The S&P/TSX Venture Composite Index stayed in the green on the back of late gains during trading, jumping 2.5 points before closing out the week at 955.36 points. Markets were buoyed by rising commodity prices later in the week, though momentum was limited due to uncertainty about the U.S. government shutdown.
December contracts for gold bullion fell to US$1,288.60 per oz. before rebounding to US$18.10 at US$1,310.90 per oz. Crude oil futures also suffered an early dip before recovering, as November contracts for West Texas Intermediate (WTI) posted a US$1.28 gain en route to a US$103.64-per-barrel close. December contracts for copper gained around US2.1¢ during the week before closing at US$3.30 per lb.
Ross Beaty’s Lumina Copper led the value-added category with a $1.24 gain en route to a $6.29-per-share weekly close. Though the company released no material news, there is plenty of activity near its Taca Taca copper-gold-molybdenum project, 230 km west of Salta, Argentina.
Taca Taca is one of the largest undeveloped copper resources in the world, with 2.2 billion indicated tonnes grading 0.57% copper, 0.08 gram gold per tonne and 0.013% moly, and markets are noticing growing acquisition interest in large-scale, South American base-metal projects. Peru’s Mines Minister Jorge Merino said on Oct. 3 that firms from several countries had expressed interest in Glencore Xstrata’s Las Bambas megamine, 72 km southwest of Cuzco.
On Oct. 6 news broke that Argentine president Cristina Fenandez — often viewed as an impediment to foreign resource investment — had suffered a brain injury heading into mid-term elections scheduled for Oct. 27. Questions remain over whether Fernandez can continue as president after doctors ordered a one-month rest period. She underwent surgery on Oct. 8.
Joint-venture partners Alpha Minerals and Fission Uranium were on the way down after an $11.3-million financing, which will see Fission issue 7.5 million subscription receipts, exchangeable into flow-through shares at a price per receipt of $1.50 per share. Alpha led the value-lost category with an 87¢ decline en route to a $6.29-per-share close, while Fission dropped 14¢ before closing at $1.20 per share.
On Sept. 18 the companies executed an all-share agreement for Fission to take over Alpha’s 50% stake in the Patterson Lake South uranium deposit in Saskatchewan’s Athabasca basin. Alpha investors will exchange each share for 5.725 shares of Fission, and Fission will issue 138 million shares.
TSX-V most active issues
|Pac Coal Res||PAK||4252||0.3||0.27||0.3||0|
|Spanish Mtn Gd||SPA||3167||0.08||0.06||0.06||–||0.03|
TSX-V greatest percentage change
|Golden Dory Rs||GDR||482||0.02||0.01||0.02||+||200|
|Green Swan Cap||GSW||220||0.1||0.05||0.1||+||137.5|
|Gem Intl Res||GI||378||0.05||0.02||0.05||+||125|
|Aguila Am Res||AGL||25||0.01||0.01||0.01||–||50|
|Golden Dawn Ml||GOM||260||0.01||0.01||0.01||–||50|
TSX-V greatest value change
|Pac Booker Min||BKM||55303||5||+||0.43|
|Bear Creek Mng||BCM||568694||2.5||+||0.28|
|Gold Std Vnt||GSV||584028||0.7||+||0.13|
|Huakan Intl Mg||HK||15058||0.18||+||0.08|
|Atacama Pac Gd||ATM||22700||1.31||–||0.17|