TSX Venture moves lower, Sept. 8-11

The S&P/TSX Venture Composite Index closed in the red for the second week after a loss of 1%, or 5.41 points, en route to a 547.20-point close. Falling energy futures drove losses , while the U.S. Federal Reserve and the Bank of England reiterated intentions to raise interest rates near year-end, despite market woes related to the economic slowdown in China. Statistics Canada reported that the housing price index rose 0.1% in July, after a 0.3% increase in June.

October contracts for West Texas Intermediate crude oil rallied early before losing momentum and closing down 2.9%, or US$1.31, at US$44.63 per barrel. December contracts for gold bullion dropped 1.5%, or US$16.40, en route to a US$1,103.50 per oz. close, while December contracts for copper jumped nearly 5%, or US12¢, before finishing at US$2.46 per lb.

Explorer TerraX Minerals gained 26%, or 8¢, on 255,100 shares traded before closing at 38¢ per share. The company has found gold zones on the Hebert-Brent Shear at its Yellowknife City Gold project in the Northwest Territories. On Sept. 8 TerraX tabled assays from its newly mapped Barney deformation corridor.

The company channel-sampled 1 km south of the Barney zone, where it drilled 22.4 metres of 6.35 grams gold per tonne in hole 95-16W1 last year. Assays are highlighted by 6 metres of 10.26 grams gold at the new Hebert-Brent South zone. TerraX also reported 15.3 metres of 2.23 grams gold at its Hebert-Brent East trench.

There was buzz around the lithium market thanks to  Bacanora Minerals and Rare Earth Minerals’ new offtake agreement with Elon Musk’s Tesla Motors’ to supply a new battery production facility outside of Reno, Nev. Bacanora gained another 13¢ on 90,000 shares traded, before closing at $1.90 per share. Musk says that the deal with Bacanora is not “exclusive,” and that Tesla might look for lithium sources in Nevada.

The news drove Dajin Resources up 4¢ on 3.4 million shares traded before closing at 12¢ per share. The company is advancing its wholly owned Teels Marsh claims in Mineral County, Nev., which host potential brine-based lithium targes.

Ashburton Ventures topped the volume-traded column after news it is evaluating prospective lithium claims in Nevada. The company saw over 11 million shares change hands, as it gained 1¢ before closing at 2¢ per share.

Junior Ultra Lithium was the second-highest traded stock, gaining 1¢ on 9.3 million shares traded, before finishing at 2¢ per share. The company holds a 100% interest in the Big Smoky Valley lithium project, also in Nevada.