Although gold touched a spot high of US$768.25 per oz. on the week, the S&P-TSX Venture Composite Index closed the Oct. 16-22 trading session off a modest 35.6 points at 2,978.81. Average daily trading volume for the week was strong at 115 million shares.
The gap between yearly share price lows versus highs narrowed over the session with 73 companies posting new annual lows, while 55 touched new highs.
A pair of emerging exploration plays continued to dominate trading activity on the junior board. The market remained captivated with Noront Resources’ Double Eagle project in the James Bay lowlands, while Kodiak Exploration’s gold discovery at the Hercules project has drawn attention to the sleepy Beardmore-Geraldton greenstone belt in northwestern Ontario.
Grabbing top volume honours, MacDonald Mines Exploration saw 132 million shares change hands on the week to close up 32, or 67%, at 80 per share. The junior is exploring its McFaulds Lake-area VMS projects in the James Bay lowlands, where it recently expanded its land position and queued up exploration programs.
In the same area, partners Spider Resources and KWG Resources also posted strong trading volumes at 95 million and 87 million shares, respectively. Spider’s shares rose 5.5 to 17.5 apiece, while KWG climbed 4 to close at 14.5 per share. The joint-venture partners’ McFaulds Lake VMS property is adjacent to Noront’s Double Eagle discovery.
Noront itself remained a market darling, adding 33 to close at $5.88 per share on trading volume of more than 33 million shares. Recent high-grade nickel-copper assays from Double Eagle have ignited speculation about the emergence of a potential new major deposit.
Kodiak Exploration posted a 39% gain for the week, closing up 76 at $2.72 per share on trading volume of 10.8 million shares. Drilling at the company’s Hercules project has returned several high-grade gold intercepts in over 5 km of greenstone belt-hosted quartz vein structures exposed by trenching.
Kodiak neighbour Alto Ventures saw its share price rise 112%, closing up 14 to 26.5 per share on trading volume of 39.1 million shares. Drilling is planned at its Mud Lake project, a JV with Wescan Goldfields.
Speculation on pending assays and expansion of its Eaglehead property, in north- central B.C., triggered a 148% surge in Carmax Explorations’ share price; the stock closed up 17 at 27.5 on 45.5 million shares of volume.
Shares of Pacific Comox Resources rallied 59%, gaining a nickel to 13.5 apiece on strong copper and molybdenum-mineralized drill intercepts from its Ryan Lake project, near Matachewan, Ont.
VMS Ventures notched up 24 to close the session at $1.44 on trading volume of 40 million shares. Recent drilling on the company’s Reed Lake project, in northern Manitoba, returned high-grade intervals of up to 10.5 metres grading 11.2% copper plus zinc, silver and gold values.
TSX-V most active issues
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| MacDonald Mns | BMK | 131970 | 1.02 | 0.50 | 0.80 | +0.32 |
| Sage Gold | SGX | 98014 | 0.80 | 0.22 | 0.48 | +0.24 |
| Spider Res | SPQ | 95026 | 0.19 | 0.115 | 0.175 | +0.055 |
| KWG Res | KWG | 86971 | 0.19 | 0.105 | 0.145 | +0.04 |
| Carmax Expl | CMX | 45471 | 0.28 | 0.10 | 0.275 | +0.17 |
| Pac Comox | PCM | 40172 | 0.195 | 0.08 | 0.135 | +0.05 |
| VMS Vent | VMS | 40047 | 1.76 | 1.15 | 1.44 | +0.24 |
| Alto Vent | ATV | 39110 | 0.395 | 0.125 | 0.265 | +0.14 |
| Noront Res | NOT | 33154 | 6.38 | 5.26 | 5.88 | +0.33 |
| Intl Samuel Ex | SAZ | 31105 | 0.285 | 0.14 | 0.16 | +0.025 |
TSX-V greatest percentage change
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Carmax Expl | CMX | 45471 | 0.28 | 0.10 | 0.275 | +161.9 |
| Paragon Minls | PGR | 2388 | 0.87 | 0.27 | 0.75 | +154.2 |
| Alto Vent | ATV | 39110 | 0.395 | 0.125 | 0.265 | +112.0 |
| Sage Gold | SGX | 98014 | 0.80 | 0.22 | 0.48 | +100.0 |
| Spruce Ridge R | SHL | 1416 | 0.495 | 0.22 | 0.43 | +95.4 |
| Proam Expl | PMX | 284 | 0.45 | 0.165 | 0.43 | +91.1 |
| MacDonald Mns | BMK | 131970 | 1.02 | 0.50 | 0.80 | +66.6 |
| Sinchao Mtls | SMZ | 784 | 0.55 | 0.27 | 0.42 | +61.5 |
| Pac Comox | PCM | 40172 | 0.195 | 0.08 | 0.135 | +58.8 |
| Grid Capital | GID | 30 | 0.155 | 0.11 | 0.155 | +55.0 |
| New Dimen Res | NDR | 101 | 0.255 | 0.235 | 0.255 | -47.9 |
| Menika Mining | MML | 378 | 0.12 | 0.085 | 0.085 | -37.0 |
| Berkley Res | BKS | 707 | 0.315 | 0.20 | 0.20 | -36.5 |
| SNL Enterprise | SNL | 227 | 0.49 | 0.35 | 0.35 | -28.5 |
| Duran Vent | DRV | 2847 | 3.21 | 1.43 | 2.33 | -26.0 |
| Thunder Sword | THU | 88 | 0.58 | 0.44 | 0.44 | -26.0 |
| Great Sthn Ent | GSR | 14 | 0.035 | 0.03 | 0.03 | -25.0 |
| Cons Fortress | CFR | 155 | 0.19 | 0.12 | 0.15 | -25.0 |
| Dorex Minls | DOX | 54 | 0.18 | 0.145 | 0.17 | -24.4 |
| Solitaire Mnls | SLT | 5244 | 0.24 | 0.165 | 0.175 | -23.9 |
TSX-V greatest value change
| VOLUME | CLOSE | CHANGE | ||
| Pan Oce Exp | POE | 3607037 | 8.65 | +2.61 |
| Kodiak Expl | KXL | 10780396 | 2.72 | +0.76 |
| Anooraq Res | ARQ | 2119513 | 4.20 | +0.76 |
| Xemplar Energy | XE | 4009765 | 2.97 | +0.60 |
| Celtic Mnrls | CME | 5550916 | 1.88 | +0.58 |
| Paragon Minls | PGR | 2388455 | 0.75 | +0.455 |
| Fancamp Expl | FNC | 3835920 | 2.20 | +0.44 |
| Wealth Minls | WML | 264555 | 3.36 | +0.43 |
| Keegan Res | KGN | 554000 | 4.10 | +0.40 |
| Fortress Minls | FST | 2006797 | 1.89 | +0.36 |
| Seabridge Gold | SEA | 251377 | 34.85 | -2.98 |
| Northern Dyn M | NDM | 1181612 | 11.24 | -1.00 |
| Bear Creek Mng | BCM | 206466 | 7.61 | -0.84 |
| Duran Vent | DRV | 2846782 | 2.33 | -0.82 |
| Antares Minls | ANM | 261090 | 4.36 | -0.64 |
| Northland Res | NAU | 106625 | 3.90 | -0.60 |
| Palmarejo S&G | PJO | 224555 | 9.25 | -0.53 |
| Azimut E xpl |
AZM | 76462 | 5.15 | -0.44 |
| Pan African Mg | PAF | 12500 | 2.48 | -0.42 |
| AuEx Vent | XAU | 374583 | 2.18 | -0.42 |
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