TSX Venture trades flat, Nov. 3-7

The S&P/TSX Venture Composite Index stayed near a one-year low during the trading sessions, as it posted a 0.67-point increase en route to a 770.26-point weekly close. Commodity futures also struggled although a strong Canadian jobs report showed 43,100 positions created in October. Meanwhile, the European Central Bank prepared the groundwork on more stimulus measures to bolster the Euro economies.

Gold futures were again on the decline although a late-week rally softened losses, as December contracts for bullion dropped US$1.80 en route to a US$1,169.80 per oz. close. Crude oil futures remain a sore spot for the Canadian economy, with December contracts for West Texas Intermediate losing 2.4%, or US$1.89, before finishing the week at US$78.65 per barrel. December contracts for copper closed the trading period relatively flat at US$3.04 per lb.

Explorer NMC Resource jumped 244%, or 15¢, after announcing assays from two drills holes at the past-producing Boss Mountain molybdenum project near 100 Mile House, B.C. The company expects results from another nine holes testing mineralization along trend to the south and east.

Hole 14-1 outlined more near-surface mineralization when it cut 0.14% moly over 182 metres. NMC reported that “preliminary results appear to show a correlation between moly and rhenium,” with assays reaching up to 5.07 grams rhenium per tonne over 0.5 metre. Meanwhile, hole 14-2 intersected 0.07% moly over 149 metres, which confirms mineralization is open at depth.

Rhenium — among the rarest metals on earth — is used mainly in the aerospace industry as an alloying agent, and in the chemical industry as a catalyst.

Junior Visible Gold Mines had a busy trading period after announcing a potential discovery at its 167 extension gold project, 320 km north of Chibougamau in Quebec. The company gained 4¢ on 6.1 million shares traded before closing at 15¢ per share.

On Nov. 4 Visible Gold reported “numerous rusty and angular boulders” discovered in the mid-section of its new project. Highlights include: 143 grams gold per tonne, 22.2 grams silver per tonne, 0.6% copper and 0.02% zinc from sample 55860; and 25 grams gold, 14.6 grams silver, 0.2% copper and 0.01% zinc from sample 55921.

BonTerra Resources announced a non-brokered private placement wherein it issued 5.5 million units at 10¢ per unit for gross proceeds of up to US$550,000. Each unit consists of a share and a transferable purchase warrant exercisable for two years at 20¢ per share. After the news Bonterra jumped 106%, or 10¢, en route to a 19¢-per-share close.