Pipeline activity globally in November 2011 reached its highest point since last spring, thanks to record-setting drilling results and improved financing, Canada-based Metals Economic Group said Thursday.

According to MEG's Pipeline Activity Index's latest report, drilling activity slowed over the Christmas holidays, but year over year the total number of resource announcements for all of 2011 rose over 2010.

The MEG Pipeline Activity Index measures the level and direction of overall activity in the supply of pipeline, incorporating significant drill results, initial resource announcements, project development milestones and significant financing.

According to the report, 2011 proved to be the year with the most pipeline activity since 2008. The added activity brought with it a spike in found resources, and November 2011 held the most in new resource discoveries including satellite resource zones, and extensions to uncovered deposits.

Despite the gains made in November, the holiday season put a damper on the index's upward trajectory and although December finished at the index's lowest point since April, its numbers were still higher than all of 2010.

The industry's aggregate market cap declined in November and December to finish 2011 at $1.74 billion -- the lowest since July 2010. Market caps have now been under $2 billion for four consecutive months, bringing 2011's monthly average down to $2.16 billion, read the report.