The S&P/TSX Venture Composite continued an eight-week free fall during the trading sessions, as it dropped 4%, or 36.60 points, en route to an 882.82-point close. Over the past two months the Venture has lost 14%, or 141.17 points. North American markets started the fourth quarter in the red, with losses from September accentuated by weaker-than-expected U.S.-manufacturing data that underpinned concerns over the global economy.
Canadian investors were also hit by a decline in commodity futures. November contracts for West Texas Intermediate crude oil hit a 10-month low after losing 3.5%, or US$3.21, and closing at US$89.74 per barrel. Gold futures were similarly afflicted, as December contracts for bullion dropped 2%, or US$24.40, before finishing at US$1,192.90 per oz. December contracts for copper declined US1.6¢ en route to a US$3 per lb. close.
Investors were not happy with project-generator Reservoir Minerals after exploration results from a pair of assets in Serbia. The company led the value-lost category during the week after it dropped 87¢ before closing out the week at $4.18 per share.
On Sept. 29 Reservoir announced intercepts from a 623-metre drill program at its Bobija project in Serbia’s Podrinje mining district. Assays to date include 28 metres true thickness averaging 2.3% zinc, 0.9% lead, 25.52 grams silver per tonne and 1.71 grams gold per tonne from 20 metres deep in hole 2; and 6.5 metres true thickness grading 3.9% zinc, 3.7% lead, 109 grams silver and 1.89 grams gold from 25 metres deep in hole 6.
Reservoir followed up on Sept. 30 with two drill holes from its Nikolicevo permit in eastern Serbia’s Timok magmatic complex. The company’s targets are based on coincident geological, structural, geochemical and geophysical (magnetometry and induced-polarization) vectors and anomalies. Initial assay results for copper and gold from drill holes 1401 and 1402 were reportedly “low, and contained no significant intercepts to report.”
Fission Uranium was the most traded company, with 10 million shares traded before closing the week down 11¢ at 89¢ per share. On Sept. 29 Fission released results from its mid-year program at the Patterson Lake South uranium discovery in Saskatchewan’s Athabasca basin. Drilling was collared at the 780E zone, with the last seven holes returning “wide radioactive mineralization.” Hole 14-290 intersected uranium mineralization over 65.5 metres, including 7.9 metres in an area that had only seen moderate results.
West Africa-focused Roxgold secured a US$75-million debt financing for its Yaramoko gold project in Burkina Faso. The company traded 5.4 million shares during the week, losing 4¢ before closing at 71¢ per share.
TSX-V most active issues
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Fission Uran | FCU | 10013 | 1 | 0.82 | 0.89 | – | 0.11 |
| Roxgold | ROG | 5387 | 0.79 | 0.7 | 0.71 | – | 0.04 |
| Xmet | XME | 5347 | 0.05 | 0.03 | 0.03 | – | 0.01 |
| Alabama Graph | ALP | 4003 | 0.27 | 0.23 | 0.23 | – | 0.04 |
| KWG Res | KWG | 3673 | 0.06 | 0.05 | 0.05 | – | 0.01 |
| Appalaches Res | APP | 3563 | 0.04 | 0.02 | 0.02 | – | 0.03 |
| Lakeland Res | LK | 3458 | 0.08 | 0.05 | 0.06 | – | 0.03 |
| Largo Res | LGO | 3307 | 0.27 | 0.23 | 0.25 | – | 0.02 |
| EPM Mng Vent | EPK | 3270 | 0.32 | 0.22 | 0.27 | – | 0.01 |
| Canada Carbon | CCB | 3243 | 0.25 | 0.21 | 0.25 | – | 0.01 |
TSX-V greatest percentage change
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Eloro Minls | ELO | 50 | 0.08 | 0.01 | 0.08 | + | 650 |
| Suparna Gold | SUG | 914 | 0.08 | 0.03 | 0.08 | + | 220 |
| Kings Bay Gold | KBG | 739 | 0.01 | 0.01 | 0.01 | + | 100 |
| Red Mile Mnls | RDM | 149 | 0.01 | 0.01 | 0.01 | + | 100 |
| Reliance Res | RI | 508 | 0.01 | 0.01 | 0.01 | + | 100 |
| Strait Mnls | SRD | 10 | 0.01 | 0.01 | 0.01 | + | 100 |
| Superior Mng | SUI | 101 | 0.01 | 0.01 | 0.01 | + | 100 |
| Green Valley M | GVY | 100 | 0.01 | 0.01 | 0.01 | + | 100 |
| Rainy Mtn Royl | RMO | 34 | 0.1 | 0.04 | 0.1 | + | 66.6 |
| Jet Gold | JAU | 1066 | 0.05 | 0.04 | 0.05 | + | 66.6 |
| Lincoln Mng | LMG | 160 | 0.13 | 0.07 | 0.08 | – | 58.9 |
| Kalimantan Gld | KLG | 2694 | 0.1 | 0.04 | 0.04 | – | 56.2 |
| Appalaches Res | APP | 3563 | 0.04 | 0.02 | 0.02 | – | 55.5 |
| Colibri Res | CBI | 55 | 0.01 | 0.01 | 0.01 | – | 50 |
| Caribou King R | CKR | 60 | 0.01 | 0.01 | 0.01 | – | 50 |
| Cons Richland | CRX | 393 | 0.03 | 0.02 | 0.02 | – | 50 |
| Apogee Silver | APE | 1391 | 0.01 | 0.01 | 0.01 | – | 50 |
| Afri-Can Marin | AFA | 993 | 0.02 | 0.01 | 0.01 | – | 50 |
| African Metals | AFR | 306 | 0.01 | 0.01 | 0.01 | – | 50 |
| Midlands Minls | MEX | 353 | 0.02 | 0.01 | 0.01 | – | 50 |
TSX-V greatest value change
| Company | Symbol | Change | Close | Change | |
| Kennady Diam | KDI | 60791 | 7.99 | + | 0.2 |
| Palladon Vent | PLL | 160420 | 0.76 | + | 0.1 |
| Newstrike Cap | NES | 1685528 | 1.12 | + | 0.09 |
| Selwyn Res | SWN | 37206 | 3.63 | + | 0.08 |
| Eloro Minls | ELO | 50005 | 0.08 | + | 0.07 |
| Cache Expl | CAY | 64504 | 0.25 | + | 0.06 |
| Suparna Gold | SUG | 914264 | 0.08 | + | 0.06 |
| Equitorial Exp | EXX | 94300 | 0.26 | + | 0.06 |
| Marlin Gold | MLN | 31137 | 0.91 | + | 0.05 |
| Rhyolite Res | RYE | 38000 | 0.32 | + | 0.05 |
| Reservoir Mnls | RMC | 641674 | 4.18 | – | 0.87 |
| Athabasca Mnls | ABM | 743977 | 1.8 | – | 0.42 |
| Bear Creek Mng | BCM | 468160 | 1.67 | – | 0.28 |
| Great Quest Me | GQ | 64641 | 1.08 | – | 0.22 |
| Avino Silver | ASM | 89108 | 1.45 | – | 0.18 |
| Cayden Res | CYD | 851275 | 2.86 | – | 0.17 |
| Titanium Corp | TIC | 181382 | 1.52 | – | 0.17 |
| Chesapeake Gld | CKG | 21006 | 2.78 | – | 0.17 |
| Highbury Proj | HPI | 20000 | 0.35 | – | 0.15 |
| Feronia | FRN | 47000 | 0.65 | – | 0.13 |
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