TSX Venture eases up, Jan. 23-27

The S&P/TSX Venture Composite Index gained 12.03 points over the Jan. 23-27 report period to a 809.62-point close. Spot gold prices shed US$19.12, or 1.6%, to US$1,191.2 per oz., whereas Comex copper prices gained 6¢, or 2.3%, to US$2.69 per pound.

Natural gas producer Metalore Resources led the value-added category, gaining $1.15 to $4.55 per share on rising oil prices. The 65-year-old company is producing gas from 81 wells in two townships in Norfolk County, Ont., and uses part of its cash flow to fund exploration at its Cedartree Lake gold property near Sioux Narrows, Ontario. Metalore is applying for a $1-million exploration program at Cedartree, and has a 21–26% interest with Greenstone Gold Mines in 600 claims belonging to the Trans-Canada property in the prolific Beardmore-Geraldton area, Ontario.

Gold Standard Ventures says its drilling has found the northern extension of its North Bullion gold target at its Railroad-Pinion project in the prolific Carlin trend of north central Nevada. The news drove the company’s shares up 68¢ to $3.65. A drill hole collared 180 metres north of North Bullion intercepted 5.3 metres grading 7.02 grams gold per tonne, within a 19.8-metre interval of 4.4 grams gold. The refractory-style mineralization occurs in a collapse breccia sandwiched between intrusive sills within the footwall of a northeast-striking fault corridor. North Bullion is one of four Carlin-style targets or deposits located on the company’s 115 sq. km property.

Graphite One Resources saw 16.5 million shares traded before closing down 2¢ to 9¢ per share on financial results from its preliminary economic assessment on its Graphite Creek deposit, 59 km north of Nome, Alaska. The company expects the operation will produce 1 million tonnes at 7% graphite annually over a 40-year mine life. The concentrate would be processed into coated spherical graphite and purified graphite powder at a potential facility in Washington, producing 55,350 tonnes of product annually at an operating cost product of US$1,774 per tonne. Based on a blended selling price of US$5,054 per tonne of product, the operation could have a 22% after-tax internal rate of return and US$616-million net present value, assuming a 10% discount rate.

Colombia-focused Cordoba Minerals gained 52¢ to $1.45 per share on news of intersecting 4,440 grams gold, 10.3% copper, 24.7% zinc and 347 grams silver per tonne over 0.9 metre at its San Matias copper-gold project in Colombia. The company and its partner High Power Exploration — an exploration arm of mining entrepreneur Robert Friedland — reported that the bonanza gold vein is similar to other carbonate hosted base-metal vein systems in Colombia, such as Barrick Gold’s Porgera gold mine and Continental Gold’s Buritica deposit.


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