The S&P/TSX Venture composite index climbed back up towards its post-recession high over the April 20-26 trading week, gaining 18.89 points to close the week at 1672.85. Daily trading volumes were extremely strong, averaging 142 million.
The rising tide did not lift all ships. Over the week, 50 Venture-listed companies rose to new 52-week share price highs but 78 sank to new lows.
The week’s far-and-away volume leader was Medoro Resources, the Toronto-based explorer advancing the Marmato gold project in Colombia. In early March, the company increased the measured and indicated resource count at Marmato to 245 million tonnes grading 0.95 gram gold per tonne and 6.09 grams silver per tonne. Now Medoro is producing results from a 72,000-metre infill and exploration drill program at the site and initial assays include 180 metres grading 0.93 gram gold and 80 metres of 1.1 grams gold. Medoro moved 104 million shares to close the week up 18¢ at 80¢.
The high-grade hits keep rolling in from Rice Lake and San Gold’s share price responded in turn. Underground drills following up on the recent discovery of new zones beyond the eastern extremities of the mine hit numerous short, gold-rich intercepts including 13.3 metres grading 120.9 grams gold, 50 metres grading 4.8 grams gold, and 2 metres of 74 grams gold. San Gold gained 56¢ over the week to reach $4.04.
Sampling results do not usually cause much market excitement but when the results come from East Asia Mineral’s Miwah project in Indonesia and indicate the potential to expand the zone’s strike by 600 metres beyond a fault previously thought to bound mineralization to the west, the usual goes out the window. Prospecting crews discovered favourable massive and vuggy silica in outcrop in the Signal area; chip samples returned up to 6.8 grams gold while channel sampling produced 1.3 grams gold over 14 metres. East Asia now believes the Miwah zone extends under cover for another 600 metres to the west, stretching the total strike to 1.8 km. The company’s share price added 61¢ to reach $8.05.
An updated resource estimate for Hana Mining’s Ghanzi copper-silver project in Botswana increased the deposit tonnage significantly while maintaining grades. The central zones at Ghanzi are now home to 93.2 million inferred tonnes grading 1.5% copper and 18 grams silver, while the newer Chalcocite zone contributes 83.6 million inferred tonnes averaging 0.46% copper and 3.58 grams silver. Hana ended the week down 10¢ at $2.22.
And a positive preliminary economic assessment of the Metates gold-silver project in Durango state, Mexico, lifted Chesapeake Gold’s share price 44¢ to $8.89, though midweek it reached a new high of $9.24. The study found a 90,000 tonne-per-day open-pit operation at Metates could produce an average of 547,200 oz. gold, 14.5 million oz. silver, and 90.4 million lbs. zinc annually for 27 years, but it would cost US$3.19 billion to build the operation.
| TSX-V most active issues | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Medoro Res | MRS | 104641 | 0.81 | 0.62 | 0.80 | + 0.18 |
| Avion Res | AVR | 23109 | 0.74 | 0.57 | 0.60 | -0.14 |
| Newcastle Mnls | NCM | 18335 | 0.23 | 0.16 | 0.21 | + 0.02 |
| Gold Bulln Dev | GBB | 16999 | 0.43 | 0.34 | 0.40 | + 0.03 |
| San Gold Res | SGR | 13749 | 4.14 | 3.31 | 4.01 | + 0.56 |
| Sidon Intl Res | SD | 12135 | 0.08 | 0.05 | 0.07 | + 0.01 |
| RomarcoMnrls | R | 11554 | 2.07 | 1.99 | 2.04 | -0.01 |
| Canadn Arrow | CRO | 10130 | 0.06 | 0.05 | 0.06 | 0.00 |
| Advanced Expl | AXI | 9443 | 0.27 | 0.17 | 0.25 | + 0.07 |
| Majestic Gold | MJS | 8599 | 0.21 | 0.16 | 0.18 | + 0.02 |
| TSX-V greatest percentage change | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Bold Vent | BOL | 248 | 0.30 | 0.12 | 0.25 | + 92.3 |
| BE Res | BER | 2280 | 0.34 | 0.17 | 0.34 | + 88.8 |
| Opawica Expl | OPW | 5896 | 0.16 | 0.09 | 0.15 | + 66.6 |
| Manson Creek | MCK | 1156 | 0.12 | 0.07 | 0.12 | + 50.0 |
| Tatmar Vent | TAT | 49 | 0.50 | 0.37 | 0.50 | + 47.0 |
| Red Mile Mnls | RDM | 35 | 0.19 | 0.13 | 0.19 | + 46.1 |
| Saturn Minls | SMI | 2818 | 0.12 | 0.06 | 0.10 | + 42.8 |
| Upper Can Gold | UCC | 276 | 0.51 | 0.35 | 0.49 | + 40.0 |
| Advanced Expl | AXI | 9443 | 0.27 | 0.17 | 0.25 | + 38.8 |
| Diamond Frank | DOD | 6857 | 0.23 | 0.15 | 0.22 | + 37.5 |
| Abbastar Res | ABA | 428 | 0.20 | 0.13 | 0.14 | -36.3 |
| Canaf Group | CAF | 61 | 0.03 | 0.02 | 0.02 | -33.3 |
| Tanqueray Res | TQY | 26 | 0.04 | 0.04 | 0.04 | -33.3 |
| StoneShield Ca | STS | 57 | 0.12 | 0.08 | 0.08 | -33.3 |
| Aguila Am Res | AGL | 866 | 0.09 | 0.05 | 0.06 | -33.3 |
| Harte Res | HRT | 3058 | 0.22 | 0.12 | 0.16 | -30.4 |
| Amseco Expl | AEL | 283 | 0.14 | 0.09 | 0.10 | -28.5 |
| Global Uran | GU | 368 | 0.59 | 0.38 | 0.41 | -26.7 |
| Regent Vents | REV | 843 | 0.11 | 0.09 | 0.09 | -25.0 |
| New Global Vnt | NNG | 201 | 0.22 | 0.19 | 0.19 | -24.0 |
| TSX-V greatest value change | ||||
| WEEK | ||||
| VOLUME | CLOSE | CHANGE | ||
| East Asia Mnls | EAS | 1939886 | 8.05 | + 0.61 |
| San Gold Res | SGR | 13748841 | 4.01 | + 0.56 |
| Callinan Mns | CAA | 619968 | 2.33 | + 0.50 |
| Bear Creek Mng | BCM | 895018 | 4.90 | + 0.45 |
| Chesapeake Gld | CKG | 199551 | 8.89 | + 0.44 |
| AfricanAuraM | AUR | 19434 | 1.32 | + 0.31 |
| Brett Res | BBR | 5008884 | 3.32 | + 0.30 |
| Metalex Vent | MTX | 744500 | 0.90 | + 0.21 |
| Mansfld Mnrls | MDR | 687887 | 1.46 | + 0.19 |
| Medoro Res | MRS | 104641436 | 0.80 | + 0.18 |
| Pac Booker Min | BKM | 43284 | 8.72 | -1.13 |
| Alderon Res | ADV | 232326 | 1.80 | -0.35 |
| Clifton Star | CFO | 666210 | 5.37 | -0.32 |
| Archon Mineral | ACS | 11850 | 1.20 | -0.20 |
| Contintl Mnls | KMK | 1077724 | 2.08 | -0.18 |
| Riverstone Res | RVS | 6453350 | 0.63 | -0.16 |
| Global Uran | GU | 367558 | 0.41 | -0.15 |
| Avion Res | AVR | 23108863 | 0.60 | -0.14 |
| Andina Mnls | ADM | 2360782 | 1.05 | -0.14 |
| Merit Mng | MEM | 49372 | 1.06 | -0.14 |
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