A slip in bullion and base metal prices prompted a drop in the lofty S&P-TSX Venture Composite Index, off 54.58 points or 2% to close at 2,588.93 over the March 7-13 session. Average daily trading volumes also retracted to 68.6 million shares over the week.
Despite the index slip, the market remained bullish with 109 junior explorers reaching new 52-week highs, and just 13 companies dropping to new annual lows.
The week’s top trader Consolidated Gold Win Ventures saw over 13.7 million shares change hands, gaining 2.5 to close at 8.5. The company announced drill permitting for its South Dolly Varden gold-copper project in Elko Cty., Nev., and is in negotiations with Snowfield Development to acquire an interest in its Mud Lake kimberlite in the Northwest Territories.
Yukon explorer Tagish Lake Gold traded 12.2 million shares on the week, closing down a half-penny at 14.5 per share. Recently closing a $1-million private placement, the company plans a 5,000-metre drill program on its Skukum Creek project.
Spider Resources traded over 10.5 million shares, closing down 28% or 2.5 at 6.5 per share. Drilling near its McFaulds Lake VMS project in the James Bay Lowlands of Ontario, with partners KWG Resources and Freewest Resources Canada, discovered a chrome-platinum-palladium-bearing peridotite. Two layers of massive chromite were encountered, averaging about 23% chrome.
Shares of Kodiak Exploration shed 73, or over 22%, to close at $2.52 apiece on trading volume of 10.2 million. With assay results pending, market excitement over a reported sulphide intercept on its Caribou Lake project, 90 km southeast of Yellowknife, N.W.T., cooled slightly.
Red Lake, Ont.-area exploration partners Skyharbour Resources and Cypress Development traded 7.2 million and 7 million shares, respectively; Skyharbour shed 3 to close at 17, while Cypress shares were down 6 at 25.5. Drilling is wrapping up on the duo’s McKenzie Island project and the rig will be moved to the Broulan Reef property.
ECU Silver Mining traded 6.4 million shares, sliding 7 to close at $1.32. The company released assays from drilling on its Santa Juana mine, in Durango state, Mexico, which cut significant skarn mineralization and found a couple of new veins.
Trading in Odyssey Resources, up 6 to 19.5 on 6 million shares of volume, was buoyed by the initial drill results from its Alous project in Morocco. A 73-metre interval from surface averaged 0.7% copper and 11.2 grams silver per tonne.
Sur American Gold gained 90%, or 52, to close at $1.10 on 2.1 million shares. Drilling on its Batoto project in the Philippines returned 68 metres grading 0.83 gram gold per tonne.
Rainy River Resources added 73 to its share price, to close the week at $2.10 on almost 1.4 million shares of volume. Drilling on its namesake project in the Fort Frances area of northwestern Ontario has delivered high-grade gold values of up to 11.6 grams gold over 15 metres.
TSX-V greatest percentage change
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Saturn Minl wt | SMI.WT | 85 | 0.015 | 0.01 | 0.015 | +200.0 |
| Atlantic Ind M | ANL | 45 | 0.25 | 0.17 | 0.25 | +108.3 |
| Brigadier Gold | BRG | 907 | 0.13 | 0.06 | 0.11 | +100.0 |
| Sur American | SUR | 2104 | 1.11 | 0.50 | 1.10 | +89.6 |
| Grande Portage | GPG | 1840 | 0.385 | 0.19 | 0.36 | +80.0 |
| MBA Gold | MBA | 450 | 0.29 | 0.13 | 0.27 | +80.0 |
| Desert Gold Vt | DGV | 159 | 0.65 | 0.40 | 0.65 | +58.5 |
| Odyssey Res | ODX | 6048 | 0.225 | 0.125 | 0.195 | +56.0 |
| Rockvale Res | RR | 1378 | 2.10 | 1.40 | 2.10 | +53.2 |
| Thunder Sword | THU | 120 | 0.90 | 0.60 | 0.90 | +50.0 |
| Trivalence Mng | TMI | 73 | 0.18 | 0.13 | 0.13 | -39.5 |
| Atapa Mnrls | AML | 154 | 0.12 | 0.10 | 0.11 | -33.3 |
| Western Troy C | WRY | 52 | 0.61 | 0.51 | 0.51 | -29.1 |
| Spider Res | SPQ | 10541 | 0.09 | 0.065 | 0.065 | -27.7 |
| Firesteel Res | FTR | 30 | 0.22 | 0.17 | 0.17 | -26.0 |
| Goldminco | GCP | 128 | 0.08 | 0.06 | 0.06 | -25.0 |
| SYMC Res | SY | 64 | 0.22 | 0.15 | 0.15 | -25.0 |
| Columbia Metal | COL | 663 | 0.65 | 0.47 | 0.52 | -23.5 |
| FM Resources | FMR | 23 | 0.83 | 0.67 | 0.69 | -23.3 |
| Amex Expl | AMX | 13 | 0.36 | 0.30 | 0.30 | -23.0 |
TSX-V greatest value change
| VOLUME | CLOSE | CHANGE | ||
| Rockvale Res | RR | 1377970 | 2.10 | +0.73 |
| Osisko Explora | OSK | 418746 | 3.37 | +0.69 |
| Klondex Mns | KDX | 350668 | 2.88 | +0.68 |
| Metalcorp | MTC | 3873135 | 1.95 | +0.57 |
| Sur American | SUR | 2104352 | 1.10 | +0.52 |
| Cons Thomp-Lnd | CLM | 619698 | 1.85 | +0.47 |
| Southern Star | SSR | 1257376 | 3.55 | +0.45 |
| Rimfire Min | RFM | 542009 | 2.02 | +0.45 |
| Rome Res | RMR | 21050 | 2.35 | +0.45 |
| McVicar Res | MCV | 17500 | 1.30 | +0.30 |
| Laramide Res | LAM | 1350480 | 5.37 | -0.74 |
| Kodiak Expl | KXL | 10160093 | 2.52 | -0.73 |
| Birch Mountn | BMD | 944439 | 7.36 | -0.59 |
| Genco Res | GGC | 629523 | 1.77 | -0.48 |
| Contact Expl | CEX | 267679 | 1.64 | -0.46 |
| Avino Silver | ASM | 220046 | 2.60 | -0.44 |
| IMA Exploratn | IMR | 1276258 | 3.28 | -0.42 |
| Nova Uranium | NUC | 403546 | 3.29 | -0.31 |
| Bear Creek Mng | BCM | 1737945 | 5.45 | -0.30 |
| African Gold G | AGG | 104700 | 1.80 | -0.30 |
TSX-V most active issues
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Cons Gold Win | CGW | 13741 | 0.11 | 0.065 | 0.085 | +0.025 |
| Tagish Lk Gold | TLG | 12205 | 0.155 | 0.12 | 0.145 | -0.005 |
| Spider Res | SPQ | 10541 | 0.09 | 0.065 | 0.065 | -0.025 |
| Kodiak Expl | KXL | 10160 | 3.54 | 1.66 | 2.52 | -0.73 |
| Skyharbour Res | SYH | 7233 | 0.205 | 0.155 | 0.17 | -0.03 |
| Cypress Dev | CYP | 7053 | 0.315 | 0.25 | 0.255 | -0.06 |
| ECU Silver Mng | ECU | 6380 | 1.55 | 1.10 | 1.32 | -0.07 |
| Odyssey Res | ODX | 6048 | 0.225 | 0.125 | 0.195 | +0.07 |
| Paradym Vent | PVI | 5880 | 0.135 | 0.09 | 0.11 | +0.01 |
| Aurcana Corp | AUN | 5852 | 0.38 | 0.24 | 0.32 | +0.04 |
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