TSX Venture Exchange

The S&P/TSX Venture Composite Index slipped 3.69 points to 1,186.95 in the period after three days of losses outweighed two days of gains. Volume was up by several million to an average of 62 million shares traded daily, but still well in the lower end of the spectrum.

The Dominican Republic continues to draw attention, with both Goldquest Mining and Unigold trading heavily in the period. Goldquest saw 19 million shares traded as it climbed 60¢ to a closing high of $1.61 after announcing its best hit yet at its new Romero target. Hole 93, the third so far released from the area, returned 258 metres grading 4.47 grams gold per tonne and 1.27% copper from 378 metres downhole, and also included a shallower interval of 55 metres grading 1.25 grams gold. Unigold, which did not release results but is based fairly close to Goldquest, saw 19.6 million shares traded as it climbed 11¢ to 49¢.

Comstock Metals rallied sharply in the period, climbing 12¢ to 29¢ on 5.5 million shares traded after releasing sampling results from its QV property in the Yukon. Results from the sampling program included 16.15 grams gold, 7.71 grams gold and 3.27 grams gold, all found between 62 and 83 metres southwest of an encouraging trench sample the company released the week before. Trench 12-06 returned 75 metres grading 3.74 grams gold, while a trench further east hit 45 metres averaging 0.85 gram gold.

Barkerville Gold Mines got some renewed traction in the period, climbing 31¢ to end at $1.12 with 4.3 million shares traded. The company attracted significant attention in late June after announcing that its Cow Mountain deposit apparently hosts 10.6 million indicated oz. gold. On news of the estimate the company’s share price briefly doubled to around $1.60, though it never closed higher than $1.22. Barkerville was later forced to caution investors not to rely on the estimate after the BCSC raised concerns over the methodology of the resource, helping send the company’s stock price to as low as 62¢ in mid-July.

Tanzania-focused Canaco Resources got a much-needed boost after announcing that an unnamed Chinese partner will come on board in a joint venture to develop the Magambazi gold project. Canaco is contributing the Handeni property to the joint venture, which will be valued by a third party, while the Chinese gold company can earn up to 55% by covering all costs until the earn-in is complete. On news of the deal Canaco’s share price climbed 6¢ to end the period at 40¢ with 9.6 million shares traded, having dropped from around 90¢ after releasing a resource estimate on the project in mid-May.

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