The S&P-TSX Venture Composite Index followed every other stock market in the world over the Oct. 7-10 trading period, falling dramatically. Over the week shortened by Thanksgiving, the junior board lost 158.29 points or 14% to close at 975.81. The Venture board had not dropped below the 1,000-point line since fall 2002.
In what could be a record, 722 junior mining and exploration companies fell to new share price lows over the week. None attained new highs. Daily trading volumes were inconsistent, but averaged out to 69.7 million.
The volume leaders all closed the week down. Nevada Exploration moved 6.3 million shares to close 11 lower at 4. The junior last announced exploration-related news in July; its flurry of trading is most likely a good example of what liquidity can do to a company in tough financial markets.
And the markets certainly are tough when a company can announce high-grade uranium intercepts and still fall dramatically in the following week and a half. Hathor Exploration, which released high-grade results from the Roughrider zone in the first days of the month, fell all through the week to close down 32 or almost 15% at $1.85.
A short, high-grade gold intercept at the Rice Lake gold project in Manitoba failed to halt the slide for San Gold. The junior lost 12 over the week to close at 81. In mid-September, the company arranged a $20-million bought-deal financing to continue exploration and development at Rice Lake.
High-grade copper-gold trench results out of Haiti lifted Eurasian Minerals; the junior closed the week up 18 at 84. Eurasian is exploring northern Haiti under a joint venture with Newmont Ventures. The latest results came from the Treuil licence, where one trench returned 14 metres averaging 19.15% copper and 140 grams silver per tonne.
Sherwood Copper had another tough week, losing 76 or 30% to close at $1.79. Sherwood runs the Minto copper mine in the Yukon, where it has expansion plans, and recently signed a merger agreement with Capstone Mining, which will see the producer move to the main board.
In fact, many juniors finished the week worse for wear. Digger Resources lost half its share price over the week to close at 50. Azimut Exploration also saw its market cap slashed in two, closing the week at 50. Avino Silver & Gold Mines, too, lost almost half its share price, ending the week at 51.
Even Canadian mining veteran Callinan Mines, which holds a 6.6% net profits interest and a 25 per ton royalty on HudBay Minerals’ operating 777 mine in Flin Flon, Man., was not spared from share price decimation. Callinan lost 46 to close the week at 69.
Other companies announced good news to no avail. Tirex Resources announced a long-term financial partnership with the European Bank for Reconstruction and Development that will provide the junior with $9 million to advance its copper-lead-zinc-silver-gold project in Albania, but its share price lost 8 over the week to close at 56.
| TSX-V most active issues | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Bonaventure En | BVT | 7716 | 0.07 | 0.02 | 0.03 | 0.00 |
| Nevada Expl | NGE | 6301 | 0.10 | 0.04 | 0.04 | -0.11 |
| Rocmec Mining | RMI | 5827 | 0.06 | 0.03 | 0.04 | -0.02 |
| Commerce Res | CCE | 4963 | 0.24 | 0.17 | 0.19 | -0.03 |
| Sparton Res | SRI | 4226 | 0.06 | 0.03 | 0.04 | -0.01 |
| Century Mining | CMM | 4010 | 0.03 | 0.01 | 0.02 | -0.01 |
| Hathor Expl | HAT | 3978 | 2.32 | 1.70 | 1.85 | -0.32 |
| San Gold Res | SGR | 3974 | 1.05 | 0.75 | 0.81 | -0.12 |
| TagishLkGold | TLG | 3940 | 0.03 | 0.01 | 0.01 | 0.00 |
| Xemplar Energy | XE | 3876 | 0.17 | 0.12 | 0.13 | -0.04 |
| TSX-V greatest percentage change | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Finlay Minrls | FYL | 20 | 0.05 | 0.03 | 0.05 | +400.0 |
| Mountain Captl | MCI | 217 | 0.14 | 0.08 | 0.14 | +180.0 |
| Vault Minerals | VMI | 622 | 0.29 | 0.10 | 0.29 | +163.6 |
| Superior Mng | SUI | 151 | 0.21 | 0.10 | 0.21 | +110.0 |
| Cedar Mtn Expl | CED | 66 | 0.20 | 0.10 | 0.20 | +100.0 |
| Big Bar Res | BBK | 25 | 0.04 | 0.03 | 0.04 | +100.0 |
| Amador Gold | AGX | 2357 | 0.11 | 0.06 | 0.11 | + 83.3 |
| Global Hunter | BOB | 308 | 0.11 | 0.04 | 0.11 | + 83.3 |
| Orex Expl | OX | 245 | 0.10 | 0.08 | 0.09 | + 80.0 |
| Archangel Dia | AAD | 90 | 0.50 | 0.21 | 0.50 | + 78.5 |
| NorthArrowMn | NAR | 12 | 0.05 | 0.03 | 0.03 | -81.2 |
| New Horizon Ur | NHU | 1075 | 0.04 | 0.01 | 0.01 | -80.0 |
| Lomiko Res | LMR | 11 | 0.27 | 0.09 | 0.09 | -75.0 |
| Luiri Gold | LGL | 41 | 0.16 | 0.04 | 0.04 | -75.0 |
| Nevada Expl | NGE | 6301 | 0.10 | 0.04 | 0.04 | -73.3 |
| Dundarave Res | DDX | 43 | 0.60 | 0.29 | 0.30 | -71.9 |
| Intl Chalice R | IRI | 28 | 0.05 | 0.03 | 0.03 | -70.0 |
| Colombian Mins | CMJ | 20 | 0.12 | 0.12 | 0.12 | -67.5 |
| Diagem | DGE | 153 | 0.06 | 0.03 | 0.03 | -66.6 |
| Lithic Res | LTH | 329 | 0.09 | 0.03 | 0.03 | -66.6 |
| TSX-V greatest value change | ||||
| WEEK | ||||
| VOLUME | CLOSE | CHANGE | ||
| Pac Booker Min | BKM | 40400 | 6.00 | + 0.50 |
| Macarthur Mnl | MMS | 11 200 |
1.70 | + 0.30 |
| Exeter Res | XRC | 445530 | 2.07 | + 0.26 |
| Archangel Dia | AAD | 90415 | 0.50 | + 0.22 |
| Eurasian Minls | EMX | 264878 | 0.84 | + 0.18 |
| Vault Minerals | VMI | 622200 | 0.29 | + 0.18 |
| Underworld Res | UW | 132500 | 0.60 | + 0.15 |
| Wildcat Silver | WS | 11200 | 0.32 | + 0.12 |
| Superior Mng | SUI | 150500 | 0.21 | + 0.11 |
| Karmin Expl | KAR | 11000 | 0.40 | + 0.10 |
| Dundarave Res | DDX | 43377 | 0.30 | -0.77 |
| Sherwood Coppr | SWC | 2160113 | 1.79 | -0.76 |
| SouthGobi Engy | SGQ | 210854 | 8.75 | -0.75 |
| Chesapeake Gld | CKG | 282628 | 3.70 | -0.55 |
| Digger Res | DIG | 41300 | 0.50 | -0.55 |
| Azimut Expl | AZM | 286110 | 0.50 | -0.54 |
| Clifton Star | CFO | 138045 | 1.91 | -0.53 |
| Avino Silver | ASM | 251123 | 0.51 | -0.46 |
| Callinan Mns | CAA | 441305 | 0.69 | -0.46 |
| Maudore Minls | MAO | 158770 | 1.26 | -0.44 |
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