The heavily junior-weighted S&P-TSX Venture Composite Index shed 16.55 points over the Nov. 8-14 trading session to close at 2013.78. Average daily trading volumes continued to show signs of weakening, dropping to 33.4 million shares over the week.
The weekly battle of new highs and lows teetered to the bearish side, with just 30 setting new 52-week highs versus a bolstered 101 companies dropping to annual lows.
Top place on the weekly volume charts went to Simberi Gold which gained a dime, or 250%, to close at 14 per share on volume of almost 6.8 million shares. The company is working on closing a $2-million private placement financing and recently announced plans to acquire the remaining interest in private company New Congo Resources Development. New Congo holds a 51% interest in the Kakanda copper-cobalt projects in the copper belt of the Democratic Republic of the Congo and is discussing acquiring further interest in the projects from its partner, state-owned Gcamines.
Cypress Development, which saw over 6.2 million shares change hands, sat second among most-actives, closing up a half-penny at 11.5 per share. An exploration program has begun on the company’s 80%-owned McKenzie Island gold project in northwestern Ontario’s Red Lake camp. Sister company Skyharbour Resources holds the remaining 20% interest in the gold project.
Nearing production at its Muskeg Valley limestone quarry in northeastern Alberta, Birch Mountain Resources logged volume of almost 4.2 million shares and gained 51 to close at $7.98 per share. Commercial aggregate production is anticipated before year-end, supplying material for use in the nearby Athabasca oil sands operations and generating revenue for the company.
Forest Gate Resources traded almost 3 million shares over the session, holding even at 43 per share. The company recently completed a large soil-sampling program on its Portage diamond project, in the Otish Mountain region of central Quebec, with results expected in early 2006. In addition, drilling on its Dizzy and Duke kimberlite pipes at the East Side project in central Saskatchewan recovered a number of microdiamonds.
Sabina Silver traded over 2.5 million shares, shedding a penny to close at 69 per share following the release of final assay results from drilling at its Hackett River project in northeastern Nunavut. Results included 52.4 metres of 311.7 grams silver per tonne and 7.22% zinc from hole 43, including 10.9 metres of 448.5 grams silver and 11.9% zinc at the East Cleaver deposit. A revised resource estimate is being calculated to incorporate 2005 drill program results.
Trading over 2.3 million shares on the week, Noront Resources gained a nickel to close at 25 per share. The company recently intersected high-grade gold values in drilling on its Windfall Lake project in Urban Twp., Que. Hole 73 intersected 13.7 metres grading 50.1 grams gold per tonne, including a 1-metre interval averaging 698 grams gold.
Goldeneye Explorations gained 87.5% over the session, closing up 7 at 15 per share on volume of 1.3 million. Hole 22 on the Tyrrell project, in northeastern Ontario, intersected high-grade gold, returning a 2-metre interval grading over 217 grams gold.
Top-value gainer for the week was Bear Creek Mining, up 84 to close at $4.35 per share.
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