A quarter-point interest rate cut by the United States Federal Reserve helped propel the Canadian markets higher during Wednesday trading. 

For the tale of the tape, the TSX Exchange gained 0.80%, while the TSX Gold Index rallied 2.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, ended the session up 0.91% with declining issues continuing to surpass the advancers this time by a 572 to 482 margin with slowing volume of almost 175 million shares traded.

Altius Minerals got a boost after announcing that John Baird, Minister of Environment Canada has declared a positive decision regarding the Newfoundland and Labrador Refining Corp’s (NLR) Southern Head Marine Terminal and associated works related to a crude oil refinery development proposal in Newfoundland. Altius, which is a major shareholder in NLR, closed at C$15.28 for a C$2.49 gain.

The political plague that is engulfing parts of South America hit long time sufferer Crystallex International. You see, the Government of Venezuela denied the company’s request to conduct resource exploration activities at the Las Christinas gold deposit. Crystallex ended the day down C$0.69 at a new multi-year low of C$0.92.

Lara Explorations inked a deal to sell its 10% future interest in the Mantaro Phosphate project in Peru to Sprott Resource for 1,180,872 Sprott shares, which have a value of over $3 million. Lara ended the day up C$0.04 at C$0.68, while Sprott gained C$0.03 to close at C$2.88.

Tri Origin Exploration tabled an updated resource for its Aussie subsidiary owned Woodlawn zinc-copper Projects in Australia. The measured and indicated resource now stands at 9.4 million tonnes grading 2.3% zinc, 0.5% copper, 1.4% lead, 0.3 gram gold and 32 grams silver per tonne. Tri Origin ended the session unchanged at C$0.45.

Shares of Goldsource Mines continued to rocket higher on speculation the junior has made a coal discovery in Saskatchewan. The company recently completed six drill holes of a permitted 22-hole program on its mineral claim blocks in central and eastern Saskatchewan. No kimberlites were encountered and the only results of interest were a coal intercepts in two of the holes. The coal is described as black and moderately hard and therefore judged by visual characteristics to be either sub-bituminous or bituminous in rank rather than lignite. Results are pending but in the meantime Goldsource added C$0.93 to close at C$3.30.

Well it is nice finally to see a little bit of green on the junior resource stock screen. Especially since Canada’s junior bourse was once again flirting with the 2,400 point low before Wednesday’s bounce. We will see what Thursday trading has in store.