For a third consecutive five-day trading period, the S&P/TSX Venture composite index bounced around the 1,400 level. Between Dec. 8 and 14, the index lost 9.32 points to close at 1,425.08. A 32-point dip on the first day of the reporting period accounted for the overall loss. Otherwise, the Venture board incrementally regained about 13 points over four subsequent trading days.
An army of 52-week highs continued to outnumber 52-week lows, with 70 companies reaching the former and 27 the latter. Though precious metal prices dipped moderately, while base metals held more or less steady over the reporting period, it was still by and large gold projects propelling investor excitement.
A prime example was East Asia Minerals, which shot up $1.20 to close at $3.83. Happy news from a single drill-hole at its Miwah project in Indonesia fuelled East Asia’s latest gains.
Though it was only a lone intercept, it was a nice one. Hole 14 hit 101 metres grading 1.38 grams gold per tonne starting 76 metres down-hole. East Asia noted hole 14 was beyond Miwah’s main gold zone and signified “potential to expand considerably” the target’s mineralized area. So far, it has drill-tested 900 metres of strike length at the 85%-owned Miwah property, a high-sulphidation epithermal gold project.
Another on the gold list was Rainy River Resources. Its shares marched upwards 91¢ to $3.54. Rainy River’s fortunes stem from the potential of its Rainy River gold project in northwestern Ontario, not far from the provincial border with Manitoba. So far, Rainy River has outlined an indicated resource estimate of 55.6 million tonnes grading 1.24 grams gold for contained gold of 2.2 million oz.
However, the company recently noted it still has 110 holes with which to update that resource estimate.
Interest in its California gold project in Colombia boosted Galway Resources’ shares. Galway was up 33¢ to $1.66 on news it had started drilling at the project. The 4,500-metre drill program is following up on earlier sampling that showed high grades of gold and silver in historic adits on the project. Anaconda Mining operated a gold mine on the property for a year until 1947, when armed conflict intervened.
Bets were on for Canadian Shield, up 56¢ to $1.65. It announced it was going it alone in Peru with a database of mineral-related information it acquired through purchase of a 90% interest in Gallant Minerals Peru. Canadian Shield had earlier penned a non-binding agreement with Kinross Gold to generate precious metals prospects using the database. Given the metals market, however, Canadian Shield says it thinks it best to forge ahead on its own for a while.
In absolute terms, the two companies with the greatest losses over the five-day trading period were Maudore Minerals, down 55¢ to $3.95, and Anfield Ventures, off 45¢ to $2.85.
TSX-V most active issues | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Freewest Res | FWR | 70297 | 0.99 | 0.88 | 0.96 | + 0.06 |
Gold Hawk Res | CGK | 13548 | 0.04 | 0.03 | 0.04 | 0.00 |
Svit Gold | SDP | 13355 | 0.22 | 0.12 | 0.18 | + 0.04 |
Avion Res | AVR | 12157 | 0.47 | 0.38 | 0.46 | 0.00 |
Appleton Expl | AEX | 11660 | 0.19 | 0.13 | 0.17 | + 0.03 |
Canasia Indust | CAJ | 11161 | 0.19 | 0.14 | 0.14 | -0.02 |
Allana Res | AAA | 9427 | 0.37 | 0.26 | 0.31 | + 0.04 |
TagishLkGold | TLG | 8437 | 0.04 | 0.02 | 0.03 | +0.01 |
Noront Res | NOT | 7749 | 2.57 | 1.92 | 2.09 | -0.38 |
Spider Res | SPQ | 7662 | 0.06 | 0.05 | 0.05 | 0.00 |
TSX-V greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Zinco Mng | ZIM | 439 | 0.31 | 0.12 | 0.27 | +145.4 |
Firesteel Res | FTR | 10 | 0.10 | 0.05 | 0.10 | +100.0 |
Rome Res | RMR | 371 | 0.42 | 0.28 | 0.42 | + 82.6 |
Highbank Res | HBK | 4818 | 0.11 | 0.05 | 0.09 | + 80.0 |
Diagnos | ADK | 3830 | 0.54 | 0.30 | 0.50 | + 66.6 |
Dot Res | DOT | 63 | 0.12 | 0.06 | 0.10 | + 66.6 |
Crazy Horse Rs | CZH | 190 | 0.50 | 0.31 | 0.41 | + 51.8 |
Canadn Shield | EXP | 402 | 1.68 | 1.09 | 1.65 | + 51.3 |
La Quinta Res | LAQ | 19 | 0.12 | 0.11 | 0.12 | + 50.0 |
NewShoshoniV | NSV | 490 | 0.14 | 0.09 | 0.12 | + 50.0 |
Chilean Gold | CHN | 43 | 0.38 | 0.22 | 0.22 | -40.5 |
Tribute Res | TRB | 75 | 0.12 | 0.10 | 0.12 | -40.0 |
Verbina Res | VUR | 11 | 0.29 | 0.21 | 0.21 | -38.2 |
Taranis Res | TRO | 15 | 0.15 | 0.15 | 0.15 | -37.5 |
Goldbank Mng | GLB | 47 | 0.08 | 0.07 | 0.07 | -36.3 |
Deloro Res | DLL | 184 | 0.16 | 0.11 | 0.11 | -35.2 |
Agau Res | AGS | 12 | 0.09 | 0.04 | 0.04 | -33.3 |
C2C Gold | CCN | 494 | 0.03 | 0.02 | 0.02 | -33.3 |
Oro Gold Res | OGR | 3829 | 0.60 | 0.40 | 0.41 | -30.5 |
Nevgold Res | NDG | 29 | 0.25 | 0.17 | 0.17 | -29.1 |
TSX-V greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
East Asia Mnls | EAS | 5682530 | 3.83 | + 1.20 |
Rainy River Rs | RR | 2165972 | 3.54 | + 0.91 |
Canadn Shield | EXP | 402125 | 1.65 | + 0.56 |
Quest Uranium | QUC | 1277201 | 2.72 | + 0.33 |
Galway Res | GWY | 4710368 | 1.66 | + 0 .33 |
Metalex Vent | MTX | 56610 | 1.19 | + 0.31 |
Diagnos | ADK | 3829655 | 0.50 | + 0.20 |
Rome Res | RMR | 371480 | 0.42 | + 0.19 |
Zinco Mng | ZIM | 439122 | 0.27 | + 0.16 |
Lara Expl | LRA | 173500 | 0.91 | + 0.15 |
Maudore Minls | MAO | 280118 | 3.95 | -0.55 |
Anfield Vent | ANF | 141750 | 2.85 | -0.45 |
Noront Res | NOT | 7748744 | 2.09 | -0.38 |
Bear Creek Mng | BCM | 828436 | 4.05 | -0.22 |
Oro Gold Res | OGR | 3828600 | 0.41 | -0.18 |
Lovitt Res | LRC | 34500 | 0.65 | -0.15 |
Chilean Gold | CHN | 43145 | 0.22 | -0.15 |
James Bay Res | JBR | 126833 | 0.51 | -0.13 |
Grayd Res | GYD | 1272500 | 0.61 | -0.13 |
Dorato Res | DRI | 2331695 | 1.09 | -0.13 |
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