TSX Venture falls to historic low, Jan.11-15

The S&P/TSX Venture Composite Index is reaching historic lows, falling 5%, or 25.71 points, to a 488.96-point close.

Representatives from the TSX Venture Exchange hosted a town-hall meeting in Montreal, Que., to discuss improvements with industry stakeholders. Key points included reducing administrative and compliance costs, expanding the base of investor financing companies, and diversifying and growing the stock list.

The discussion follows fairly dismal year-end TSX Venture Exchange statistics, with total financings raised in 2015 down 36% in dollar terms and down 19% in number terms, compared to 2014.

Spot gold prices edged down 1.2%, or US$13.06, to a US$1,091.09 per oz. gold close over the trading period, whereas Brent crude slumped 13.9%, or US$4.65, to US$28.90 per barrel, as the lifting of international sanctions on Iran paved the way for increased oil supply amid a global glut.

The CAD/US exchange rate fell 1.4% before levelling off at US69¢ to the loonie. Copper reached multi-year lows before rebounding slightly, down 3% to US$1.96 per lb.

Kennady Diamonds nearly topped the value-added category after updating its Kennady North project in the Northwest Territories. Shares gained 19¢ on 18,400 traded, before finishing at $3 per share.

The company reported that the Mackenzie Valley Land and Water Board has approved amendments to its Type A land-use permit and Type B water licence, which clears the way for expanded exploration and evaluation programs.

Preparations for the 500-tonne Kelvin North bulk sample are underway, with sampling expected by the end of March 2016. The company also said that the maiden resource for its flagship Kelvin kimberlite will be released “shortly.”

Integra Gold saw 2.5 million shares change hands before closing down 3¢ to 31¢ per share, after announcing gold discoveries and step-out results at its Triangle zone deposit in the prolific Val-d’Or mining camp in Quebec. 

New targets returned best intercepts of 15.7 grams gold per tonne over 4.9 metres, whereas step-out drilling on known mineralization returned 11.6 grams gold over 3.4 metres.

The results add to a resource estimate released last November that outlined indicated resources of 627,810 oz. gold within 2.6 million tonnes of 7.4 grams gold, and inferred resources of 871,530 oz. gold within 3.9 million tonnes of 6.9 grams gold.

Kaminak Gold was the most traded, falling 8¢ to 83¢ per share on 2.5 million shares traded. On Jan. 6 the company released the feasibility study results on its Coffee Gold project in the Yukon Territory, which calculated a $455-million after-tax net present value and 37% internal rate of return.