The market remained unsure of its next move over the April 27-May 3 trading week, alternating between gains and losses each day to close the period down 7.31 points at 1665.54. Daily trading volumes remained very strong, averaging 140 million.
The board may have ended the session almost even but the ratio of bears to bulls reveals the week’s true nature. In five days, 97 Venture-listed companies fell to new 52-week lows while only 53 climbed to new highs.
It was a busy week for volume leader Romarco Minerals, which traded 20.3 million shares to close up 7¢ at $2.11. Step-out drills at the company’s flagship Haile gold mine in South Carolina returned strong intercepts from the new Horseshoe zone, including 60.7 metres grading 11.9 grams gold per tonne, and from west of the south pit, including 16.8 metres of 11.3 grams gold. Romarco also closed an overallotment option on its recent $120-million financing, adding another $18 million by selling an additional 9.15 million shares at $1.97 apiece.
Good gold results from step-out drilling also piqued investor interest in Canaco Resources, a Vancouver-based junior exploring the Handeni project in Tanzania. A drill collared 240 metres north of the mineralized zone hit 21.7 metres grading 6.79 grams gold from 247 metres depth; nearby another step-out hole returned 11 metres of 7.9 grams gold. Canaco traded 16.4 million shares to gain 22¢ or 51% and reach 65¢.
Joint-venture partners Orko Silver and Pan American Silver hit healthy silver intercepts in an infill program at the La Preciosa project in Durango, Mexico, and the news lifted Orko’s share price 22¢ to $1.80. Pan American, which is earning a 55% interest in the project by funding all activities necessary to build a mine, has drilled more than 43,000 metres in the last 12 months. Recent results include 51.2 metres grading 242.7 grams silver per tonne and 0.468 gram gold as well as 6 metres carrying 1,101.4 grams silver and 1.97 grams gold.
Colombia’s decision to act on a recent amendment to its mining code that bars all mining operations in the Paramo, an unique high-altitude ecosystem, has re-ignited investor concern over working in the country in general. The Paramo regulation bars mining activities above 3,200 metres, a huge issue for Greystar Resources and its Angostura project, but even companies exploring at lower elevations seemed to take a hit on the news. Colombian Mines, for example, announced good drill results from its Yarumalito project, including 125 metres of 0.66 gram gold and 0.13% copper, and despite clarifying that Yarumalito sits far below the Paramo elevations, the company lost 29¢ to close at $1.01.
And several short, high-grade gold hits indicated the 2010 drill program at the Davidson-Tisdale project in Timmins, Ont., is off to a good start. Early results include 1.3 metres of 10.8 grams gold, 1.5 metres of 51.4 grams gold and 3 metres of 8 grams gold. VG Gold owns 68.5% of Davidson-Tisdale and San Gold Resources owns the other 31.5%.
| TSX-V most active issues | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Sandstorm Res | SSL | 21118 | 0.81 | 0.75 | 0.79 | -0.02 |
| RomarcoMnrls | R | 20310 | 2.20 | 2.00 | 2.11 | + 0.07 |
| MetalsCkRes | MEK | 18514 | 0.13 | 0.09 | 0.10 | 0.00 |
| Sidon Intl Res | SD | 16441 | 0.09 | 0.06 | 0.08 | 0.00 |
| Canaco Res | CAN | 16361 | 0.75 | 0.41 | 0.65 | + 0.22 |
| Pinnacle Mines | PNL | 16303 | 0.17 | 0.10 | 0.15 | + 0.04 |
| Medoro Res | MRS | 16249 | 0.81 | 0.73 | 0.75 | -0.05 |
| Eagle Hill Exp | EAG | 14032 | 0.34 | 0.21 | 0.22 | -0.04 |
| Opawica Expl | OPW | 13441 | 0.24 | 0.14 | 0.24 | + 0.09 |
| Palladon Vent | PLL | 12732 | 0.05 | 0.02 | 0.03 | -0.01 |
| TSX-V greatest percentage change | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Roxgold | ROG | 76 | 0.14 | 0.12 | 0.12 | +200.0 |
| GMV Minerals | GMV | 74 | 0.25 | 0.22 | 0.25 | +108.3 |
| Indicator Minl | IME | 3931 | 0.17 | 0.09 | 0.17 | + 88.8 |
| StoneShield Ca | STS | 1097 | 0.15 | 0.10 | 0.12 | + 71.4 |
| Huntington Exp | HEI | 366 | 0.05 | 0.04 | 0.05 | + 66.6 |
| Grande Portage | GPG | 2070 | 0.18 | 0.10 | 0.18 | + 63.6 |
| Opawica Expl | OPW | 13441 | 0.24 | 0.14 | 0.24 | + 60.0 |
| Canaco Res | CAN | 16361 | 0.75 | 0.41 | 0.65 | + 51.1 |
| Dianor Res | DOR | 1688 | 0.12 | 0.08 | 0.12 | + 50.0 |
| Canaf Group | CAF | 10 | 0.03 | 0.03 | 0.03 | + 50.0 |
| Network Expl | NET | 4406 | 0.03 | 0.01 | 0.01 | -50.0 |
| NewShoshoniV | NSV | 2867 | 0.28 | 0.17 | 0.17 | -37.0 |
| Adroit Res | ADT | 229 | 0.08 | 0.07 | 0.08 | -33.3 |
| Metropolitn Mg | MNZ | 135 | 0.09 | 0.06 | 0.06 | -33.3 |
| NV Gold | NVX | 52 | 0.29 | 0.21 | 0.21 | -32.2 |
| G4G Res | GXG | 211 | 0.25 | 0.18 | 0.18 | -30.7 |
| Tiex | TIX | 104 | 0.10 | 0.07 | 0.08 | -27.2 |
| Red Mile Mnls | RDM | 55 | 0.16 | 0.14 | 0.14 | -26.3 |
| New Global Vnt | NNG | 650 | 0.19 | 0.13 | 0.15 | -25.0 |
| Palladon Vent | PLL | 12732 | 0.05 | 0.02 | 0.03 | -25.0 |
| TSX-V greatest value change | ||||
| WEEK | ||||
| VOLUME | CLOSE | CHANGE | ||
| Rainy River Rs | RR | 3314926 | 6.30 | + 0.70 |
| Tsodilo Res | TSD | 321457 | 2.26 | + 0.48 |
| San Gold Res | SGR | 9984348 | 4.37 | + 0.36 < /td> |
| Brett Res | BBR | 3912771 | 3.60 | + 0.28 |
| Centurion Mnls | CTN | 866247 | 1.56 | + 0.26 |
| Chesapeake Gld | CKG | 173773 | 9.14 | + 0.25 |
| Alderon Res | ADV | 419984 | 2.04 | + 0.24 |
| Bear Creek Mng | BCM | 1214132 | 5.13 | + 0.23 |
| Maudore Minls | MAO | 132126 | 3.92 | + 0.22 |
| Orko Silver | OK | 1142750 | 1.80 | + 0.22 |
| Callinan Mns | CAA | 512606 | 1.90 | -0.43 |
| Colombian Mins | CMJ | 2077190 | 1.01 | -0.29 |
| Universal Powr | UNX | 3687753 | 2.05 | -0.19 |
| Pac Booker Min | BKM | 34856 | 8.53 | -0.19 |
| Rocky Mtn Res | RKY | 38050 | 0.75 | -0.16 |
| First Point | FPX | 2974095 | 0.62 | -0.15 |
| Western Potash | WPX | 9990408 | 0.47 | -0.15 |
| East Asia Mnls | EAS | 1477525 | 7.90 | -0.15 |
| Amazon Mng | AMZ | 415140 | 1.56 | -0.14 |
| Merit Mng | MEM | 20032 | 0.95 | -0.13 |
Be the first to comment on "TSX VENTURE EXCHANGE APRIL 27-MAY 3"