The S&P/TSX Venture Composite Index squeaked out a gain due to a late-week surge during the trading period, closing up 6.37 points at 776.63 points. Gains were underpinned by stronger metal futures despite China’s slower industrial production and retail sales growth in October. Meanwhile, Canadian Finance Minister Joe Oliver predicted a “razor-thin surplus” this year and pointed to falling crude prices as a drag on the country’s economy.
December gold-bullion contracts rallied late in the week before gaining 1.4%, or US$15.80, en route to a US$1,185.60 per oz. close. Crude oil continues to struggle, as January contracts for West Texas Intermediate dropped 3.6%, or US$2.83, before finishing the week at US$75.82 per barrel. December contracts for copper lifted slightly before closing the week at US$3.05 per lb.
Explorer Duran Ventures topped the volume-traded category during the week after updating its wholly owned Panteria copper-gold project, 210 km southeast of Lima, Peru. The company saw 12.7 million shares change hands, though its share price remained static at 1¢.
Duran announced that a mid-year surface exploration campaign at Panteria resulted in the discovery of two zones located 1.2 km south and 4.5 km east of the main porphyry target. The company completed a geological mapping and sampling program consisting of 1,008 rock samples, along with geological and geophysical surveys. Work at the primary Panteria zone suggests that the covered porphyry exists beneath a well-defined lithocap.
Highlights from the program include assay results from the new Ronaldo zone, with eight samples returning values between 1.07 grams gold per tonne and 4 grams gold.
B.C.-focused Ascot Resources posted a 15¢ gain before finishing the week at $1.85 per share on 456,500 shares traded. The company is releasing assays from its Premier gold project near the town of Stewart. On Nov. 12 Premier announced results from drilling at its Premier West target, which has been traced over a 400-metre strike length and is open on strike in both directions.
The company says the target is outside its current resource base, which totals 93.5 million indicated tonnes averaging 0.82 gram gold and 6.9 grams silver for 2.8 million equivalent oz. gold. Inferred resources add 79 million tonnes of 0.59 gram gold and 7.2 grams silver.
Drilling at Premier West was highlighted by 1 metre of 1,115 grams gold and 481 grams silver from 120 metres deep in hole 14-717, and 1.8 metres of 25.5 grams gold and 973 grams silver from 97 metres deep in hole 14-714.
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