TSX Venture Exchange, Nov. 11-15

The S&P/TSX Venture Composite Index finished in the red, dropping 3.34 points en route to a 934.07-point close. Markets were on pace to register an even larger loss before a late recovery aided by rising metals and energy prices, as well as hints that the U.S. Federal Reserve would maintain its low-interest stimulus program.

Gold futures had a rocky start to the trading period, with December contracts for bullion dropping mid-week to US$1,266.70 per oz., but bouncing back to close out the week up US$2.70 at US$1,289.50 per oz. Crude oil futures also rallied during late-week trading, though January contracts for West Texas Intermediate closed down around US$1 at US$93.72 per barrel. Copper futures lost ground during the week, with December contracts for the red metal closing down US9.2¢ at US$3.17 per lb.

Joint-venture partners Fission Uranium and Alpha Minerals generated positive momentum ahead of a winter drill program at the Patterson Lake South uranium discovery in Saskatchewan’s Athabasca basin. Alpha jumped 52¢ during the week on 676,000 shares traded before closing at $5.95 per share, while Fission rose 14¢ on 3.1 million shares traded to close at $1.20.

On Nov. 12 the companies announced results from two drill holes that extended the newly discovered R600W zone by 10 metres north and 15 metres east. Results were highlighted by hole 13-121, which intersected 16.8 metres total composite mineralization, and includes a 500-metre horizontal vein of semi-massive pitchblende with accompanying off-scale radioactivity. Fission and Alpha have discovered six uranium zones at PLS.

The companies followed up on Nov. 14 with the release of assays from five holes collared at PLS’ R390E zone. Highlights include hole 13-086, which cut 43 metres grading 1.93% U₃O₈, including a 5-metre intercept averaging 9.91% U₃O₈.

Ontario-based graphite outfit Zenyatta Ventures had a strong week following a vote of support from the Canadian government at its wholly owned Albany hydrothermal deposit in northeastern Ontario. The company gained 31¢ during weekly trading before closing out the period at $2.66 per share on 748,000 shares traded.

On Nov. 11 Zenyatta said it would receive technical advisory services and a $350,000 contribution from the National Research Council of Canada’s Industrial Research Assistance Program. The company has been completing a delineation drill program at Albany during 2013, and “confirmed the geometry of two large, vertical breccia bodies consisting of a unique hydrothermal style of graphite mineralization.”

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