TSX Venture closes up sharply, Dec. 27-30

The S&P/TSX Venture Composite Index gained 34.24 points, or 4.7%, to a 762.37-point close on strengthening gold prices. Spot gold prices rose US$14.2 per oz. gold to $1,147.5, while Comex copper prices fell US3¢ to US$2.51 per pound.

Shares of GoldMining gained 45¢ to $2.02 on stronger gold prices. The company, formerly Brazil Resources, changed its name to reflect its strategy to acquire and develop gold assets throughout the Americas. In November, GoldMining closed the final tranche of a $12.4-million private placement, which saw 5 million shares issued at $2.50 per unit. Each unit consisted of one share and one half warrant, with each warrant exercisable within three years at $3.50 a share.

Plate Resources had the greatest percentage change, gaining 6¢, or 200%, to 8¢ per share. On July 29, the junior copper explorer issued 2.5 million shares at 5¢ per share to pay debts up to $124,301. One month later, the company announced resignations of its CEO, president, chief financial officer and secretary. Plate is working to acquire 100% interest in the multi-target, 40 sq. km Lucky Mike porphyry copper project near Merritt, British Columbia. A September 2014 option agreement with Korean-based Nexgeo and state-owned Korea Resources gives Nexgeo and Korea a right to earn 70% in Lucky Mike.

Bear Creek Mining was a front-runner in the value-added category, gaining 35¢ to $2.35 per share. The company is advancing its Corani silver-lead-zinc project in Peru, having elected a Peruvian-based firm to undertake detailed engineering work before permit applications. The company will make a construction decision for Corani at year-end, contingent on market conditions, permit approvals and project financing. In September, Bear Creek Mining announced the start of in-person hearings in regards to its international arbitration against the Republic of Peru for expropriating the company’s feasibility-stage Santa Ana silver project in 2011.

Shares of Almadex Minerals rose 40¢ to $1.82 per share. On Dec. 15, the company reported drill results from its El Cobre porphyry copper-gold project near Veracruz, Mexico. Drilling at the project’s Norte zone intercepted 268.5 metres of 0.2% copper and 0.46 gram gold per tonne within a 497-metre interval of 0.16% copper and 0.33 gram gold, starting from surface. The hole was drilled from the same pad as holes 16-10, 12 and 13. Hole 16-14, collared from the same pad, found less stockwork mineralization, with 56.5-metre intercepts grading 0.09 gram gold from 131 metres deep, and 49 metres grading 0.08 gram gold and 0.08% copper from 307 metres deep. Mineralization could reach the undrilled high chargeablity and magnetics anomaly Villa Rica. The area also encompasses a 2.5 by 1 km untested zone of high copper-gold-molybdenum soil anomaly.


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