TSX Venture rises, Jan. 9-13

The S&P/TSX Venture Composite Index gained 3.1 points to a 794.51-point close. Spot gold prices hit seven-week highs, gaining US$24.71, or 2.1%, to US$1,197.34 per oz., whereas Comex copper prices rose to one-month highs, gaining 14¢, or 5.5%, to US$2.69 per pound.

Potash producer Itafos announced plans to appoint Raymond James as a lead syndicate of agents in preparation for the company’s US$35-million private placement. Private equity and real estate investment firm Zaff LLC owns 55.6 million shares, or 96.6% of the issued and outstanding shares of Itafos, and could subscribe for US$15 million under the offering. The funds would be used to recommission the company’s Itafos Arraias SSP operations in central Brazil.

Former iron-ore explorer Augyva Mining Resources is changing its business from mining and mineral exploration to an investment issuer focused on the auto retail sector. The news drove shares of the company — which will be renamed Automotive Finance — up 8¢ on 17.7 million shares, before closing at 18¢ per share.

Shares of gold explorer Canstar Resources gained 7¢ to 20¢. On Jan. 3, the company granted 2.5 million options to directors, officers and consultants at an 11¢-per-share exercise price, expiring within five years. The company is drilling 1,000 metres at its wholly owned Kenora gold project, 9 km east of Kenora, Ontario. The program aims to test surface channel-sampling anomalies, which returned 29.3 metres of 3.1 grams per tonne gold, and a number of geophysical targets.

IsoEnergy gained 40¢ to $1.50 on rising uranium prices. The company, which is 72%-owned by NexGen Energy, has begun drilling at its Thorburn Lake and Radio uranium projects in the eastern part of Saskatchewan’s Athabasca basin. It has dedicated 4,300 metres at Thorburn Lake — located 7 km east of Cameco  and Areva Resources’ Cigar Lake uranium mine — to follow up on radioactivity intercepted at the unconformity in previous drill holes. A large basement clay alteration zone — commonly associated with uranium mineralization — was identified at Radio last year. The company plans to follow up on the target, which is located along structural trend of Rio Tinto’s Roughrider uranium deposit, with a 4,100-metre drill program.

Aspiring gold producer MX Gold gained 5¢ to 20¢ per share after closing a $2.6-million private placement. The capital is intended for payments towards earning a 50% interest in Gracepoint Mining’s Magistral del Oro gold property and former mine in Mexico, in addition to transaction costs of its new Bonaparte gold-copper property. Magistral was completed in 2013, but the operation was suspended later that year when the operation’s excess pond overflowed during heavy rain into a nearby creek.