TSX Venture holds steady, Aug. 15-19

The S&P/TSX Venture Composite Index closed at 833.11 points, relatively unchanged during the trading period, whereas spot gold and comex copper edged up slightly, landing at US$1,341.47 per oz. gold, and US$2.18 per lb. copper.

Shares of CanAlaska Uranium gained 23¢, or 19.7%, to $1.40, on news that its joint-venture partner De Beers Canada would drill kimberlite targets at the company’s West Athabasca diamond project in Saskatchewan. De Beers recently collected over 100 samples for kimberlite indicator mineral processing, which were taken from glacial gravels within the target area. The diamond miner also completed an airborne magnetics geophysical survey that identified a cluster of anomalies measuring 10 hectares in size, with most found under lakes and swamps. A drill program targeting the land-based anomalies is scheduled at the end of August and would continue to mid-October, with the rest of the anomalies tested late in the year.

Junior miner MX Gold saw 14.7 million shares traded, before closing down 5¢ to 32¢ per share, after an oversubscribed, $1.3-million private placement. The company issued 5.2 million units, consisting of one share and one warrant, with each warrant exercisable within three years at 75¢ per share. The company, formerly known as Discovery Ventures, plans to use the proceeds to advance its Willa gold-copper project, 12 km south of Silverton, B.C. MX Gold is rehabilitating and upgrading its Max mill, 135 km south of Willa, in preparation for a 10,000-tonne bulk sample. The volcanogenic massive sulphide deposit has measured and indicated resources of 758,000 tonnes of 6.67 grams gold per tonne and 0.9% copper, assuming a 3.5 gram gold cut-off.

Avino Silver & Gold Mines dropped 45¢ to $3.10 per share after releasing financial results for the second quarter. The company reported $11.9 million in revenues — a 102% increase compared to the second quarter last year — after commercial production at its Avino silver mine, in the Durango region of north-central Mexico. During the quarter, production dropped 23% to 629,780 equivalent oz. silver, and net income fell 224% to a 450,087 loss, compared to the same period last year.

Avino’s president and CEO, David Wolfin, said in a press release that the declines in production and income — combined with higher costs — are “short-term adjustments,” due to maintenance and lower-grade material from mining in Mexico.

Shares of Callinex Mines rose 18¢ to 58¢, after acquiring 100% ownership in the Point Leamington, Nash Creek and Superjack volcanogenic massive sulphide deposits in eastern Canada. The company plans to complete metallurgical test work, target generation and drilling at the projects this year.