TSX Venture drops, Dec. 12-16

The S&P/TSX Venture Composite Index dropped 13.58 points, or 1.8%, to a 735.22-point close on weaker commodity prices. Spot gold prices fell US$24.98 per oz. gold to a fresh 10-month low before closing at US$1,134.88 per oz., while Comex copper prices fell US9¢ to US$2.56 per lb.

Shares of Metalore Resources gained 95¢ to $2.96 on stronger oil prices. The company has 81 producing gas wells in two townships in Norfolk County, Ontario, and is preparing for a $1 million exploration program at its wholly-owned Cedartree gold property near Sioux Narrows, Ontario. For the six months ending Sept. 30, the company gained $288,175 in natural gas revenues from the production of 104,900 one million British Thermal Units (MMBtu), up from 85,400 MMBtu in the comparable quarter last year. At Cedartree, earlier exploration outlined gold mineralization along fracture and shear zones that transect a dioritic dyke or sill. In March, 2012, the main shear zone was calculated to contain 2.1 million indicated tonnes of 1.36 grams gold per tonne and 2.2 million inferred tonnes of 1.36 grams gold, at 0.3 gram gold cut-off. The company also maintains a 21 to 26% interest with Greenstone Gold Mines, Centerra Gold, and Premier Gold Mines’ Trans-Canada property in the prolific Beardmore-Geraldton area in Ontario.

First Mining Finance saw the most shares traded during the trading period, falling 4¢ to 77¢ per share on 17.4 million shares as gold prices decline. On Dec. 1, the company announced a $21 million exploration and development budget for 2017, with a focus on its Goldlund and Springpole gold projects in northwestern Ontario, its Cameron gold project in northern Ontario, and its Hope Brook gold project in Newfoundland.

Tintina Mines led the greatest percentage change category, gaining 5¢, or 157.1%, to 9¢ per share. On Nov. 25, 1.3 million stock options with an exercise price of 20¢ expired unexercised. One month earlier, the company appointed Jing Peng of Marrelli Support Services as chief financial officer. The company’s sole asset is the Red Mountain molybdenum deposit in the Whitehorse Mining district in Yukon, which has a non-43-101 non-compliant resource of 187.3 million inferred tonnes of 0.17% molybdenum disulphide (MoS2), using a 0.10% MoS2 cut-off, and 21.3 million tonnes grading 0.29% MoS2, using a 0.25% cut-off,within a high-grade core of the deposit. The property hasn’t seen any exploration work since 2013.

Archon Minerals gained 36¢ to $1.62 per share. On May 31, the company exercised its pre-emptive right to acquire, on a pro rata basis, C. Fipke Holdings interest in the Buffer Zone of Dominion Diamond’s Ekati diamond mine for $8.6 million. The right was triggered by an offer from Dominion Diamond to acquire Fipke Holdings 10% interest in Buffer.  The transaction increased Archon’s interest from 31.2% to 34.7%.


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