It was a week in the red for the S&P/TSX Venture composite index over the May 31-June 4 trading period, as investor uncertainty over everything from the Eurozone to the summer doldrums pushed the board down 34.77 points over the week to close at 1,453.23. And it seems many investors just stayed away: trading volumes were down considerably, averaging just 87 million.
Nowhere was the negative market sentiment clearer than in comparing juniors reaching new share price highs versus falling to new lows: only 25 Venture-listed companies rose to new 52-week highs, but 167 dropped to new lows.
One of those bears was Fire River Gold, which lost 2¢ to start the week at a new low of 36¢. But then the junior released more results from its Nixon Fork gold mine project in Alaska and news of intercepts such as 12.3 metres grading 23.2 grams gold per tonne and 5 metres of 19 grams gold prompted an 8¢ gain by the end of the week. Fire River is assaying drill cores from 2007, when a previous operator drilled 9,400 metres from underground drill stations but never reported the results.
The Ring of Fire in the James Bay lowlands of northern Ontario has been generating considerable news of late. Spider Resources, locked in a tug-of-war between merging with KWG Resources and being acquired by Cliffs Natural Resources, was the most traded exploration and mining stock on the Venture board, moving 26.8 million shares to gain a penny to close at 14¢. KWG also saw high trading volume, moving 14 million shares to remain unchanged at 14¢.
Sandspring Resources updated the resource estimate for its Toroparu gold-copper prospect in Guyana. Its president Abraham Drost describes it as sufficiently robust to consider advancing the project to a feasibility study. Toroparu is now home to 105 million indicated tonnes grading 0.86 gram gold and 0.12% copper plus 38.8 million inferred tonnes averaging 0.72 gram gold and 0.08% copper, all contained within an open-pit shell. The company’s share price fell 11¢ over the week to $1.26.
Western Potash investors were slightly more satisfied with their company’s new resource estimate, lifting the company’s share price 2¢ to 46¢. The Milestone potash project hosts 409 million measured tonnes of 31% potassium chloride (KCl), 1.4 billion indicated tonnes of 30.8% KCl, and 7 billion inferred tonnes of 30.9% KCl, in three intervals amenable to solution mining.
Another set of encouraging drill results from the Kenieba gold property in Mali could not save Avion Gold from the falling tide. Avion reported such intercepts as 12 metres of 5.79 grams gold, 2.3 metres of 29.8 grams gold, and 4.7 metres of 7.77 grams gold but still lost 9¢ to close at 51¢. Kenieba is adjacent to Avion’s producing Tabakoto gold project.
TSX-V most active issues | |||||
VOLUME | WEEK | ||||
(000s) | HIGH | LOW | CLOSE | CHANGE | |
Spider Res SPQ | 26824 | 0.14 | 0.12 | 0.14 | + 0.01 |
Medoro Res MRS | 23134 | 0.81 | 0.67 | 0.71 | -0.00 |
KWG Res KWG | 13886 | 0.14 | 0.13 | 0.14 | 0.00 |
MacDonald Mns BMK | 12863 | 0.25 | 0.16 | 0.20 | + 0.05 |
Canaco Res CAN | 10894 | 0.87 | 0.73 | 0.79 | + 0.05 |
Habanero Res HAO | 9761 | 0.16 | 0.12 | 0.15 | + 0.04 |
NorthernGldMNGM | 9608 | 0.16 | 0.12 | 0.14 | +0.01 |
MountainBoyMMTB | 8644 | 0.25 | 0.19 | 0.23 | +0.01 |
Everett Minls EAR | 6315 | 0.08 | 0.05 | 0.06 | + 0.01 |
Great Western GWG | 6077 | 0.22 | 0.18 | 0.19 | 0.00 |
TSX-V greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Landdrill Int | LDI | 195 | 0.15 | 0.09 | 0.14 | + 75.0 |
New Island Res | NIS | 2032 | 0.09 | 0.05 | 0.08 | + 60.0 |
Santa Fe Metls | SFM | 307 | 0.12 | 0.07 | 0.12 | + 50.0 |
Colibri Res | CBI | 65 | 0.07 | 0.06 | 0.06 | + 50.0 |
Canuc Res | CDA | 618 | 0.32 | 0.20 | 0.30 | + 50.0 |
Zinco Mng | ZIM | 12 | 0.28 | 0.22 | 0.28 | + 47.3 |
Jiminex | JIM | 111 | 0.11 | 0.08 | 0.10 | + 42.8 |
Rome Res | RMR | 36 | 0.44 | 0.35 | 0.44 | + 41.9 |
Golden Hope | GNH | 3252 | 0.29 | 0.20 | 0.28 | + 40.0 |
Petro Horizon | PHE | 644 | 0.28 | 0.17 | 0.28 | + 40.0 |
Savant Expl | SVT | 342 | 0.13 | 0.06 | 0.08 | -52.9 |
Tanqueray Res | TQY | 102 | 0.05 | 0.02 | 0.02 | -50.0 |
Upper Can Gold | UCC | 404 | 0.41 | 0.25 | 0.27 | -44.9 |
Cadillac Mng | CQX | 11 | 0.04 | 0.03 | 0.03 | -40.0 |
Mukuba Res | MKU | 81 | 0.37 | 0.22 | 0.32 | -37.2 |
Waseco Res | WRI | 149 | 0.10 | 0.08 | 0.08 | -33.3 |
Bonterra Res | BTR | 2283 | 0.14 | 0.08 | 0.08 | -33.3 |
Pinestar Gold | PNS | 502 | 0.10 | 0.07 | 0.09 | -30.7 |
Logan Res | LGR | 651 | 0.08 | 0.05 | 0.05 | -28.5 |
Kent Expl | KEX | 3179 | 0.17 | 0.13 | 0.13 | -27.7 |
TSX-V greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
AfricanAuraM | AUR | 17067 | 1.35 | + 0.20 |
Kaminak Gold | KAM | 4271016 | 1.50 | + 0.18 |
Atac Res | ATC | 1356700 | 1.56 | + 0.17 |
Olivut Res | OLV | 1318893 | 0.70 | + 0.15 |
Titanium Corp | TIC | 133900 | 1.30 | + 0.15 |
Golden Alli Rs | GLL | 37230 | 0.83 | + 0.13 |
Callinan Mns | CAA | 247200 | 1.73 < /td> | + 0.13 |
Rome Res | RMR | 36000 | 0.44 | + 0.13 |
Grayd Res | GYD | 130670 | 0.90 | + 0.12 |
AM Gold | AMG | 1029789 | 0.46 | + 0.11 |
Rainy River Rs | RR | 955225 | 6.04 | -0.55 |
East Asia Mnls | EAS | 676692 | 7.13 | -0.43 |
Alderon Res | ADV | 122300 | 1.30 | -0.38 |
Quest Rare Mnl | QRM | 526835 | 2.20 | -0.36 |
Clifton Star | CFO | 336647 | 4.42 | -0.33 |
Tasman Metals | TSM | 262698 | 0.77 | -0.23 |
Antares Minls | ANM | 714121 | 2.10 | -0.22 |
Upper Can Gold | UCC | 403600 | 0.27 | -0.22 |
Pac Booker Min | BKM | 18371 | 6.98 | -0.21 |
Mukuba Res | MKU | 81497 | 0.32 | -0.19 |
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