Venture climbs on strong volume

Vancouver – For a second week the S&P TSX Venture Exchange shrugged off its short downturn and made overall gains of 52.93 points. The board ended at 2109.93 points after going up 59.13 points over four days and down 6.2 points one day.

The board was buzzing with activity, averaging 188 million shares traded daily, including a hefty 245 million shares on the Friday. Venture-listed companies hitting 52-week highs numbered 190 while 47 hit 52-week lows.

Seafield Resources saw by far the highest volume, clocking in at 72.3 million shares traded. The company released drill results from the Miraflores deposit at its Quinchia Colombian gold project. Results including hole 3 that hit 449 metres grading 1.29 grams gold per tonne, with a 24-metre section averaging 9.18 grams gold. The project already hosts an inferred resource of 18.6 million tonnes grading 1.3 grams gold for 776,000 contained oz. gold, but the recently completed 4,100-metre drill program adds significantly to the 3,600 metres of data the resource was based on. Seafield’s share price climbed 35¢ or roughly 153% to end at 57¢.

A positive ruling by the Commissioner for Minerals in Tanzania helped send Canaco Resources‘ shares up 83¢ to $4.75. The company was entangled in a dispute with Sonora Gold & Silver over a small licence within Canaco’s Kilindi project. The ruling stated that the 0.07-sq-km licence, which Sonora had optioned into, will now only be open for small-scale local mining. Sonora saw its share price drop 28¢ to end at 26¢.  

A property acquisition in French Guiana helped Columbus Gold see stock price gains, climbing 27¢ or 108% to end at 52¢. The company has secured the 135-sq.-km Paul Isnard project, which already hosts a resource of 33.2 million tonnes grading 1.69 grams gold for 2 million contained oz. gold. Along with smaller costs to earn 51%, Columbus can earn 100% in the project within four years by spending US$7 million, completing a bankable feasibility study, and issuing enough shares to France-listed Auplata for the company to own 49% of Columbus.

Eagle Plains Resources was on of the biggest percent gainer of the week, climbing 50¢ or 208% to 74¢ after it issued an update on its Iron Range project in British Columbia, including rush assay results from sections of a drill hole. A 27-metre section from hole 5, starting at 63 metres depth, hit 4 metres grading 1.49 grams gold and 22.5 grams silver and 1 metre carrying 6.05 grams gold and 33.9 grams silver. From 144 metres, a 19-metre interval averaged 0.84 gram gold throughout the sample. The company reported that holes 7 and 10 showed similar alteration. Providence Capital, which is earning in a 60% interest in the project, climbed $1.30 or 406% to end at $1.62.

Silvercest Mines saw solid gains as the company secured the La Joya property in Mexico, 75 km southeast of Durango. The company is buying the project from local vendors for US$2.68 million, payable over three years, plus a 2.5% net smelter return royalty and US$1.5 million for the 522-hectare La Joya West and a 1.5% NSR return on the 1104-hectare La Joya East. Historic drill results showed elevated levels of silver, copper and gold. Silvercrest’s share price was up 23¢ to end at $1.70.  


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