TSX Venture falls with commodities, Nov. 2-6

The S&P/TSX Venture Composite Index lost ground despite promising North American job reports, dropping 1.4%, or 7.75 points, en route to a 534.28-point close.

Canadian employment rose by 44,400 positions in October, though most of the increase came from temporary work during the federal election. Meanwhile, U.S. payrolls registered the largest jump this year, as the economy added 271,000 jobs last month.

But markets couldn’t overcome struggling commodity prices, and future contracts for energy and metals were down across the board. December contracts for gold dropped 4.7%, or US$53.90, before finishing at US1,087.60 per oz. December contracts for West Texas Intermediate crude oil lost nearly 5%, or US$2.30, en route to a US$44.29-per-barrel close. December contracts for copper finished down 3.1%, or US7.2¢, at US$2.24 per lb.

Explorer Integra Gold led the volume-traded category after tabling assays from infill drilling on the Parallel zone at its Lamaque gold project near Val-d’Or, Que. The company saw over 9 million shares change hands before they  closed down 1¢ at 33¢ per share.

On Nov. 3 Integra released results from nine drill holes at Parallel, which it says support a “high level of confidence in both the continuity and grade of the gold mineralization.” The company envisions the deposit as another source of mill feed for its Sigma-Lamaque mill.

Highlights include: 1 metres grading 482.26 grams gold per tonne from 164 metres deep in hole 15-6, and 2 metres of 47.26 grams gold from 306 metres deep in hole 15-12.

Shares in Abitibi Royalties lost ground after the company updated the status of its interests in the Canadian Malartic gold mine in Quebec. Shares dropped 15¢ before closing at $2.45.

Abitibi holds a 3% net smelter return (NSR) royalty on Malartic’s Odyssey North zone, where it joint-venture partners Agnico Eagle Mines and Yamana Gold reported results from a $3.5-million drill program that Abitibi said is “meeting expectations.” Drilling is expected to continue at the target through the year.

Abitibi updated shareholders on its Barnat Extension and Jeffrey gold deposit holdings, where it holds a 3% NSR on certain mineral concessions. Agnico expects to receive operating permits at the sites by the end of 2016.

Discovery Ventures had a busy week after receiving a bulk sample permit for its Willa project near Silverton, B.C. The company saw nearly 6 million shares change hands before they closed up 1¢ at 18¢ per share.

On Nov. 5 Discovery announced that the B.C. Ministry of Energy & Mines had granted a permit to remove up to 10,000 tonnes of ore from Willa, where the company will test metallurgical properties of the deposit, as well as  equipment at its Max Mill processing facility in Trout Lake, B.C.