The S&P/TSX Venture composite index almost managed to gain every day over the June 14-18 period, ending the week up 27.8 points at 1,488.18. Daily trading volumes returned to stronger levels, averaging 98.5 million.
Despite the overall gain, far more junior companies fell to new 52-week share price lows than those reaching new highs: only 23 Venture-listed companies attained new share price peaks while 177 fell to new lows.
The week’s two top traders started the week by signing a definitive merger agreement, which was soon trumped. KWG Resources and Spider Resources, which already share a 53% stake in the Big Daddy chromite deposit in northwest Ontario, inked a deal to exchange each Spider share for 1.21 KWG shares. But the third stakeholder in Big Daddy, Cliffs Natural Resources, then upped its bid for Spider to 16.5¢ per share, a superior offer to the KWG merger. KWG now has until June 24 to decide whether to match Cliff’s offer.
Terrane Metals had a high-volume week on news the company has hired contractors and started building its Mt. Milligan copper-gold project in north-central B.C. The $912-million mine could take 30 months to build. The company moved 15.2 million shares over the week to close up 9¢ at $1.04.
Golden Hope Mines and Atac Resources should both announce drill results soon and investors must be expecting good things, as both companies saw considerable share price gains. Golden Hope added 12¢ to reach 53¢; the company just completed a 5,000-metre drill program at its Bellechasse-Timmins property in Ontario, in which many holes intersected quartz veining in breccia zones up to 50 metres wide. Atac has five drills at its Rau project in the Keno Hill area of the Yukon, where the company plans to complete more than 100 holes. Atac gained 31¢ to close at $1.76, a new share price high.
A reality check from new CEO George Pirie sent Northern Star Mining’s share price down 10¢ to 8¢, a far cry from the 50¢ average it maintained a year ago. Pirie, who took over in April, said the previous goal of achieving production from two of the deposits at the company’s Malartic-Midway project in Quebec this year is not credible or realizable. He also called the company’s $43-million debt balance, due in 14 months, an “unsustainable obligation” and said Northern Star would restructure and reduce its near-term debt.
In happier news from Quebec, Maudore Minerals announced the best intercept to date from its Comtois gold project. A drill probing between the Bell and Osbourne deposits hit 239 grams gold per tonne over 1.5 metres. Maudore rose 60¢ to $4.20.
Recovery of a 53.5-carat diamond in the first week of production at the Mothae mine in Lesotho sent Lucara Diamond shares up 19¢ in a day to reach 98¢ apiece. The white Type IIA diamond is more than twice the size of any stone previously recovered at Mothae.
TSX-V most active issues | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
KWG Res | KWG | 33658 | 0.13 | 0.10 | 0.12 | 0.00 |
Spider Res | SPQ | 27724 | 0.17 | 0.16 | 0.17 | + 0.02 |
Terrane Metals | TRX | 15172 | 1.15 | 0.94 | 1.04 | + 0.09 |
Northern Star | NSM | 14621 | 0.18 | 0.08 | 0.08 | -0.10 |
Medoro Res | MRS | 13644 | 0.78 | 0.71 | 0.78 | + 0.05 |
Lucara Diam | LUC | 10286 | 0.98 | 0.77 | 0.82 | + 0.02 |
Golden Hope | GNH | 9711 | 0.56 | 0.36 | 0.53 | + 0.13 |
RomarcoMnrls | R | 8879 | 2.07 | 1.79 | 1.96 | + 0.06 |
Logan Copper | LC | 8798 | 0.02 | 0.01 | 0.01 | -0.01 |
Fire River Gol | FAU | 8326 | 0.65 | 0.40 | 0.60 | + 0.19 |
TSX-V greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Max Res | MXR | 74 | 0.22 | 0.16 | 0.19 | + 111.1 |
Totem Mnls | TTM | 138 | 0.55 | 0.31 | 0.55 | + 77.4 |
Passport Metal | PPI | 2536 | 0.08 | 0.05 | 0.07 | + 75.0 |
Golconda Res | GA | 64 | 0.08 | 0.07 | 0.08 | + 60.0 |
Wolverine Mnls | WLV | 101 | 0.22 | 0.15 | 0.22 | + 57.1 |
Sanatana Diam | STA | 260 | 0.11 | 0.09 | 0.11 | + 57.1 |
Knick Expl | KNX | 95 | 0.28 | 0.18 | 0.25 | + 56.2 |
Mazarin | MAZH | 127 | 0.05 | 0.03 | 0.03 | + 50.0 |
Star Uranium | SUV | 1456 | 0.04 | 0.03 | 0.03 | + 50.0 |
Fire River Gol | FAU | 8326 | 0.65 | 0.40 | 0.60 | + 46.3 |
Northern Star | NSM | 14621 | 0.18 | 0.08 | 0.08 | -55.5 |
Logan Copper | LC | 8798 | 0.02 | 0.01 | 0.01 | -50.0 |
Menika Mining | MML | 100 | 0.02 | 0.02 | 0.02 | -33.3 |
Appleton Expl | AEX | 3150 | 0.17 | 0.11 | 0.11 | -31.2 |
Astorius Res | ASQ | 35 | 0.09 | 0.09 | 0.09 | -30.7 |
Teslin Rvr Res | TLR | 255 | 0.06 | 0.05 | 0.05 | -28.5 |
Micrex Devel | MIX | 43 | 0.20 | 0.13 | 0.13 | -27.7 |
First Pursuit | FPV | 63 | 0.18 | 0.16 | 0.16 | -27.2 |
Energizer Res | EGZ | 303 | 0.30 | 0.24 | 0.24 | -27.2 |
Silver Fields | SF | 76 | 0.16 | 0.11 | 0.11 | -26.6 |
TSX-V greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
Bear Creek Mng | BCM | 743407 | 4.72 | + 0.63 |
Maudore Minls | MAO | 109707 | 4.20 | + 0.60 |
Rainy River Rs | RR | 6111924 | 6.83 | + 0.58 |
Antares Minls | ANM | 424963 | 2.50 | + 0.38 td> |
East Asia Mnls | EAS | 3143591 | 6.57 | + 0.33 |
Hana Mng | HMG | 1356640 | 1.74 | + 0.32 |
Atac Res | ATC | 1566982 | 1.76 | + 0.31 |
Energold Drill | EGD | 611542 | 2.25 | + 0.26 |
Brett Res | BBR | 389196 | 4.03 | + 0.26 |
Clifton Star | CFO | 2386101 | 4.51 | + 0.24 |
Alderon Res | ADV | 579577 | 1.13 | -0.31 |
Lithium One | LI | 892286 | 1.05 | -0.26 |
Merit Mng | MEM | 38414 | 0.80 | -0.25 |
Universal Powr | UNX | 669599 | 1.83 | -0.16 |
Loncor Res | LN | 43800 | 0.87 | -0.13 |
Lions Gate Mtl | LGM | 11325 | 0.90 | -0.12 |
St Elias Mns | SLI | 392583 | 1.39 | -0.11 |
Northern Star | NSM | 14620707 | 0.08 | -0.10 |
Orko Silver | OK | 792998 | 1.53 | -0.10 |
Minaurum Gold | MGG | 62000 | 0.62 | -0.10 |
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