Investors enjoyed a relaxing week on the Toronto Stock Exchange, as the market traded low volumes in a narrow range. By the close of trading Tuesday, the composite index had drifted down 12.38 points (0.3%) to 4,572.16. The quiet financial markets mirrored the currency markets, where the Canadian dollar, hovering just below US74 cents all week, closed Tuesday at 73.89 cents, up 0.16 cents from a week before.
The Loony was also higher against other major foreign currencies. Interest rates were little-changed, with the yield on 3-month treasury bills bid down to 5.91% and the bank rate set at 6.16% — two basis points lower than on the previous Tuesday.
The gold price continued upward to a Wednesday morning fix of US$385.60 per oz. in London. Platinum, clawing back its autumnal losses, was fixed at US$416 per oz., up $1.75, and silver slid 4 cents to US$5.34 per oz.
The gold and precious metals subindex was fractionally lower, settling at 9,928.84, down 124.46 points or 1.2%. The heaviest trader was Kinross Gold, off 12 cents to $10.88. The next most active were Placer Dome, which fell 75 cents to $31.75, and Barrick Gold, off 38 cents to $33.50. TVX Gold was also active, and fell 38 cents to $9.12. Rising gold issues included: Goldcorp, up 50 cents to $13.12; Agnico-Eagle Mines, up 38 cents to $16.38; and Teck B-series shares, up 25 cents to $25.75.
The base metals had a quiet week, with copper and zinc unchanged and nickel off 5 cents to US$3.79 per lb. The grey metal outshone the shiny ones, as lead gained 1 cents to US31 cents.
Metals and minerals moved lower, with the subindex down 61.78 points or 1.2% to 4,961.22. Among base metal stocks, only two gained ground: Inco, which rose 38 cents to $47, and Aur Resources, which was up 38 cents to $5.88. Noranda was unchanged at $27.75, and both Cameco, at $45.50, and Kerr Addison, at $24.50, were off 50 cents.
High-flyer Bresea Resources shed some of its recent gains, closing down $2.62 to end at $51.38. Reports suggest some investors became edgy and bailed out after the company announced that the release of assays from the Busang gold project would be delayed until next week.
Montreal-listed Ditem Explorations jumped 21 cents to close at $2.05 on reports that the company will be releasing assay results from two Quebec exploration projects. The company is exploring the Hemmingford zinc project, south of Montreal, and the Temiscamingue diamond project, southeast of Temiscaming.
Joint-venture partners Comaplex Minerals, Cumberland Resources and Manson Creek Resources have announced assay results from three showings on their Parker Lake project north of Rankin Lake in the Northwest Territories. Sampling has extended the known strike length of the Suluk
nickel-copper-cobalt showing and has confirmed the presence of a base metal occurrence. In addition, mapping of the Thirsty Lake diamond occurrence suggests the structure is about 2,000 ft. long. Comaplex shares jumped 17 cents to close at $1.66, Cumberland shares rose 30 cents to close at $2.80, while Manson Creek shares added 14 cents to close at 75 cents.
A syndicate using a beep mat survey has discovered gold mineralization hosted in a sulphide-rich iron formation in northern Quebec. The syndicate includes GeoNova Explorations, Freewest Resources and Consolidated Oasis Resources. The anomaly, which was later trenched and sampled, returned assay values ranging from 3.7 to 6.6 grams gold per tonne. GeoNova shares experienced the largest jump, hitting a new 52-week high of 49 cents before rolling back to 38 cents, up 13 cents on the week. Freewest shares posted a solid gain of 10 cents to close at 71 cents, while Consolidated Oasis edged up by 1 cents to close at 23 cents.
Campbell Resources posted third-quarter results, which indicate the company is on track to produce more than 50,000 oz. gold for 1995. Production is coming from the company’s Joe Mann mine in Quebec and Santa Gertrudis mine in Sonora state, Mexico. Despite the positive news, Campbell shares shed 12 cents to close at $1.10.