The S&P/TSX Venture Composite Index returned to positive territory during the trading period, jumping 1.81 points en route to a 699.43-point close. Canada’s GDP stayed static, and struggling oil markets were offset by gains in consumer spending. On the commodities front, precious metal futures slumped late in the week, while contracts for copper hit a six-week high.
Gold futures started out hot before trailing off late in the trading period, with June contracts for bullion finishing the week relatively flat at US$1,174.50 per oz. Copper futures rallied for a second straight week, as July contracts for the red metal jumped US$1.81 before closing at US$2.93 per lb. June contracts for West Texas Intermediate crude oil gained 3.5%, or US$2, en route to a US$59.15-per-barrel weekly close.
Archon Minerals led the value-added category, as it gained 20¢ before ending at $1.60 per share, or near a 52-week high. The company released its management discussion and analysis on April 29.
Archon has benefitted from joint-venture partner Dominion Diamond, which operates the Ekati diamond mine, 300 km northeast of Yellowknife, N.W.T. Archon holds a 34.7% interest in Ekati’s Buffer zone, with production scheduled under Dominion’s Jay pipe expansion prefeasibility study in April. The company’s expenditures on the Buffer zone this year could total $11.5 million.
Explorer Kennady Diamonds topped the value-lost column after updating the drill program at its Kennady North project in the Northwest Territories. The company dropped 42¢ to $4.40 per share.
On May 1 Kennady announced results from its Faraday 2 kimberlite, defined over a 190-metre strike length from southeast to northwest. Drilling was highlighted by 32.6 metres of kimberlite in hole 15-18a, and 15.1 metres of kimberlite in hole 15-20a.
Decade Resources was the most traded company after announcing drill results from its Bow gold project, 50 km north of Stewart, B.C. Decade saw 12.3 million shares change hands, but closed flat at 5¢ per share.
On April 20 the company released assays from a 15-hole program on several zones at Bow last year. Six holes tested the Sixties-Big M vein areas; three holes tested a narrow pyrite-veining stockwork zone; two holes tested the Oro Grande zone; two holes tested a large gold-copper soil anomaly; and two holes tested areas of intense rust staining.
Results were highlighted by hole 14-Bow-5, which was collared at the Sixties zone and cut 14.6 metres grading 12.98 grams gold per tonne from 22 metres downhole.