The S&P/TSX Venture Composite Index lost ground during the trading period, with a decline in commodity futures fuelling the fall. During the week the Venture dropped 1.4%, or 13.42 points, en route to a 941.50-point close, as U.S. employment data indicated the lowest number of jobless claims in the past seven years, which depressed gold prices a week ahead of the Federal Reserve’s policy meetings.
November contracts for West Texas Intermediate crude oil lost 1.3%, or US$1.38, before closing out the week at US$108.53 per barrel. Gold futures were the hardest hit during the trading period, with December contracts for bullion dropping 4.5%, or US$62.60, en route to a US$1,326.10 per oz. close. Copper futures fared a bit better, as December contracts for the red metal lost 1.4%, or US4.7¢, before closing out the week at US$3.22 per lb.
Mexico-focused junior Chesapeake Gold led the value-lost category during the week after a technical update on its wholly owned Metates gold-silver project in Durango state. The company lost 74¢ during weekly trading before closing at $4.21 per share, which is well off a 52-week high of $10.09 per share. Declining precious metal prices are not doing the company any favours, and Metates’ US$4.4-billion development price tag could prove a hindrance under current market conditions.
On Sept. 12, Chesapeake released an update on development at Metates as the company advances the project towards a full feasibility study in early 2015. Due to the deposit’s bulk-tonnage nature — Metates hosts proven and probable reserves totalling 844 million tonnes grading 0.85 gram gold equivalent per tonne — Chesapeake is evaluating a staged-development model where the capital to finance expansion from a 60,000-tonne-per-day to 120,000-tonne-per-day milling rate is supplemented by cash flow.
West African explorer Bullman Minerals enjoyed a 119%, or 38¢ jump, after announcing it had signed a drill contract and is preparing for exploration on its recently acquired Siguiri and Balandougouba gold projects in Guinea. The company finished the week at 70¢ per share.
Bullman’s program is scheduled to include up to 20,000 metres of drilling and start-up in early October. Drills will focus on Siguiri initially, followed by targets at Balandougouba later in the program. Bullman intends to combine its results with 55,000 metres of historic drilling to complete updated resource estimates on its deposits.
TSX-V most active issues
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Donner Metals | DON | 32929 | 0.01 | 0.01 | 0.01 | 0 | |
| Fission Uran | FCU | 18506 | 1.28 | 1.07 | 1.13 | – | 0.11 |
| Caribou King R | CKR | 17023 | 0.09 | 0.05 | 0.09 | + | 0.03 |
| KWG Res | KWG | 8678 | 0.06 | 0.05 | 0.06 | + | 0.01 |
| RPT Uranium | RPT | 7567 | 0.01 | 0.01 | 0.01 | + | 0.01 |
| Barisan Gold | BG | 7316 | 0.08 | 0.06 | 0.07 | + | 0.01 |
| Apogee Silver | APE | 6119 | 0.03 | 0.02 | 0.03 | – | 0.01 |
| Graphite One R | GPH | 6009 | 0.18 | 0.14 | 0.17 | + | 0.03 |
| Opawica Expl | OPW | 5253 | 0.01 | 0.01 | 0.01 | 0 | |
| Canada Carbon | CCB | 5097 | 0.3 | 0.23 | 0.28 | + | 0.02 |
TSX-V greatest percentage change
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Am Cons Minls | AJC | 71 | 0.1 | 0.01 | 0.08 | + | 433.3 |
| Matnic Res | MIK | 64 | 0.05 | 0.04 | 0.05 | + | 150 |
| Messina Minls | MMI | 315 | 0.1 | 0.09 | 0.1 | + | 137.5 |
| Animas Res | ANI | 253 | 0.08 | 0.03 | 0.08 | + | 128.5 |
| Argus Metals | AML | 211 | 0.17 | 0.07 | 0.16 | + | 128.5 |
| Bullman Mnls | BUL | 25 | 0.7 | 0.32 | 0.7 | + | 118.7 |
| China Mnls Mng | CMV | 59 | 0.02 | 0.02 | 0.02 | + | 100 |
| Hudson River M | HRM | 106 | 0.01 | 0.01 | 0.01 | + | 100 |
| Knick Expl | KNX | 2242 | 0.05 | 0.02 | 0.03 | + | 100 |
| Auracle Res | AAL | 463 | 0.01 | 0.01 | 0.01 | + | 100 |
| Baroyeca Go&Si | BGS | 197 | 0.01 | 0.01 | 0.01 | – | 66.6 |
| Cricket Res | CKC | 55 | 0.07 | 0.05 | 0.05 | – | 64.2 |
| Lounor Expl | LO | 250 | 0.01 | 0.01 | 0.01 | – | 50 |
| Red Pine Expl | RPX | 245 | 0.01 | 0.01 | 0.01 | – | 50 |
| Millstream Min | MLM | 295 | 0.02 | 0.01 | 0.01 | – | 50 |
| Pac Arc Res | PAV | 128 | 0.01 | 0.01 | 0.01 | – | 50 |
| Plato Gold | PGC | 115 | 0.01 | 0.01 | 0.01 | – | 50 |
| Strategic Res | STI | 72 | 0.01 | 0.01 | 0.01 | – | 50 |
| Samaranta Mng | SAX | 857 | 0.01 | 0.01 | 0.01 | – | 50 |
| Satori Res | BUD | 378 | 0.01 | 0.01 | 0.01 | – | 50 |
TSX-V greatest value change
| Company | Symbol | Change | Close | Change | |
| Lumina Copper | LCC | 369157 | 4.84 | + | 0.62 |
| Bullman Mnls | BUL | 25000 | 0.7 | + | 0.38 |
| Pac Booker Min | BKM | 16223 | 4.38 | + | 0.31 |
| Archon Mineral | ACS | 10000 | 1.12 | + | 0.27 |
| Altitude Res | ALI | 78750 | 0.56 | + | 0.17 |
| Kootenay Gold | KTN | 204450 | 0.75 | + | 0.12 |
| Anfield Nickel | ANF | 19621 | 2.15 | + | 0.1 |
| Colorado Res | CXO | 635923 | 0.44 | + | 0.1 |
| Argus Metals | AML | 210900 | 0.16 | + | 0.09 |
| Arianne Phosph | DAN | 526892 | 1.24 | + | 0.09 |
| Chesapeake Gld | CKG | 34195 | 4.21 | – | 0.74 |
| Bear Creek Mng | BCM | 181803 | 1.84 | – | 0.66 |
| Alpha Mnls | AMW | 783519 | 6.2 | – | 0.53 |
| Aurcana Corp | AUN | 790055 | 2.16 | – | 0.42 |
| SilverCrest Mn | SVL | 1215171 | 1.93 | – | 0.29 |
| Kennady Diam | KDI | 140548 | 4.71 | – | 0.28 |
| Atac Res | ATC | 551536 | 1.05 | – | 0.27 |
| Avino Silver | ASM | 96032 | 1.4 | – | 0.22 |
| Probe Mines | PRB | 597640 | 2.1 | – | 0.19 |
| Energold Drill | EGD | 151796 | 1.78 | – | 0.18 |
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