TSX Venture climbs, Aug. 8-12

The S&P/TSX Venture Composite Index rose 26.6 points, or 3.3%, to an 833.29-point close, as spot gold and Comex copper prices remained relatively unchanged at 1,343.2 per oz. gold and US$2.15 per lb. copper.

Shares of Gold Standard Ventures surged $1.69 — or 90.4% to $3.56 — on drilling results at its emerging North Dark Star oxide gold discovery in Nevada’s Carlin trend. The company reported 126.2 metres grading 3.95 grams gold per tonne in a 100-metre, step-out drill hole from previous intercepts of 15.4 metres of 1.85 grams gold and 97 metres of 1.61 grams gold. President and CEO Jonathan Awde said in a press release that drilling has outlined a mineralized zone that is open in multiple directions. The North Dark Star prospect is located where the Carlin trend intersects a north-trending belt of prospective carbonate rocks within the company’s 115 sq. km Railroad-Pinion property. The company’s current 43,000-metre drill program, totalling US$13.4 million, aims to expand mineralization found at its Dark Star and Pinion deposits, and test targets at its North Bullion deposit and Bald Mountain prospect.

American Manganese saw 27.5 million shares traded, before closing up 9¢, or 90%, to 19¢ per share, on plans for a $1-million private placement by way of a unit offering at 14¢ per unit. Each unit consists of one share and one warrant, with each warrant exercisable for 24 months at 20¢ per share. The company intends to use the proceeds to advance metallurgical test work of its proprietary hydrometallurgical technology for lithium-ion battery recycling, debt settlement and working capital. On Aug. 4, the company reported 100% recovery of lithium and cobalt from cathode powders in lithium-ion batteries from 10 reductive leach tests by privately owned research and development firm Kemetco Research.

Junior explorer Thunderstruck Resources was a front-runner in the greatest percentage change category, with shares gaining 175% to 11¢ on news of acquiring Aljen, a private company holding a portfolio of base metal and gold projects in Fiji. Through its wholly owned Fijian subsidiary, Thunderstruck intends to acquire all the issued and outstanding shares of Aljen for AUS$244,000, plus value-added tax, and providing 1.8 million shares of the company. Aljen’s properties comprise nearly 4% of the main island of Fiji, and includes two volcanogenic massive sulphide zinc-copper targets, Nakoro and Wainaleka, previously outlined by Anglo American. The properties also host the Rama Creek prospect, which is a copper-gold porphyry, and the Liwa Creek gold prospect.

Shares of Almadex Minerals gained 43¢, or 96% to 88¢, after finding a gold-rich porphyry system at its 74.6 sq. km El Cobre project in Veracruz, Mexico. The company plans to deepen the hole, and has issued another rig to test other targets at the project.


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