The S&P/TSX Venture Composite dropped 1.57 points en route to a 995.90-point weekly close. Markets continue to monitor the Russia–Ukraine crisis even as the eurozone economies released underwhelming economic data. Commodity futures also declined, while Statistics Canada reported that its New Housing Price Index rose 0.2% in June, up slightly from a 0.1% gain in May.
December contracts for gold bullion were down US$4.70 before closing the trading period at US$1,306.20 per oz. October contracts for West Texas Intermediate crude oil lost 2.4%, or US$2.34, en route to a US$95.32-per-barrel close. September contracts for copper declined 2.6%, or US8.3¢, before finishing the week at US$3.11 per lb.
True Gold Mining sat near the top of the value-traded category after it nailed down funding for its advanced Karma gold mine project in Burkina Faso. True Gold saw nearly 11 million of its shares change hands as it gained 2¢ after announcing a joint financing with Franco-Nevada and Sandstorm Gold. Shares ended the week at 45¢.
Under the US$100-million agreement, True Gold is on the hook for 100,000 oz. gold over five years and thereafter 6.5% of the equivalent amount of gold produced at Karma in exchange for ongoing payments. True Gold has the option to increase the financing by US$20 million over the next 18 months by delivering another 30,000 oz. gold.
Graphite developer Zenyatta Ventures received a stock boost after strengthening its board of directors. Shares jumped 20¢ during before closing out the period at $2.04 per share. Zenyatta added Kenneth Stowe to its board as it moves its Albany graphite project in Ontario towards the feasibility stage.
Stowe was previously the president and CEO of Northgate Minerals and has 35 years of industry experience, including overseeing the feasibility study at the Voisey’s Bay nickel–copper deposit in Labrador.
Fission Uranium was near the top of value-traded category after releasing assays from five holes drilled several months ago at the R790E zone on its Patterson Lake South discovery on the margin of Saskatchewan’s Athabasca basin. The company traded 10.4 million shares during the week, as it lost 7¢ en route to a $1.28-per-share close.
On Aug. 13 Fission reported results from targets on the eastern area of R780E, with three of five holes intersecting “substantial width and grade of uranium mineralization at a shallow depth.” The assays are the company’s final round from its “R zone” drill program, and are highlighted by 22% uranium oxide (U3O8) over 10 metres in hole 14-209, and 11.8% U3O8 over 22.5 metres in hole 14-215.
TSX-V most active issues
|China Mnls Mng||CMV||11271||0.01||0.01||0.01||–||0.01|
|True Gold Mng||TGM||10907||0.45||0.39||0.44||+||0.02|
|Big North Grap||NRT||5230||0.09||0.06||0.07||+||0.01|
|Honey Badger E||TUF||5123||0.03||0.02||0.02||–||0.02|
TSX-V greatest percentage change
|Prime Merid Rs||PMR||27||0.12||0.1||0.12||+||380|
|Blind Crk Res||BCK||193||0.01||0.01||0.01||+||100|
|China Mnls Mng||CMV||11271||0.01||0.01||0.01||–||50|
|Central Iron O||CIO||100||0.01||0.01||0.01||–||50|
|Honey Badger E||TUF||5123||0.03||0.02||0.02||–||42.8|
|Clear Mtn Res||CY||70||0.12||0.04||0.07||–||35|
TSX-V greatest value change
|Prime Merid Rs||PMR||27250||0.12||+||0.1|
|Great Quest Me||GQ||90340||1.64||–||0.16|
|North Arrow Mn||NAR||48150||0.65||–||0.11|