The Toronto Stock Exchange slipped 58.95 points to end the week at 6,570.42 points on Friday with most subindices in the red. The golds were among that group dropping 0.41 of a point to 163.87. The base meal miners managed to grab 1.66 points to make 130.42, one of just four subindices to advance.
Dynatec was the lone mining issue to make the TSX’s top ten traded list, climbing 2 to 73 with more than 1.6 million shares traded. Ongoing drilling by Dynatec and partner FNX Mining continues to intersect wide zones of significant copper-nickel-platinum-palladium-gold mineralization, and expand the Norman 2000 deposit. For their part, FNX shares finished 26 higher at $6.60.
Next in line, zinc miner Breakwater Resources climbed a penny and a half to 12 with about 1.4 million shares traded. Breakwater recently posted a third-quarter loss of $16.9 million (or 9 per share), owing to lower zinc prices, compared with a loss of $92.2 million (77 per share) in the corresponding period of 2001.
The country’s major gold producers were mixed. Barrick Gold dropped 42 to $22.43; Placer Dome gained 15 to $14.90; Kinross Gold ended a penny lower at $2.66.
In the lower ranks, Viceroy Resource dropped half a penny to 30.5. The company announced that it was in talks aimed at acquiring Quest Investment, Arapaho Capital, Avatar Petroleum and Valdez Gold.
After Breakwater, Inco was the most traded base metal miner rising 72 to $33.72 on more than 1 million shares. Others finishing on the plus side include: Falconbridge, up 11 to $16.15; Teck Cominco, plus 11.16; Boliden, a nickel higher at $2.60; and Cameco, which tacked on $1.80 to make $36.80.
Canada’s junior exchange posted some gains as advancers beat decliners 329 to 264. The Venture Exchange S&P Composite Index closed up 9.72 points, or 1.02%, to 960.81 on a volume of 29.1 million shares
Diagem International Resources found a penny and closed at 17 with 376,000 shares changing hands. The junior holds a 38% interest in KWG Resources. KWG’s joint venture partner, Spider Resources, hold the Spider-3 project in Ontario. Earlier this year while drilling a geophysical anomaly for diamonds De Beers Canada Exploration hit volcanogenic massive sulphide mineralization.
TNR Resources closed up 2 to 20 on 339,000 shares. TNR and partner NovaGold Resources have completed 11 holes totaling 745.8 metres on the million-ounce Rock Creek Gold Project in Nome Alaska: five holes of infill drilling, three holes stepping out to the northeast, and three holes stepping out to the southwest. All core has now been logged and samples have been shipped for analysis to the ALS Chemex laboratories in Vancouver.
Donner Minerals closed at 14, up 1 on 266,000 shares. The junior reports that Falconbridge will continue its option on the South Voisey Bay project in Labrador next year. In order to maintain its option Falconbridge is required to incur a minimum of $1.7 million of expenditures in 2003.
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