The TSX Ventures Exchange, Canada’s junior bourse, continues to be stuck in the 1905 to 1920 point range, ending the week essentially unchanged as individual exploration stories dominated the trading floor.
Greystar Resources caught more than a few eyes after reporting 54.07 grams gold per tonne over 4.75 meters in one hole and 392 grams gold per tonne over 1.25 meters in another at its wholly-owned Angostura gold-silver deposit in northeastern Colombia. A recent resource estimate pegged the total indicated resources at 148.1 million tonnes grading 1.22 g/t gold and 51.7 g/t silver, while inferred resources stand at 123.3 million tonnes of 1.13 g/t gold and 5.42 g/t silver.
Although lower-grade, that’s a lot of gold. The deposit comprises a large intrusive-related gold system made up of a series of high-grade shoots surrounded by lower grade material, so nothing really new with the latest results just further confirmation of the robust nature of the system. Still the market liked it as the David Rovig-led company ended the week at C$7.30, up C$1.30.
Royal Standard Minerals moved to a new 52-week high thanks in part to a write-up by Ian Gordon at Bolder Investment Partners. The soon-to-be Nevada gold producer ended the week at C$0.70, up C$0.11.
Investors have elected not to wait for the drill results from the Spanish Mountain gold project in British Columbia before buying Skygold Ventures shares. The junior holds a 70% stake in the project, where reverse circulation drill holes have returned intervals of 50 to over 100 meters grading from 1 to 2 grams gold per tonne, many of which bottomed in mineralization. The first batch of core results are expected to be released next week. Skygold ended the week at C$0.90, up C$0.13.
Pinnacle Mines and Mountain Boy Minerals sparked some buying after reporting the latest drill holes from their Main Breccia Zone on the Silver Coin property near Stewart in northern British Columbia. The most recent results include 118.98 meters grading 5.4 grams gold per tonne, including a 15.2-meter section running 34 grams gold per tonne. Pinnacle surged to C$1.45 before settling out the week at C$1.25, up C$0.22, while Mountain Boy gained C$0.19 to close at C$0.75.
On the other hand, Dianor Resources felt some aftershocks following news that Autorité des marchés financiers came down on Norbourg, a registered securities adviser. An order has gone into effect for Norbourg to cease all activities and appoint a provisional administrator to handle the property of Norbourg and of certain companies related to Mr. Vincent Lacroix, who heads Norbourg. Unfortunately for Dianor, the junior recently completed an arm’s length private placement with Vincent Lacroix which resulted in Mr. Lacroix holding approximately 21.5% of Dianor’s 95,696,261 issued and outstanding shares. Dianor states that the investigation will not have any impact on the company, nor affect the recently-closed private placement. Dianor ended the week down C$0.09, to C$0.31, on heavy volume.
It was a quiet week on the junior uranium front even though yellowcake hit the $30 per pound mark. A lack of exploration news could be the explanation, with only International Uranium posting any significant gains, climbing C$0.32 to close at C$7 flat.
Golden Band Resources marched modestly higher after releasing results for its summer drilling program at the Bingo gold deposit in northern Saskatchewan. The best results include 45 grams gold per tonne over 1 meter and 8.8 grams gold per tonne over 5.9 meters. The gold-bearing structure is now nearly 600 meters long and remains open primarily to the north and at depth. Golden Band ended the week at C$0.32, up C$0.02 on decent volume.
It was another down week for Canada’s biggest gold miners with Goldcorp performing the best of the lot down a modest C$0.09 to close out the week at C$21 even. Placer Dome was once again the big loser, dropping C$0.97 to C$16.91. Barrick Gold lost C$0.77 to close at C$31.03.
Drill results and more drill results are expected over the next several weeks and that should keep trading brisk in the junior markets. September could well bring out some new discoveries, driving the market out of its current trading range. But only time will tell.