TSX Venture edges up, March 7-11

The S&P/TSX Venture Composite Index gained 2.5%, or 13.93 points, to a 576.31-point close, while industry representatives flocked to Toronto to attend the 84th annual Prospectors & Developers Association of Canada’s convention.

Spot gold kept its one-year high but fell slightly, closing down 0.8% to a 1,249.45 per oz. close, whereas three-month London Metal Exchange (LME) copper contracts rose US$20.5 per tonne, or 0.4%, to US$4,930 per tonne. Copper inventories certified by LME have eroded to 121,425 tonnes, down 64% over the past seven months to the lowest level since September 2014.

Brent crude edged up 1.1% to a US$40.39-per-barrel close over the week, but prices may soften, as Iran said it would raise output to pre-sanction levels.

Graphite One Resources saw 22 million shares traded before ending up 3¢ at 12¢ per share, upon closing a second tranche of a non-brokered private placement.

The company issued 3 million units, consisting of one common share and a warrant, at 9¢ per unit for $270,001 in proceeds.

The funds will help advance the company’s Graphite Creek project — which the company says is the largest known large-flake graphite project in the U.S. — located in Alaska’s Seward Peninsula, 60 km north of Nome.

Reservoir Minerals topped the value-added category, jumping $1.35 to a $6.24-per-share close, after news that 55% joint-venture partner Freeport-McMoRan would sell part of its interest in Reservoir’s Serbian Timok project to Lundin Mining for US$262.5 million, pending Reservoir’s right of first refusal.

The company has been in discussions with Freeport and several other parties in relation to Freeport’s interest in the Timok joint venture, and is evaluating the notice of sale and offer. A decision will be made in “due course.”

B.C. explorer Tower Resources was a front runner in the greatest percentage change category, gaining 3¢, or 300%, to a 4¢ close on no reportable news.

The company is attracting partners for exploration across its four flagship projects in the province, which includes the JD epithermal property in northwestern B.C., where historic drilling returned 26 metres of 6.4 grams gold per tonne and 8.4 grams silver per tonne.

Shares of Gold Reserve gained 65¢ to $5.95 per share, after news of a proposed private placement worth US$38 million, which will be used for general working capital purposes.

A deal in February has Gold Reserve and the Venezuelan government intending to exploit the Brisas and Las Cristinas mines as a joint venture. The company will also receive compensation from the Venezuelan government since 2009 for losses it incurred after a nationalization campaign rescinded all permits and licences regarding the company’s Brisas project in southeastern Venezuela.