The S&P/TSX Venture Composite Index lost 2%, or 18.24 points, during the week before closing at 916.65. Markets finished in the red despite rising energy and metals futures, with promising jobs data out of Canada and the U.S. fuelling concerns that the Federal Reserve would cut stimulus spending.
January contracts for West Texas Intermediate crude oil jumped 5.4%, or US$4.97 during trading, before closing out the period at US$97.77 per barrel. Copper was also up, as March contracts rose US3.9¢ en route to a US$3.24 per lb. close. Struggles continue in the gold market, where February contracts dropped US$19.20 before closing at US$1,228.40 per oz.
Graphite explorer Zenyatta Ventures’ failed to impress the market with a maiden resource estimate at its Albany deposit in northeastern Ontario. Zenyatta topped the value-lost category after releasing its news on Dec. 2. The company fell 77¢ on 5.7 million shares traded before closing the week at $2.31 per share. Albany’s resource includes 25 million indicated tonnes grading 3.89% graphitic carbon for 977,000 contained tonnes. Inferred resources tack on another 20 million tonnes averaging 2.2% graphitic carbon for 441,000 contained tonnes. Calculations assume a 0.6% graphitic carbon cut-off grade.
Meanwhile, copper explorer Reservoir Minerals led the value-added category after it announced results from its Timok joint venture in eastern Serbia, which the company holds in a partnership with operator Freeport-McMoRan Copper & Gold. Reservoir jumped 81¢ during weekly trading before closing at $5.42 per share.
The company released assays from five drill holes collared at Timok, which demonstrated strong copper-equivalent grades. Results were highlighted by two holes that intersected copper–gold mineralization in a high-sulphidation epithermal zone at the company’s Cukaru Peki target. Hole 1341 cut 166 metres grading 6.65% copper and 7.75 grams gold per tonne from 557 metres down hole, while hole 1344 intersected 129 metres of 5.76% copper and 4.42 grams gold from 625 metres depth.
Shareholders of Sandstorm Metals & Energy experienced the pitfalls of metal-stream financings when developer Colossus Minerals announced it has halted development at its 75%-owned Serra Pelada gold–palladium–platinum project in Brazil. Sandstorm forwarded Colossus US$60 million for an amount equal to 1.5% of the gold and 35% of the platinum produced from Serra Pelada.
Sandstorm will now review its investment for a partial or full impairment charge. The news triggered an 18¢ drop in Sandstorm’s share price, which closed at $1.08.
TSX-V most active issues
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Midlands Minls | MEX | 35230 | 0.02 | 0.01 | 0.01 | + | 0.01 |
| IBC Adv Alloys | IB | 28959 | 0.22 | 0.05 | 0.17 | + | 0.11 |
| Corsa Coal | CSO | 12057 | 0.17 | 0.13 | 0.15 | + | 0.02 |
| African Queen | AQ | 7385 | 0.08 | 0.02 | 0.04 | + | 0.02 |
| Unigold | UGD | 6783 | 0.07 | 0.06 | 0.06 | – | 0.02 |
| Red Pine Expl | RPX | 6454 | 0.05 | 0.04 | 0.05 | + | 0.01 |
| Barisan Gold | BG | 6368 | 0.37 | 0.23 | 0.28 | – | 0.08 |
| Zenyatta Vent | ZEN | 5674 | 3.35 | 1.93 | 2.31 | – | 0.77 |
| Selwyn Res | SWN | 4765 | 0.09 | 0.08 | 0.08 | – | 0.01 |
| WestStar Res | WER | 4354 | 0.03 | 0.02 | 0.02 | 0 | |
TSX-V greatest percentage change
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Tajiri Res | TAJ | 114 | 0.05 | 0.01 | 0.05 | + | 400 |
| Aguila Am Res | AGL | 140 | 0.06 | 0.04 | 0.05 | + | 400 |
| IBC Adv Alloys | IB | 28959 | 0.22 | 0.05 | 0.17 | + | 200 |
| Valhalla Res | VH | 150 | 0.02 | 0.01 | 0.02 | + | 200 |
| Gold Ridge Exp | GEA | 10 | 0.05 | 0.05 | 0.05 | + | 125 |
| Rocmec Mining | RMI | 730 | 0.11 | 0.06 | 0.11 | + | 110 |
| Goldrea Res | GOR | 116 | 0.01 | 0.01 | 0.01 | + | 100 |
| Hornby Bay Mnl | HBE | 196 | 0.12 | 0.06 | 0.12 | + | 100 |
| Habanero Res | HAO | 194 | 0.01 | 0.01 | 0.01 | + | 100 |
| Canyon Copper | CNC | 47 | 0.01 | 0.01 | 0.01 | + | 100 |
| Strike Minls | STK | 801 | 0.01 | 0.01 | 0.01 | – | 66.6 |
| Canuc Res | CDA | 948 | 0.03 | 0.02 | 0.02 | – | 57.1 |
| Hinterland Mtl | HMI | 105 | 0.02 | 0.02 | 0.02 | – | 55.5 |
| El Condor Mnls | LCO | 460 | 0.01 | 0.01 | 0.01 | – | 50 |
| Jet Gold | JAU | 60 | 0.01 | 0.01 | 0.01 | – | 50 |
| Honey Badger E | TUF | 50 | 0.01 | 0.01 | 0.01 | – | 50 |
| La Quinta Res | LAQ | 37 | 0.01 | 0.01 | 0.01 | – | 50 |
| Amanta Res | AMH | 53 | 0.01 | 0.01 | 0.01 | – | 50 |
| GMV Minerals | GMV | 200 | 0.02 | 0.01 | 0.01 | – | 50 |
| Aldershot Res | ALZ | 330 | 0.01 | 0.01 | 0.01 | – | 50 |
TSX-V greatest value change
| Company | Symbol | Change | Close | Change | |
| Reservoir Mnls | RMC | 811429 | 5.42 | + | 0.81 |
| Lumina Copper | LCC | 149428 | 5.39 | + | 0.27 |
| Intl Enexco | IEC | 48400 | 0.43 | + | 0.13 |
| IBC Adv Alloys | IB | 28959033 | 0.17 | + | 0.11 |
| Afferro Mng | AFF | 80160 | 1.54 | + | 0.11 |
| Mason Graphite | LLG | 3331352 | 0.48 | + | 0.11 |
| Tsodilo Res | TSD | 15700 | 0.75 | + | 0.1 |
| Gold Reserve | GRZ | 34316 | 3.65 | + | 0.09 |
| Pac Booker Min | BKM | 23064 | 4.19 | + | 0.09 |
| Nordex | NXX | 266285 | 0.47 | + | 0.07 |
| Zenyatta Vent | ZEN | 5673617 | 2.31 | – | 0.77 |
| Alpha Mnls | AMW | 582846 | 5.45 | – | 0.7 |
| Probe Mines | PRB | 668772 | 2.11 | – | 0.36 |
| Sandstorm Mt&E | SND | 1326612 | 1.08 | – | 0.18 |
| Energold Drill | EGD | 1636493 | 1.55 | – | 0.17 |
| Kennady Diam | KDI | 73535 | 5.25 | – | 0.15 |
| Arianne Phosph | DAN | 632625 | 1.32 | – | 0.15 |
| Aurcana Corp | AUN | 800260 | 1.24 | – | 0.14 |
| Bear Creek Mng | BCM | 571530 | 1.56 | – | 0.13 |
| Gold Reach Res | GRV | 74800 | 0.85 | – | 0.12 |
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