The S&P/TSX Venture Composite took a step back during the trading sessions, as it closed down 1.2%, or 8.28 points, at 691.15 points. Energy stocks suffered after an NDP win in oil-rich Alberta, while U.S. data revealed employment growth in April with 223,000 new jobs.
June contracts for gold bullion jumped 1.2%, or US$14.40, before finishing at US$1,188.90 per oz. Copper futures rallied, as July contracts for the red metal closed near a six-month high at US$2.92 per lb. June contracts for West Texas Intermediate crude oil traded relatively flat en route to a US$59.39-per-barrel weekly close.
Explorer North Arrow Minerals topped the value-lost column after it released bulk sample results and closed a bought-deal financing. Shares dropped 24¢ on 552,840 traded before finishing at 93¢.
On May 5 North Arrow reported final diamond recovery results from a bulk-sampling program at its Qilalugaq project on Nunavut’s Melville Peninsula. The sample was collected from the Q1-4 kimberlite, and returned 11,083 diamonds with a total weight of 384.28 carats and an overall grade of 28.4 carats per hundred tonnes. Recoveries include 15 diamonds larger than one carat, while yellow diamonds comprise 9% by stone count and 21.5% by carat weight.
The company followed up on May 8 when it announced a $3-million private placement wherein it issued 3.2 million flow-through shares priced at 95¢ each.
Project generator Reservoir Minerals received a boost after updating its 91 sq. km Parlozi silver-lead-zinc project in central Serbia. Shares rose 14¢ on 130,700 traded en route to a $4.46 close.
In late April Reservoir revealed that erstwhile partner Midland Minerals had withdrawn from an option agreement on the property after completing an exploration campaign in the southern sector of the permit area that included detailed geological and structural mapping, underground mapping and sampling a reopened adit.
Still, the company said the exploration results refined its model of carbonate-hosted, high-grade silver-lead-zinc mineralization on the Parlozi permit, and identified targets for shallow drilling around a strong geophysical anomaly interpreted to be a buried intrusive. Reservoir is looking for a new partner at the project.
Junior Laurion Mineral Exploration saw heavy trading after it sold its Bell Mountain project in Nevada to Boss Power. The company saw nearly 8 million of its shares change hands, as it gained 1¢ en route to a 5¢-per-share close.
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