TSX VENTURE EXCHANGE (February 07, 2011)

Like the prices of gold and oil, the S&P-TSX Venture composite index had a bumpy ride over the Jan. 24-28 period, managing a slight gain. The index ended up 2.74 points at 2,268.32. Volume was in line with recent weeks, with an average of 181 million shares traded. Only 88 Venture-listed juniors hit new 52-week highs while the number of companies reaching new lows climbed to 30.  

Rare elements-based Great Western Minerals continued to see high volumes, taking the most-traded slot with just under 42 million shares traded. The company announced it has so far acquired 70.2% of Rare Earth Extraction as part of an all-cash offer for all outstanding shares. Rare Earth owns 74% of the Steenkampskraal mine in South Africa. Great Western’s share price was up 14¢ to 89¢.

More long gold hits propelled Richfield Ventures as the week’s highest value-gainer, up 70¢ to $4.70. Results from the company’s Blackwater gold project in British Columbia included hole 106 that hit 205 metres grading 2.04 grams gold per tonne, with an 81-metre sub-section of 4.33 grams gold; hole 107 returned 121 metres of 0.84 gram gold; and hole 109 intersected 30 metres carrying 3.99 grams gold. 

Strong drill results had Allana Potash climbing on heavy volumes. The company’s share price was up 46¢ to $1.40 on 33.2 million shares traded. Drilling on its Ethiopia-based Dallol project returned 4.1 metres grading 24.6% potassium chloride or KCl from 164 metres depth, then 7.5 metres of 22.08% KCl from 173 metres downhole. The hole was collared in the southwest portion of the property, with the company reporting that the hit suggests the deposit may extend farther south.

Yukon-focused Strategic Metals, a spinout of Atac Resources, was up after Wolverine Minerals announced it had acquired several claims in the territory from Strategic. Strategic’s share price climbed 53¢ to $3.38 after Wolverine secured 658 claims spanning 138 sq. km in the Dawson Range project area. Wolverine acquired the property for the cost of staking as part of an option agreement that had the company issue 19.9% of its shares to Strategic along with cash payments, while Strategic keeps a 2% net smelter return royalty on all precious metal production.

Pele Mountain‘s share price plunged 21¢ to 40¢ on 12.8 million shares traded only weeks after shooting up from around 30¢ on the promise of a rare earth oxide resource estimate for its Eco Ridge project in northern Ontario. In early January the company issued a press release stating that a rare earth resource was imminent, but only an upgrade in the project’s contained uranium has been released. The update moved a significant portion of the resource into the indicated category, but only added roughly 4 million tonnes to the overall uranium resource. The company states that the rare earth resource will be released when available.

TSX-V most active issues

VOLUMEWEEK

(000s)HIGHLOWCLOSECHANGE

Great WesternGWG419571.000.770.89+0.14

Allana ResAAA331831.400.941.40+0.46

Pele Mtn ResGEM127580.690.350.40-0.22

Largo ResLGO123560.550.430.55+0.13

Stans EnergyRUU121302.532.172.28+0.15

Knight ResKNP108030.040.030.03-0.01

Majestic GoldMJS102730.280.220.23-0.01

Slam ExploratnSXL89270.180.140.15-0.01

Encore Ren ResEZ80130.060.050.050.00

Bard VentCBS71460.110.080.08-0.03

TSX-V greatest percentage change

VOLUMEWEEK

(000s)HIGHLOWCLOSECHANGE

NV GoldNVX200.340.210.34+54.5

Module ResMLE1260.120.090.12+50.0

Bacanora MnlsBCN2100.600.400.60+50.0

Running Fox RsRUN15900.160.110.15+50.0

Black Bull ResBBS940.030.020.03+50.0

Allana ResAAA331831.400.941.40+48.9

TiexTIX7040.250.130.20+42.8

Pac Casc MinlsPCV10640.080.050.07+40.0

Volcanic MtlsVOL17250.450.310.40+37.9

Midway GoldMDW14621.350.921.30+36.8

Northern StarNSM69740.050.020.02-50.0

Alder ResALR47010.350.160.19-45.7

Pele Mtn ResGEM127580.690.350.40-35.4

RJK ExplorRJXA4420.170.120.12-29.4

Canaf GroupCAF3270.080.050.05-28.5

Bard VentCBS71460.110.080.08-27.2

Visible Gold MVGD12260.450.350.35-27.0

Mega CopperMCU100.220.220.22-26.6

MGold ResMNI10600.190.140.14-26.3

Vior MiningVIO17060.170.120.14-26.3

TSX-V greatest value change

WEEK

VOLUMECLOSECHANGE

Richfield VentRVC12319504.70+0.70

Universal PowrUNX34169134.39+0.70

Gold CanyonGCU24834502.40+0.57

Strategic MetlSMD17535023.38+0.53

Chesapeake GldCKG11562314.70+0.50

Allana ResAAA331833811.40+0.46

Rainy River RsRR222640311.65+0.45

Midway GoldMDW14620361.30+0.35

Atac ResATC12287136.70+0.34

Orbite Expl AORTA51582221.77+0.33

Amazon MngAMZ3865188.25-0.35

New Millen CapNML50681993.30-0.34

Zimtu CapitalZC469141.71-0.32

Atacama Pac GdATM130003.10-0.30

Great Quest MeGQ3965692.72-0.26

Rugby MngRUG1406001.10-0.24

Dia Bras ExplDIB523392.94-0.24

Pele Mtn ResGEM127584220.40-0.22

Loncor ResLN1797012.68-0.22

Tasman MetalsTSM6630174.35-0.22