Despite continued buoyant metal prices, the S&P-TSX Venture Composite Index continued to shed recent gains, dropping 2.6%, or 54.82 points, to close the Oct. 11-17 trading session at 2063.15. Average daily trading volume dropped to a diminished 39.8 million shares over the week.
The recent bullish trend of junior miners touching annual highs saw a sharp reversal over the session, with just 25 touching new 52-week highs versus 57 companies dropping to annual lows.
Top place on the volume charts went to Solitaire Minerals with almost 7.6 million shares changing hands and gaining four pennies to close at 12 per share. The company has jumped on the uranium train, recently entering into an agreement to purchase the Ravenscrag project, in southern Alberta, from private prospecting group Sandswamp Exploration. The permits cover an area of almost 400 sq. km of sandstone formations prospective for roll-front type uranium mineralization. Past exploration has identified a number of mineralized occurrences on the permit area.
ECU Silver Mining grabbed second spot among most actives, trading 2.4 million shares and closing up a penny on the week at 43.5 per share. Underground exploration recently discovered a third silver-gold mineralized vein in the Tres Aguilas area of its Santa Juana mine in Durango state, Mexico. The company reports the vein is similar to those it is currently mining.
Freewest Resources Canada posted volume of almost 2 million shares over the trading session, shedding a half-cent to close at 17.5 per share. Initial drilling on the Wye Lake base metal occurrence at its Sungold property intersected 4.4 metres grading 6.2% zinc in semi-massive sulphides. Additional drilling cut up to 5.7 metres of 1.2% copper.
Shares of uranium hunter Laramide Resources continued to rally, gaining 45 to close at $5.60 on volume of 1.9 million. Focused on its flagship Westmoreland copper-gold-uranium project in Queensland, Australia, Laramide recently closed a $13-million private-placement financing. The company also recently entered into an agreement with subsidiaries of Barrick Gold to option and purchase a number of uranium properties, mill sites, and mineral claims and interests in Colorado, New Mexico and Utah. Laramide will spend US$1.5 million on exploration and pay a total of US$3.75 million for the acquisition.
Dia Bras Exploration shed 21%, or 7 to close at 26 per share on volume of almost 1.7 million shares over the week. Further drill results from its Bolivar project, in Chihuahua state, Mexico, returned several metres of 6.2% copper, 21.7% zinc and 41.8 grams silver per tonne.
Despite the start of shipments of concentrate from its Cantung mine, shares of North American Tungsten fell 11, to close at $1.20 on volume of 1.6 million shares. The company also announced a planned $5-million private placement financing.
Shares of Aquiline Resources surged 30%, or 47, climbing to $2.05 following its recent snub of IMA Exploration‘s offer of 3.5 million shares and warrants plus $1 million to settle the litigation claim on the Navidad silver project in Argentina. IMA shares dropped 54 on the week, sinking to a near 52-week low of $2.75 apiece.
Be the first to comment on "Venture market juniors take their lumps"