Vancouver — Canada’s junior exchange moved higher during the report period ended May 14, as investors continued to snap up shares in gold-related issues. The Standard & Poor’s-TSX Venture composite index tacked on 9.28 points, or 0.8%, to close at 1,159.22.
Golden Goose Resources was the most actively traded junior explorer, gaining an impressive 22 to close at 44 on a volume of 1.6 million shares. The company is expected to begin drilling on its Magino property, near Wawa, Ont., any day now. The planned 2,700-metre program is designed to follow-up three mineralized zones, where previous drilling returned 1.9 grams gold per tonne over 13.4 metres.
Odyssey Resources gained 4 to close at 39 on 1.6 million shares. The junior inked a deal with a subsidiary of Toronto-listed Teck Cominco to pick up the Altintepe gold property in Turkey. The major explored the 100-sq.-km property from 1995 to 1997, identifying nine target areas. Situated immediately northwest of Odyssey’s Lucky Star gold project, the new property hosts the same sequence of volcanic rocks and is considered prospective for both bulk-tonnage and high-grade gold deposits.
Seabridge Resources gave back a small portion of its recent stellar gains, losing 9 to close at $1.53 on the exchange of 1.4 million shares. The company says there are no undisclosed material facts to account for the recent increase in its share price and trading volume. Seabridge holds several advanced gold properties with combined resources of 8.1 million oz. and intends to change its name to Seabridge Gold.
Shares in Francisco Gold continued to soar. The Randy Reifel-led company gained $1.90 to close at $20.55 on a volume of just over 200,000 shares. Toronto-listed Glamis Gold inked a deal to acquire all the issued and outstanding shares of Francisco. Glamis is offering to exchange 1.55 shares and one share in a new exploration company for each Francisco share. The transaction is expected to close by mid-June.
Riding the gold wave, Vannessa Ventures added 23 to close at $1.73 on 559,000 shares. The company holds the advanced Potaro alluvial diamond-gold project in Guyana and the Crucitas gold project in Costa Rica. The company also claims the disputed rights to the Las Cristinas gold project in Venezuela.
The closing of a $16.8-million financing helped Silver Standard Resources close at $5.42, up 57 on 386,000 shares. Stock in the silver-leveraged junior has nearly tripled over the past year, and with $22 million in the kitty, the company intends to begin drilling at both the Challacollo property in Chile and the San Marcial project in Mexico. Later this year, drilling will commence at the Bowdens project in Australia and the Manantial Espejo in Argentina.
Profit-taking drove shares of Gulf International Minerals 5 lower, to 56 on a volume of 1.3 million shares. The company hopes to enter production on its Aprelevka gold property in northern Tajikistan. At last count, the project held 2 million tonnes grading 6.2 grams gold per tonne.
Dynacor Mines added 12 to 71 on 903,000 shares. The junior is working the Tumipampa gold-copper project in Peru, where fieldwork is ongoing.
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