The S&P/TSX Venture Composite Index capped off a four-week rally during the trading sessions, jumping 4.9 points en route to its highest close since June at 925.29 points. The Venture remained in the green despite a general decline in energy prices, and some underwhelming earnings reports amongst miners, though non-resource-related quarterly reports indicated other strengthened sectors of the Canadian economy.
Gold futures continued to recover, with December contracts for bullion jumping 1.6%, or US$20.60 per oz., en route to a US$1,333.05 weekly close. Copper for September delivery dipped 2.1%, or US6.4¢, before closing at US$3.104 per lb.
It was not a great week for Vancouver-based Reservoir Minerals, which led the value-lost category with a 34¢ drop en route to a $2.97 close after releasing assays from its Timok copper-gold project in eastern Serbia, which is operated by joint-venture partner Freeport-McMoRan Copper & Gold.
The company announced a pair of “wide stepout holes” from Timok’s Cukaru Peki target. Hole 1218 was drilled 288 metres northwest of known mineralization and cut 699 metres of 0.75% copper and 0.23 gram gold per tonne from 1,253 metres depth. Hole 1219 was collared 320 metres northeast of known mineralization and cut 733 metres averaging 0.75% copper and 0.1 gram gold from 839 metres depth.
The market is paying attention to uranium exploration around the Athabasca basin, with a focus on the newly discovered extension around Fission Uranium and Alpha Minerals’ Patterson Lake South (PLS) discovery. Fission jumped 14¢ during the week on 6.9 million shares traded, en route to a $1.05 close. Alpha rose 32¢ before closing the week at $5.60 per share.
On July 22 Fission announced a summer exploration program for its Patterson Lake North (PLN) project, near PLS. In April Fission optioned PLN to junior Azincourt Uranium, and announced a US$1.5-million exploration budget at the site for 2013.
Azincourt will fully fund exploration this year under its earn-in agreement, while Fission will continue as operator. The companies have budgeted US$530,000 for airborne and ground geophysics programs at PLN starting in August. Fission has already spent US$4.7 million on exploration at PLN, aiming to explore areas of interest and identify drill targets. The companies have budgeted US$1 million for a winter drill program around year-end.
TSX-V most active issues
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Fire River Gol | FAU | 24685 | 0.01 | 0.01 | 0.01 | 0 | |
| Brookemnt Cpt | BKT | 11925 | 0.06 | 0.04 | 0.05 | + | 0.01 |
| Cavan Vent | CVN | 10440 | 0.09 | 0.05 | 0.07 | + | 0.03 |
| TAD Mnl Expl | TJ | 10215 | 0.05 | 0.03 | 0.04 | + | 0.01 |
| Unigold | UGD | 9623 | 0.1 | 0.07 | 0.09 | + | 0.02 |
| Samaranta Mng | SAX | 8845 | 0.03 | 0.01 | 0.02 | + | 0.01 |
| WestStar Res | WER | 7306 | 0.06 | 0.03 | 0.05 | + | 0.02 |
| Fission Uran | FCU | 6940 | 1.05 | 0.91 | 1.05 | + | 0.14 |
| Laurion Mnl Ex | LME | 6491 | 0.08 | 0.03 | 0.04 | + | 0.02 |
| Castle Res | CRI | 4933 | 0.05 | 0.03 | 0.04 | + | 0.01 |
TSX-V greatest percentage change
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Strike Graph | SRK | 54 | 0.15 | 0.08 | 0.15 | + | 900 |
| Orsa Vent | ORN | 3595 | 0.11 | 0.1 | 0.1 | + | 216.6 |
| Samaranta Mng | SAX | 8845 | 0.03 | 0.01 | 0.02 | + | 200 |
| Shane Res | SEI | 30 | 0.02 | 0.02 | 0.02 | + | 200 |
| Silver Grail R | SVG | 133 | 0.05 | 0.03 | 0.05 | + | 125 |
| Rhyolite Res | RYE | 29 | 0.2 | 0.15 | 0.2 | + | 122.2 |
| Celeste Copper | C | 228 | 0.01 | 0.01 | 0.01 | + | 100 |
| Golden Share M | GSH | 1538 | 0.05 | 0.03 | 0.05 | + | 100 |
| Menika Mining | MML | 503 | 0.01 | 0.01 | 0.01 | + | 100 |
| Minfocus Expl | MFX | 20 | 0.01 | 0.01 | 0.01 | + | 100 |
| Canyon Copper | CNC | 176 | 0.03 | 0.02 | 0.02 | – | 71.4 |
| Champion Bear | CBA | 435 | 0.04 | 0.03 | 0.03 | – | 60 |
| Pac Bay Mnrls | PBM | 18 | 0.09 | 0.04 | 0.04 | – | 56.2 |
| Goldspike Expl | GSE | 147 | 0.06 | 0.02 | 0.03 | – | 54.5 |
| Electra Gold | ELT | 2896 | 0.01 | 0.01 | 0.01 | – | 50 |
| Cream Mnrls | CMA | 1362 | 0.01 | 0.01 | 0.01 | – | 50 |
| Goldex Res | GDX | 395 | 0.02 | 0.01 | 0.01 | – | 50 |
| Highpointe Exp | HIP | 10 | 0.02 | 0.02 | 0.02 | – | 50 |
| Intl Bethl Mng | IBC | 22 | 0.01 | 0.01 | 0.01 | – | 50 |
| Next Gen Mtls | N | 73 | 0.01 | 0.01 | 0.01 | – | 50 |
TSX-V greatest percentage change
| Company | Symbol | Change | Close | Change | |
| Zenyatta Vent | ZEN | 3661383 | 4.87 | + | 1.15 |
| Aurcana Corp | AUN | 1477612 | 2.4 | + | 0.54 |
| Chesapeake Gld | CKG | 102164 | 5.06 | + | 0.53 |
| Bear Creek Mng | BCM | 181824 | 2.13 | + | 0.42 |
| Alpha Mnls | AMW | 727505 | 5.6 | + | 0.32 |
| Avino Silver | ASM | 128473 | 1.12 | + | 0.22 |
| Atac Res | ATC | 931037 | 1.18 | + | 0.2 |
| Kennady Diam | KDI | 31679 | 1.7 | + | 0.2 |
| Almonty Ind | AII | 20499 | 1.1 | + | 0.18 |
| Fission Uran | FCU | 6939672 | 1.05 | + | 0.14 |
| Reservoir Mnls | RMC | 1105860 | 2.97 | – | 0.34 |
| Sandstorm Mt&E | SND | 752433 | 1.67 | – | 0.25 |
| Gold Reach Res | GRV | 86482 | 1.01 | – | 0.16 |
| Copper Fox Mtl | CUU | 1521125 | 0.49 | – | 0.13 |
| Colorado Res | CXO | 854579 | 0.72 | – | 0.11 |
| Lumina Copper | LCC | 55151 | 4.79 | – | 0.11 |
| Northern Graph | NGC | 425969 | 0.74 | – | 0.1 |
| Atacama Pac Gd | ATM | 56656 | 1.16 | – | 0.09 |
| Diamcor Mng | DMI | 65650 | 1.27 | – | 0.09 |
| Newstrike Cap | NES | 381418 | 0.86 | – | 0.07 |
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