VANCOUVER — The S&P TSX Venture Composite Index posted a second consecutive gain during the Jan. 7-11 trading period, rising 0.98% to 1,240.25 points for a 12.02 point weekly jump.
Markets were buoyed by further signs of an economic recovery in China. The world's second-largest economy saw its exports rise 14.1% in December — compared to a 2.9% jump in November.
Meanwhile the European Union continues its struggle to emerge from wide-spread recession, with European Central Bank president Mario Draghi predicting a gradual recovery through 2013 as Spain's government bond yields dropped below 5% to a 10-month low.
Commodity prices had a bit of a rough week, with February contracts for gold falling US$17.40 to US$1,660.60 per oz., and March contracts for copper dropping roughly US4¢ to US$3.66 per lbs. Crude oil also posted a loss, closing Jan. 11 down US26¢ to US$93.56 per barrel for February contracts on the New York Mercantile Exchange.
Toronto-based explorer Probe Mines wrapped up a strong week with a C29¢ gain en route to a C$2.18 per share close. The company released additional assays from an ongoing drill program at its Borden gold project outside of Chapleau, Ontario, on Jan. 8.
Probe said that results continue to expand Borden's gold zone to depth, with drilling identifying new mineralization along the northeast hanging wall of its main zone. The company drilled four expansion holes at depth, as well as 11 in-fill holes and two holes targeting the hanging wall in search of parallel gold zones.
Highlights from the depth-extension drilling include: 5.3 metres grading 6.4 grams gold per tonne from 365 metres depth in hole BL112-303; 13 metres averaging 2.5 grams gold from 438 metres in hole BL112-305; and 10.6 metres carrying 1.4 grams gold from 369 metres depth in hole BL112-313.
Probe has completed over 94,000 metres at Borden to date, with the deposit remaining open in all directions. The Borden gold zone currently contains an in-pit resource totalling 82 million indicated tonnes grading 1.04 grams gold for 2.7 million contained oz. at a 0.6 gram gold cut-off.
British Columbian explorer Gold Reach Resources enjoyed a similar gain when it jumped C23¢ on the week before closing at C$1.49 per share. The company released updated drill results from its Ootsa copper-gold-silver property in northwest B.C. on Jan. 10.
Ootsa sits alongside Imperial Metals operational Huckleberry copper mine and hosts four mineralized zones. The largest deposit, the Seel zone, hosts 28.1 million indicated tonnes grading 0.22% copper, 0.21 gram gold, and 1.1 grams silver, plus 214.8 million inferred tonnes averaging 0.17% copper, 0.13 gram gold, and 2.17 grams silver.
Gold Reach's recent drilling has focused on the West Seel zone, which the company discovered in late 2011. Highlights from the new batch of assays include: 643 metres averaging 0.19% copper, 0.11 gram gold, 0.011% molybdenum, and 1.64 grams silver from 304 metres depth in Hole 137; and 358 metres of 0.19% copper, 0.1 gram gold, 0.017% moly, and 2.72 grams silver in Hole 141.
It was Quebec-based Dunav Resources that posted the Venture’s largest percentage gain with a 123% or 15¢ jump en route to a 29¢ weekly close. On Jan. 9, the company released its 2012 exploration update on its Tulare copper-gold porphyry project in southern Serbia.
Tulare hosts several porphyry targets including Kiseljak, Yellow Creek, Trlica and Calovica vis South as well as the Bakrenjaca carbonate-base metal gold epithermal vein system. Bakrenjaca was the focus of four widely-spaced diamond holes that Dunav completed late in its field season.
Dunav's 1,000-metre drill program was highlighted by 11 metres grading 14.5 grams gold from 100 metres depth in Hole BKDD001, 4 metres averaging 2.28 grams gold from 35 metres depth in Hole GUDD002, and 21 metres carrying 1.12 grams gold from 296 metres depth in Hole GUDD001.
© 1915 - 2014 The Northern Miner. All Rights Reserved.