TSX Venture marches upwards, May 9-13

The S&P/TSX Venture Composite Index advanced towards one-year highs, up 1.6%, or 10.71 points, en route to a 679.68-point weekly close. Spot gold dropped 1.21%, or US$15.54, to US$1,273.45 per oz. gold, as a stronger U.S. dollar drove investors to cut back bullish bets on the precious metal.

Three-month London Metal Exchange copper contracts maintained negative momentum on worries over China’s economy, dipping US$138 per tonne, or 2.88%, to US$4,654 per tonne.

Kaminak Gold was a frontrunner in the value-added category, gaining 60¢ to $2.50-per-share close after announcing that Goldcorp has offered to buy the junior in a $520 million all-share deal.

The acquisition would give Goldcorp control of Kaminak’s heap-leachable Coffee gold project, 130 km south of Dawson City, Yukon, which the company has been advancing towards development.

The major is offering 0.10896 of a share for each Kaminak share held. This implies a $2.62 value to each Kaminak share and a 40% premium over the junior’s 20-day volume-weighted average share price and a 33% premium over its May 11 closing price.

Australia-based Macarthur Minerals saw 22.1 million shares trade hands before closing up 4¢ at 16¢-per-share on news that it has identified potentially lithium-bearing pegmatites over a number of its exploration leases in the Pilbara region, Western Australia.

The company collected rock-chip and biogeochemical samples during property reconnaissance and will use the data to design more comprehensive sampling programs.

The former iron-ore seeker shifted to lithium exploration in February, and since then has picked up 1,084 sq. km in land packages across the Pilgangoora district, the eastern Pilbara, and the mid-west region of Western Australia.

Rouge Resources led the greatest percentage change category, jumping 32¢, or 640%, to 37¢-per-share-close on announcement that Fiore Financial and the Radcliffe Foundation — both owned by mining financier Frank Giustra — acquired 8.3 million shares, or 18.6% in the company.

Brian Paes-Braga and Quiet Cove Capital — a company owned and controlled by Paes-Braga — also acquired 8.3 million shares in another private transaction for a 18.6% stake in Rouge.

The news release stated that Peter Leitch, David Whelan and Larry Copeland will be appointed to the company’s board of directors.

The company holds a 100% interest in nine claims within the Thunder Bay mining district of northcentral Ontario, called the Dotted Lake property.

Shares of Lara Exploration jumped 36¢-per-share to 80¢-per-share close on no reportable news. The project generator junior holds a number of gold, tin, nickel, silver, graphite and copper projects in Brazil, Peru, Colombia and Chile and seeks to fund exploration through joint ventures.

Its Curionopolis project, which contains the Maravaia copper and gold deposit, in northern Brazil, is currently being advanced towards development by partner Tessarema Resources, a privately-held mining company based in Vancouver.

Lara announced on May 12 that it is not aware of any material changes in its business which would account for the increased volume and share price volatility in its trading of shares.