TSX Venture Exchange, Aug. 26-30

The S&P/TSX Venture Composite Index lost momentum after two weeks of gains during the trading period, falling 7.25 points en route to a 939.31-point weekly close. Investors kept an eye on news of a potential military intervention in Syria, while energy and metals futures had a relatively volatile week.

Gold futures dropped back below US$1,400 per oz., as December contracts for bullion dropped US$7.70 before closing out the week at US$1,395 per oz. Crude oil had an up-and-down trading period, with October contracts for West Texas Intermediate jumping to US$109.64 per barrel before struggling mid-week and closing up US47¢ at US$107.66 per barrel. December contracts for copper fell off 3.9%, or US13.2¢, en route to a US$3.24 per lb. weekly close.

Toronto-based explorer Kennady Diamonds is still a regular atop the value-added category following an 85¢ gain during the week that saw the company close at an all-time high of $6.20 per share. Kennady has gained 250%, or $4 per share, since releasing results in July from an ongoing stepout drill program at its wholly owned Kennady North project in the Northwest Territories.

On Aug. 26, the company announced that over 70 metres of kimberlite had been intersected during drilling on strike to the northwest of its main Kelvin target. The company notes that its most recent stepout collar represents the farthest to the northwest that kimberlite has been intersected, and the kimberlite body is demonstrating substantial widths.

B.C.-focused explorer Colorado Resources felt the market’s sting when it released stepout drilling results from its North ROK property, 70 km south of Dease Lake. After the announcement, shares dropped 38%, or 27¢ per share, before closing out the week at 44¢, on 6.3 million shares traded.

Colorado’s most recent assays came from a program that comprised 100-metre stepout holes around a discovery hole that cut 333 metres grading 0.51% copper and 0.67 gram gold per tonne. The company has traced mineralization for 500 metres along strike.

Highlights from the program include: 120 metres grading 0.22% copper and 0.34 gram gold per tonne from 115 metres depth in hole 5; 402 metres averaging 0.28% copper and 0.27 gram gold from 162 metres depth in hole 13; and 127 metres grading 0.18% copper and 0.36 gram gold in hole 7.

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