venture exchange

The S&P/TSX Venture Composite Index dropped 41.91 points after four days of losses outweighed one day of gains, ending at 1,251.02. Volume was also down for most of the period, but a spike at the end of the week left the average volume consistent with recent weeks at 73 million shares traded daily.

Amerix Precious Metals shot from 8¢ to 20¢ with 11 million shares traded after announcing a new gold discovery in Brazil. The discovery holes from the company’s Limao property in Para state returned 13 metres grading 14.04 grams gold per tonne from 28 metres downhole, and 40 metres averaging 3.51 grams gold from 37 metres downhole. The two holes were drilled from the same platform, with the first drilled at -60 degrees and the second at -77 degrees. The mineralization occurs in potassic-altered and pyrite-rich syenite intrusive rocks.

The company has drilled holes above and below holes 1 and 2 to test the mineralization’s vertical continuity.

Aldridge Minerals was up after releasing an updated resource estimate on its Yenipazar polymetallic deposit in Turkey, climbing 17¢ to end at 64¢ on a little over a million shares traded. Combining sulphides and oxides,  the deposit contains 26.7 million tonnes grading 1.04 grams gold, 31.3 grams silver, 0.3% copper, 1.04% lead and 1.40% zinc for  3.05 grams gold equivalent, with oxides comprising 3 million tonnes. Inferred resources add 1.2 million tonnes at a 2.51-gram gold equivalent. The company outlined improved metallurgical recoveries from the volcanogenic massive sulphide deposit.  

Gold Reach Resources shot up to a 52-week high, climbing 28¢ to $1.10 after announcing it had finished drilling two deep holes at the West Seel discovery at its Ootsa project in B.C. Hole 101 was drilled to 1,079 metres and hole 102 to 951 metres, both stepping out from the original discovery holes released in December, including 567 metres grading 0.51% copper equivalent from 170 metres downhole. The Ootsa property sits adjacent to the Huckleberry mine in west-central B.C. On the Monday after the period the company climbed a further 42¢ to $1.52 after announcing a $1.2-million financing.

Gold Reserve was up $1.06 to $4.34 on 57,000 shares traded in the period after outlining changes to a note restructuring. The company has been working to restructure its outstanding 5.5% senior convertible notes and reached an agreement with three entities holding 87.8% of the notes in mid-May. The company had offered remaining holders a cash buyout but rescinded the offer, planning instead to release a new offer in the coming days. Gold Reserve is waiting on a judgement for its $2.1-billion lawsuit against Venezuela for seizing its assets in 2008.

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