Phenomenal week on no news.The Northern Miner, Volume 94 Number 17, Jun 16 - 22, 2008
TSX VENTURE EXCHANGE JUNE 3-9
The S&P-TSX Venture Composite Index managed a small gain over the June 3-9 trading session, inching up 15.42 points to close at 2,667.31. Trading was strong, with daily volume averaging 101.9 million.
Bears continued to dominate the junior board. Over the session, 23 juniors managed new 52-week price highs while 160 sunk to new lows.
Largo Resources had a phenomenal week on no news. The Toronto-based junior -- which, in an average day moves fewer than 500,000 shares -- moved almost 33 million shares over the session to close up 26¢ at $1.10, a new high. Largo is advancing a 5,000-metre drill program at Maracas, its vanadiumplatinum group metals project in Brazil. With production at the project targeted for 2010, the company recently signed an offtake agreement with Glencore International for all vanadium produced there. Largo is also exploring the Northern Dancer tungstenmolybdenum project in the Yukon.
Another large volume mover this week was Canasia Industries, which traded 31 million shares to close up 9¢ at 49¢. Canasia has been very active in Saskatchewan of late, applying for coal permits in the wake of Goldsource Mines' coal hit. The company has just received potash permits in the province.
Saskatchewan is also proving bountiful for North American Gem. The company received a letter during the session indicating its coal permit applications had been given priority status. The junior had slightly more direction than other area players in claiming its coal ground -- partner Adamas hit a coal seam 14 months ago when looking for kimberlite and North American Gem recently had the short intercept graded. The company traded 30 million shares to close up 6¢ at 28¢.
Cash Minerals' plan to reassess the potential in its Division Mountain coal property in the Yukon lifted its share price 7¢ to 29¢ and boosted its trading volume to 17.6 million. The project has sat inactive for two years, after a feasibility study found the 25-milliontonne coal project uneconomic. A 95-metre intercept of semi-to near-massive sulphides at the Anomaly 5.01 project in the James Bay lowlands lifted Metalex Ventures 6¢ over the session to close at 41¢ on 12.3 million shares traded. The project, a joint venture with Arctic Star Diamond and WSR Gold, is on the Ring of Fire that includes Noront Resources' discovery. WSR gained 25¢ on the hit to close at 84¢.
Goldsource Mines, the Saskachewan coalfinder, continued its astronomical share price climb this week, gaining another $2.75 to close at $9.20. The junior was trading at 25¢ in April.
Ringbolt Ventures, busy exploring its Utah potash property, gained 56¢ to close at $1.84.
And Northern Freegold Resources' first hole of the season into its large Freegold Mountain project in the Yukon was a doozy: 100 grams gold over 3.3 metres, within 38 metres averaging 10.4 grams gold. The news lifted the company's share price 85% -- it closed up 35¢ at 85¢.
| TSX-V most active issues |
| VOLUME | WEEK |
| (000s) | HIGH | LOW | CLOSE | CHANGE |
| Largo Res | LGO | 32945 | 1.15 | 0.80 | 1.10 | + 0.26 |
| Canasia Indust | CAJ | 31028 | 0.56 | 0.31 | 0.49 | + 0.09 |
| North Am Gem | NAG | 30083 | 0.35 | 0.23 | 0.28 | + 0.06 |
| Cash Minerals | CHX | 17587 | 0.31 | 0.20 | 0.29 | + 0.07 |
| Metalex Vent | MTX | 12327 | 0.52 | 0.33 | 0.41 | + 0.06 |
| San Gold Res | SGR | 11682 | 1.89 | 1.56 | 1.80 | + 0.12 |
| X-Terra Res | XT | 11118 | 3.00 | 1.75 | 2.17 | + 0.69 |
| WSR Gold | WSR | 9816 | 1.00 | 0.60 | 0.84 | + 0.25 |
| Pac Ridge Expl | PEX | 8643 | 0.30 | 0.12 | 0.24 | + 0.07 |
| Opact Res | OPA | 8586 | 0.29 | 0.19 | 0.22 | + 0.03 |