Canadian equities ended the trading week in the red. The S&P/TSX Composite Index fell 0.4% to 13,425.19. The S&P/TSX Global Mining Index lost 2.2% to finish at 45.12, and the S&P/TSX Capped Diversified Metals & Mining Index slipped 1.5% to 357.46. The S&P/TSX Global Gold Index dropped 0.8% to 125.47, as the New York spot gold price fell 1% to US$1,070.90 per oz. on Nov. 25, a day before U.S. markets closed for the Thanksgiving holiday. On the New York Mercantile Exchange, crude futures for delivery in January gained 3% to close Nov. 25 at US$43.04 per barrel.
NGEx Resources rose nearly 62% to finish at 76¢ per share after updating the inferred resource estimate for its Filo del Sol silver-copper-gold deposit in Argentina. Using a 0.3% copper-equivalent cut-off grade, Filo’s contained copper, gold and silver resources have increased 42%, 39% and 71%. The deposit has 381 million inferred tonnes grading 0.4% copper, 0.33 gram gold and 12 grams silver per tonne for 3.3 billion lb. copper, 4 million oz. gold and 149.8 million oz. silver. The new resource estimate replaces a December 2014 estimate, and includes data from 24 more stepout and infill holes from the 2014–15 drill program.
Trevali Mining — the only primary zinc producer on the TSX — was the most traded stock, with 33.6 million shares changing hands. The stock gained 4¢, or 13%, to close at 34¢ per share, as the spot zinc price rose US3.5¢ to US72¢ per lb. The junior is ramping up its 3,000-tonne-per-day Caribou zinc-lead-silver mine in New Brunswick to commercial production by year-end, followed by full production in early 2016. It also has the Santander primary zinc mine in Peru, which produced 14.8 million lb. zinc, 7.8 million lb. lead and 285,962 oz. silver in the third quarter. The junior ended September with a $16-million cash balance.
UEX shares rose 8.3% to 13¢, after the junior and partner Areva Resources Canada reported a $2.2-million 2016 exploration budget for their Western Athabasca joint-venture uranium projects. Of the budgeted $2.2 million, $1.4 million will go towards the Shea Creek project, where UEX will contribute $662,800. Areva also plans to invest $650,000 and $200,000 to explore the early-stage Mirror River and Coppin Lake projects. UEX — which holds a 49.1% interest in eight projects under the Areva JV — says that because it doesn’t plan to invest in Mirror River and Coppin Lake, its interests in the projects should drop to 41.4% and 1%. UEX says its interests will stay at 49.1% for the other six projects, adding that it also owns 42.8% of the Laurie project under the JV. UEX chose not to invest in Mirror River and Coppin Lake so it could focus on its Christie Lake project, where it signed a letter of intent in October to earn a 70% interest from JCU (Canada) Exploration Co.