The S&P/TSX Venture Composite Index started off the new year with a 26.38-point, or 2.2%, gain following four days of trading that culminated in a 1,228.22-point weekly close on Jan. 4.
Markets received a boost on the heels of an agreement between U.S. Democrats and Republicans that would allow the nation’s economy to temporarily avoid the so-called “fiscal cliff.” Positive employment data in Canada also fuelled gains, as Statistics Canada reported 40,000 new jobs were added in December — dropping the unemployment rate to a four-year low of 7.1%.
A stronger U.S. dollar triggered a fall in commodity prices during the week, with February gold contracts closing down US$26.90 at US$1,647.70 per oz. March contracts for copper were also affected, dropping US2¢ before closing at US$3.69 per lb., while crude oil contracts rebounded slightly to close the week down US14¢ at US$92.78 per barrel on the New York Mercantile Exchange.
Vancouver-based Chesapeake Gold led in the value-added category for the week, jumping 62¢ before closing at $9.14 per share on Jan. 4. Chesapeake is finalizing a prefeasibility study on its Metates gold-silver-zinc project in Durango State, Mexico. The study’s release is expected this month.
Metates is a bulk-tonnage deposit hosting 1.2 billion measured and indicated tonnes grading 0.5 gram gold per tonne, 13.7 gram silver per tonne and 0.16% zinc for 19 million contained oz. gold, 518 million contained oz. silver and 4.2 billion contained lb. zinc.
Chesapeake spent the last few weeks of 2012 finalizing feasibility work on its autoclave circuit, waste-disposal facility and water-management measures. The company ended the year with US$44 million in cash and marketable securities.
Calgary-based Bacanora Minerals saw its shares drop 9¢ after a preliminary economic assessment was cpmpleted on its Cajon borate deposit in Sonora, Mexico. The company closed the week at 30¢ per share.
Bacanora modelled a potential colemanite mine that would produce concentrate at a rate of 231,100 tonnes per year averaging 10.5% boron oxide. The operation would carry a US$7.3-million capital expenditure and result in a US$113-million net present value and 249% internal rate of return over a 25-year mine life at an 8% discount rate.
The Cajon deposit hosts three main borate zones, including the El Cajon, Bellota and Pozo Nuevo areas. Bacanora is building a pilot plant to conduct in-depth metallurgy and improve potential borate content in its colemanite concentrate. The company reports potential buyers of its concentrates have expressed interest pending a final production flow sheet.
TSX-V most active issues
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Cerro Res | CJO | 9809 | 0.15 | 0.14 | 0.15 | + | 0.01 |
| Hana Mng | HMG | 8411 | 0.8 | 0.78 | 0.8 | + | 0.01 |
| Silver Fields | SF | 7830 | 0.03 | 0.01 | 0.02 | + | 0.01 |
| Orko Silver | OK | 7105 | 2.49 | 2.27 | 2.41 | + | 0.08 |
| Castillian Res | CT | 6650 | 0.03 | 0.02 | 0.03 | + | 0.01 |
| Search Mnls | SMY | 4184 | 0.09 | 0.05 | 0.06 | 0 | |
| Global Hunter | BOB | 4135 | 0.02 | 0.02 | 0.02 | – | 0.01 |
| Great Western | GWG | 3948 | 0.27 | 0.2 | 0.24 | + | 0.05 |
| Red Pine Expl | RPX | 2962 | 0.02 | 0.01 | 0.02 | + | 0.01 |
| Astur Gold | AST | 2801 | 0.7 | 0.65 | 0.7 | + | 0.08 |
TSX-V greatest percentage change
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Red Pine Expl | RPX | 2962 | 0.02 | 0.01 | 0.02 | + | 200 |
| Silver Fields | SF | 7830 | 0.03 | 0.01 | 0.02 | + | 200 |
| Hudson River M | HRM | 381 | 0.05 | 0.02 | 0.04 | + | 133.3 |
| Elissa Res | ELI | 2524 | 0.14 | 0.04 | 0.09 | + | 125 |
| Terra Firma Rs | TFR | 48 | 0.05 | 0.03 | 0.05 | + | 125 |
| Millstream Min | MLM | 50 | 0.02 | 0.02 | 0.02 | + | 100 |
| Cypress Dev | CYP | 661 | 0.02 | 0.01 | 0.02 | + | 100 |
| Dawson Gold | DYU | 37 | 0.01 | 0.01 | 0.01 | + | 100 |
| La Quinta Res | LAQ | 51 | 0.01 | 0.01 | 0.01 | + | 100 |
| Gold World Res | GDW | 90 | 0.01 | 0.01 | 0.01 | + | 100 |
| Senator Minls | SNR | 30 | 0.01 | 0.01 | 0.01 | – | 66.6 |
| Takara Res | TKK | 262 | 0.01 | 0.01 | 0.01 | – | 50 |
| Arg us Metals |
AML | 154 | 0.01 | 0.01 | 0.01 | – | 50 |
| Conway Res | CWY | 2511 | 0.01 | 0.01 | 0.01 | – | 50 |
| Arcturus Res | AZN | 485 | 0.01 | 0.01 | 0.01 | – | 50 |
| Kola Mng | KM | 33 | 0.06 | 0.04 | 0.04 | – | 41.6 |
| Black Isle Res | BIT | 20 | 0.01 | 0.01 | 0.01 | – | 33.3 |
| Remstar Res | REM | 21 | 0.04 | 0.04 | 0.04 | – | 33.3 |
| Philippine Mtl | PHI | 35 | 0.03 | 0.02 | 0.02 | – | 33.3 |
| Duncan Park H | DPH | 110 | 0.02 | 0.01 | 0.01 | – | 33.3 |
TSX-V greatest value change
| Company | Symbol | Change | Close | Change | |
| Chesapeake Gld | CKG | 36254 | 9.14 | + | 0.62 |
| Lumina Copper | LCC | 161963 | 9.6 | + | 0.27 |
| Bear Creek Mng | BCM | 151917 | 3.35 | + | 0.27 |
| Reservoir Mnls | RMC | 324774 | 2.48 | + | 0.23 |
| Gold Reserve | GRZ | 31902 | 3.11 | + | 0.23 |
| Balmoral Res | BAR | 2271518 | 1.19 | + | 0.2 |
| Atacama Pac Gd | ATM | 104000 | 3 | + | 0.2 |
| Athabasca Mnls | ABM | 352119 | 1.65 | + | 0.19 |
| Great Quest Me | GQ | 93000 | 0.69 | + | 0.18 |
| SilverCrest Mn | SVL | 945988 | 2.63 | + | 0.16 |
| Anfield Nickel | ANF | 101905 | 3.4 | – | 0.34 |
| Northern Graph | NGC | 2046337 | 1.03 | – | 0.2 |
| Kaminak Gold | KAM | 1733525 | 1.39 | – | 0.12 |
| Bacanora Mnls | BCN | 10000 | 0.3 | – | 0.09 |
| Callinan Royal | CAA | 110271 | 2.15 | – | 0.08 |
| Oceanside Cap | OCC | 28000 | 0.22 | – | 0.08 |
| Williams Creek | WCX | 72500 | 0.29 | – | 0.07 |
| Bralorne Gold | BPM | 32016 | 0.68 | – | 0.07 |
| Diamcor Mng | DMI | 42894 | 1.28 | – | 0.06 |
| Gogold Res | GGD | 79058 | 1.29 | – | 0.05 |
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