The Toronto Stock Exchange’s gold index reversed its slide to end the May 3-9 report period 6.53 points better at 184.2. The advance came as the yellow metal dropped US$2.40 per oz. to end at US$425.50. Likewise, the base metal miners rebounded to the tune of 6.7 points to settle at 296.49 on mixed metal prices. Overall, the S&P TSX composite index gained 130.99 points to make 9,561.2.
Junior Chariot Resources saw heavier-than-normal traffic, with an impressive 29.1 million shares crossing the floor, only to lose a penny to 33. The company recently reported 17 intersections exceeding 25 grams silver per tonne (and lesser gold) from 15 holes on its Marcona project in southern Peru. Most of the high silver values are associated with previously reported copper grades of more than 2%.
Next in line was Afcan Mining, which finished unchanged at 36 on a volume of 24 million shares. Mapping on the company’s 85%-owned Tanjianshan project in China has linked gold in the Jinlonggou, M7 and Pubugou deposits. Drilling in 2005 will aim to add the connecting areas to the current resource base.
Queenstake Resources rounded out the top three with just shy of 16 million shares finding their way half a penny higher to 23. There was no immediate news from the Denver-based gold miner.
North Atlantic Resources led all percentage gainers, shooting up 48% after cutting up to 98 metres grading 2.39 grams gold per tonne in reverse-circulation drilling at its Foulalaba gold project in southern Mali. Shares closed at $3.04, up from $2.05, on a volume of 2.4 million.
Other percentage gainers were: Corriente Resources, up 25.5% to $1.82; Shore Gold, 25.3% higher at $5.04; Fronteer Development Group, 24.7% better at $2.62; and UEX, plus 21.6% to $2.08.
Drilling by Fronteer has extended a high-grade gold zone on the Kirazli project in western Turkey. Results include 49.4 metres grading 3.75 grams gold per tonne, including 18.4 metres of 7.5 grams. Fronteer also plans to raise $4.1 million via a private placement of up to 1.5 million flow-through shares priced at $2.75 apiece.
Rio Narcea Gold Mines advanced 32, or around 20%, to make $1.94. The company recently arranged the first sale of 20,000 tonnes of concentrate produced during ongoing commissioning of its Aguablanca nickel-copper mine in Spain. The sale is expected to generate $7 million in revenue.
Heading the other way was Linear Gold, which shed $1.37, or 18.3%, to hit $6.13 after the latest batch of drill results from the Ixhuatan project in Mexico failed to impress investors. The first hole to test the Western anomaly, 1 km northwest of the main Campamento zone, managed to return 12 metres averaging 1.6 grams gold.
Noranda edged 8 higher to $22.98, after increasing its stake in Falconbridge to 90.8%. Noranda plans to acquire any shares not tendered to its bid by the end of August. For its part, Falco ended 60 poorer at $39.95.
Significant increases in the estimated tonnage and contained copper and gold at the Oyu Tolgoi deposit in Mongolia sent shares in Ivanhoe Mines 68 higher to $9.53.
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