TSX Venture edges higher over the Aug 8-12 trading session

The S&P/TSX Venture Composite Index edged up 2.5% or 16.32 points higher over the Aug. 8-12 trading session to end the week at 680.49. 

Toronto-based graphite junior Gratomic gained 122.2%, or 27¢, to close at 60¢ per share. The company holds the Aukum vein graphite project in southern Namibia, which was mined periodically between 1940 and the mid-1970s. On Aug. 9, Gratomic announced the start of a six-month bench-excavation program at Aukum, which is expected to move around 20,000 tonnes of material to be stockpiled at the run-of-mine pad at its 20,000-tonne-per-year Aukam processing facility. In addition to unveiling additional mineralization, the program is expected to provide drilling surfaces in upper areas of the mountain. In June, the company completed a 16-hole, 1,218.9-metre diamond drill program at the project (assays are pending). 

Although the company has not yet delineated resources or reserves at the project, and has not completed any economic studies, it is working on a feasibility study to scale up the Aukum facility to commercial-scale production. It plans to release an NI 43-101 report on Aukum in the third quarter.  

Shares in Western Alaska Minerals gained 90¢ to end the week $5.60 apiece. On Aug. 8, the junior announced it was upsizing a private placement financing of common shares priced at $4.10 each to $12 million from $8.2 million. In early August, the company reported results from four holes drilled at the Waterpump Creek carbonate replacement deposit at its Illinois Creek project in Western Alaska.  

Highlights included 11.5 metres (11.3 metres estimated true width) grading 337 grams silver per tonne, 16.7% zinc, and 10% lead (or 1,340 silver-equivalent grams per tonne) from 139.1 metres depth. The company says that assays for two other holes (17 and 18) that have thicker sulphide intercepts (based on visually identification) are pending. 

“Those holes, along with the newly announced visual intercept in WPC22-20, further define an emerging mineralization trend now over 300 metres long,” said president and CEO Kit Marrs in a release.  

Shares in Houston-based phosphate and fertilizer producer Itafos ended the week up 52¢ at $2.23 per share. The company has operations in Idaho, Brazil and Guinea-Bissau. 

On Aug. 11, it announced its second quarter results, reporting a net income of $44.3 million on revenues of $155 million, up from US$9.1 million in net income on revenues of US$103.3 million in the same period of 2021. Achieved prices for its DAP (diammonium phosphate) production are up 51% year over year to US$860 per short ton. The price rise was driven by factors that included limited new supply in the market, continued drawdown of inventories, continued market disruption from Russia’s invasion of Ukraine, and increased restrictions and controls on exports from China.