The S&P/TSX Venture Composite Index closed in the green, rising 1.6%, or 10.84 points, en route to a 681.43-point close. Gains were underpinned by rising commodity futures, while Federal Reserve chair Janet Yellen said the U.S. central bank could raise its key interest rate later in the year based on improvement in the U.S. economy.
June contracts for gold bullion jumped 1.2%, or US$14.70, before finishing at US$1,200.70 per oz. Crude oil futures also gained ground, with May contracts for West Texas Intermediate closing up 6.2%, or US$2.84, at US$48.87 per barrel. May contracts for copper finished relatively flat at US$2.77 per lb.
Noront Resources sat near the top of the value-added category after announcing a major addition to its portfolio in Ontario’s Ring of Fire mineral belt. The company gained 22¢ on 7.7 million shares traded before closing at 57¢ per share.
On March 23 Noront reported a deal with producer Cliffs Natural Resources that will add 103 claims 500 km northeast of Thunder Bay. Noront will pay US$22.5 million for Cliffs’ chromite properties, which include the Black Thor deposit, the Black Label deposit and the Big Daddy deposit. The deal also gives Noront majority ownership in the McFaulds Lake copper-zinc resource.
Upon closing, Noront will hold 360 mining claims covering 800 sq. km in the Ring of Fire. The company will finance the acquisition under a loan agreement with royalty-and-streaming outfit Franco-Nevada.
Explorer Kennady Diamonds dropped 34¢ on 163,264 shares traded, en route to a $3.25-per-share close.
On March 24 the company reported results from delineation hole 15-4a, which cut 37 metres of kimberlite. Drilling was collared 30 metres northwest of the company’s Faraday 2 kimberlite discovery, which appears to show continuity along-strike through the first four delineation holes.
Quebec-focused Integra Gold saw 11 million shares change hands after announcing drill results at its Lamaque South project in Val-d’Or. It gained 6¢ before finishing the trading period at 35¢ per share.
On March 24 the company released assays from a winter drill program on Lamaque’s Triangle zone. The program tested extensions of known mineralized zones in all directions. Results reportedly confirm extensions up to 330 metres down-dip south of Triangle, with all zones open.
Highlights from recent Triangle assays include: 10 metres grading 14.79 grams gold per tonne from 180 metres deep in hole 15-2; 5 metres of 15.55 grams gold from 795 metres deep in hole 15-8; and 8 metres of 11.47 grams gold from 674 metres deep in hole 15-5.