The S&P/TSX Venture composite index made small but steady gains during the Aug. 16-20 trading period, ending up 22.57 points. Trading volume was below average but up from the prior week at 83.5 million.
The new high-low balance remains skewed, despite slow and steady improvement, with 36 Venture-listed companies hitting new highs and 144 falling to new lows.
The big story this week was BHP Billiton’s bid for Potash Corp. of Saskatchewan, which brought increased attention to potash-based companies on the TSX Venture Exchange.
Among the volume leaders of the week, Passport Potash had 12.2 million shares traded, Encanto Potash hit 9.6 million shares traded, and Allana Potash counted 6.8 million shares traded. Amazon Mining, meanwhile, was among the top value gainers, up 25¢ to $2.45 per share.
Northern Star Mining was by far the most traded with 67.1 million shares changing hands. The attention, however, was due to the company announcing that it was being sued and intends to file for bankruptcy.
The lawsuit was filed by MineralFields 2010 Super Flow-Through LP and related funds, and relates to alleged misrepresentations in flow-through private placements by some current and former directors and officers. The lawsuit was automatically stayed following the bankruptcy filing. The company dropped from 7¢ to a penny.
Salazar Resources hit a 52-week high after releasing three step-out drill results from its Curipamba polymetallic project in central-west Ecuador. Taken from the El Domo target, hole 56 cut 16 metres of 11.32 grams gold per tonne, 195.31 grams silver per tonne, 3.75% copper, 0.93% lead and 8.19% zinc. The company only recently restarted exploring the project after a two-year suspension following Ecuador’s mining moratorium. Salazar hit a high of $1.42 before closing at $1.21.
New Guinea Gold saw heavy trading after releasing drill results from its Sinivit gold project in Papua New Guinea. Results from seven reverse circulation holes drilled on the southern oxide pit at the mine include: 14 metres of 33 grams gold and 3.21% copper from surface; 12 metres of 10.28 grams gold and 1.85% copper from 10 metres depth; and 8 metres grading 12.64 grams gold and 1.22% copper from 16 metres downhole. The company’s share price climbed 3.5¢ or 43.8% to 11.5¢ on 9.6 million shares traded.
Lumina Copper was one of the big value gainers, ending up 54¢ at $2.09, reaching a new 52-week high. Lumina recently started a four-to six-month drill program on its flagship Taca Taca copper-molybdenum-gold project in Argentina, and also released its quarterly financial statements. The company was trading at a low of 66¢ a year ago.
Right behind Lumina in the value gains was Antares Minerals, which gained 53¢ on its way to a new closing high of $3.60. The company has been steadily gaining since it released a positive preliminary economic assessment for its Haquira copper molybdenum-gold project, in southern Peru, in late July.
More recently, Antares announced that it has started work at the joint-ventured Rio Grande copper-gold-silver project in Argentina. The work includes metallurgical testing, geochemical sampling, geological mapping and an induced-polarization/resistivity survey, but no drilling.
TSX-V most active issues | |||||
VOLUME | WEEK | ||||
(000s) | HIGH | LOW | CLOSE | CHANGE | |
Northern Star NSM | 67141 | 0.08 | 0.06 | 0.01 | 0.00 |
Sidon Intl Res SD | 12794 | 0.17 | 0.12 | 0.12 | -0.02 |
Passport Metal PPI | 12193 | 0.12 | 0.08 | 0.09 | -0.01 |
CurrieRoseRsCUI | 9860 | 0.10 | 0.06 | 0.08 | +0.01 |
New Guinea Gld NGG | 9640 | 0.13 | 0.08 | 0.12 | + 0.04 |
Encanto Potash EPO | 9625 | 0.19 | 0.12 | 0.19 | + 0.05 |
Avion Res AVR | 7211 | 0.60 | 0.55 | 0.57 | + 0.03 |
Copper Fox Mtl CUU | 6770 | 0.44 | 0.34 | 0.41 | + 0.10 |
Allana Res AAA | 6745 | 0.44 | 0.38 | 0.40 | + 0.01 |
NorthernSupRSUP | 6228 | 0.25 | 0.17 | 0.23 | +0.07 |
TSX-V greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
ICS Copper Sys | ICX | 382 | 0.10 | 0.05 | 0.10 | + 150.0 |
Canasil Res | CLZ | 580 | 0.14 | 0.09 | 0.14 | + 75.0 |
Endurance Gold | EDG | 235 | 0.07 | 0.05 | 0.07 | + 75.0 |
MPH Vent | MPS | 1442 | 0.05 | 0.03 | 0.05 | + 66.6 |
Expedition Mng | EXU | 1149 | 0.09 | 0.06 | 0.08 | + 60.0 |
Golden Harp | GHR | 246 | 0.16 | 0.12 | 0.16 | + 60.0 |
Ringbolt Vent | RBV | 57 | 0.14 | 0.09 | 0.14 | + 55.5 |
GMV Minerals | GMV | 437 | 0.21 | 0.15 | 0.20 | + 53.8 |
Logan Res | LGR | 46 | 0.06 | 0.05 | 0.06 | + 50.0 |
Cascade Res | CC | 468 | 0.06 | 0.04 | 0.06 | + 50.0 |
Adroit Res | ADT | 1483 | 0.08 | 0.06 | 0.06 | -33.3 |
Gossan Res | GSS | 172 | 0.13 | 0.09 | 0.10 | -33.3 |
Module Res | MLE | 116 | 0.07 | 0.06 | 0.06 | -33.3 |
Firesteel Res | FTR | 31 | 0.09 | 0.06 | 0.06 | -33.3 |
Trillium North | TNM | 70 | 0.03 | 0.02 | 0.03 | -25.0 |
Prominex Res | PXR | 276 | 0.05 | 0.03 | 0.03 | -25.0 |
Lund Gold | LGD | 175 | 0.09 | 0.06 | 0.06 | -25.0 |
Rochester Res | RCT | 373 | 0.12 | 0.09 | 0.09 | -25.0 |
Aldrin Res | ALN | 1084 | 0.48 | 0.34 | 0.37 | -24.4 |
New Island Res | NIS | 394 | 0.12 | 0.10 | 0.10 | -23.0 |
TSX-V greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
East Asia Mnls | EAS | 1261167 | 5.89 | + 0.92 |
Lumina Copper | LCC | 480169 | 2.09 | + 0.54 |
Antares Minls | ANM | 1275511 | 3.60 | + 0.53 |
Amazon Mng | AMZ | 1176383 | 2.45 | + 0.25 |
Macarthur Mnl | MMS | 50150 | 2.00 | + 0.25 |
Quaterra Res | QTA | 220501 | 1.54 | + 0.24 |
Mirasol Res | MRZ | 163505 | 2.06 | + 0.21 |
Hana Mng | HMG | 1791165 | 1.91 | + 0.18 |
Andina Mnls | ADM | 1206804 | 1.41 | + 0.18 |
Rainy River Rs | RR | 1597350 | 6.08 | + 0.18 |
Maudore Minls | MAO | 66364 | 3.91 | -0.31 |
Chesapeake Gld | CKG | 42023 | 7.15 | -0.20 |
First Point | FPX | 1022220 | 0.53 | -0.15 |
Medoro Res | MRS | 438654 | 1.90 | -0.13 |
Aldrin Res | ALN | 1084462 | 0.37 | -0.12 |
Atac Res | ATC | 662665 | 1.83 | -0.11 |
Clifton Star | CFO | 118770 | 4.33 | -0.10 |
Eurasian Minls | EMX | 43700 | 1.96 | -0.09 |
Quest Rare Mnl | QRM | 252938 | 2.77 | -0.09 |
Argentex Mng | ATX | 252250 | 0.45 | -0.08 |
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