TSX Venture Exchange rallies, May 30-June 3

The S&P/TSX Venture Composite Index gained 3.8%, or 25.18 points, to a 693.72-point close, while gold prices strengthened on doubts that the U.S. Federal Reserve would hike interest rates in June.

Spot gold jumped 2.5%, or US$30.28, to US$1,242.66 per oz. whereas three-month London Metal Exchange copper contracts edged down US$21 per tonne, or 0.4%, to a US$4,679-per-tonne close.

Gold Reserve led the value-added category, gaining $1.62 to a $5.09-per-share close after extending its memorandum of understanding (MOU) with the Bolivarian Republic of Venezuela regarding the company’s Brisas gold-copper project in southeastern Venezuela.

In September 2014, Gold Reserve negotiated a US$740-million settlement with the Venezuelan government for losses it incurred after a nationalization campaign rescinded all of the project’s permits and licences.

The company expects to complete the transactions outlined in the MOU by June 21.

Aspiring miner Discovery Ventures saw 17.4-million shares traded before closing up 3¢ to 17¢ per share. The company announced it would undertake a private placement and grant of stock options to advance its WillaMax gold-copper-silver project in southeastern B.C.

The financing package offers 25 million units at 12¢ each for a total of $3 million. Each unit consists of one common share and one additional share at 20¢ exercisable over four years. The company also granted existing consultants 2 million options at 15¢ per share, exercisable over five years.

Discovery is rehabilitating underground portals for a 10,000-tonne bulk sample and has applied for a small mines permit with the B.C. government. The material would be processed at Discovery’s wholly owned Trout Lake mill complex, 132 km from the site.

Aben Resources jumped 157.1% before finishing at 18¢ per share. The company completed the first and second tranche of a private placement for a total $234,250, and granted 1 million incentive stock options at an exercise price of 7¢-per-share over five years.

The company said the capital raised will fund exploration at its newly acquired Aben’s Beauty gold-copper property, contiguous to Colorado Resources and SnipGold’s KSP copper-gold property in northwestern B.C.

Alset Energy gained 20¢ before closing at 56¢ per share, on news of sampling results from its Wisa Lake lithium property, 80 km east of Fort Frances, Ont.

The company traced a pegmatite dyke for 100 metres across the property’s south zone, recovering samples grading up to 6.4% lithium oxide, along with a 2-metre channel sample grading 1.2% lithium oxide.

Pegmatite samples collected over 200 metres from the property’s north zone returned grades ranging from 283 ppm up to 2.2% lithium oxide.