Fipke’s Cantex among gainers on western markets

The Canadian Venture Exchange closed up 14.63 points, or 0.7%, at 2,168.71 during the report period ended Dec. 21, 1999.

MacDonald Mines Exploration traded almost 2.5 million shares during the week, climbing as high as 16 before closing unchanged at 9. The company has optioned an interest in the 13-claim Casson Lake platinum group element property, near Whitefish Falls in northern Ontario. MacDonald can earn a 100% interest by making cash payments and spending $400,000 on exploration over four years.

Charles Fipke’s Cantex Mine Development continued to run up on anticipation of drill results from the potentially large-tonnage Al Hariqah gold prospect in Yemen. The company is testing the north-central 1.4 km of a 3.2-km-long gold anomaly. At last report, 11 holes had been completed. Meanwhile, the first hole on the Suwar copper-nickel-cobalt prospect had encountered disseminated sulphides. Cantex is testing an induced-polarization chargeability high, which lies below a surface geochemical anomaly. With 120 million shares outstanding, or 140 million fully diluted, the issue tacked on 11 to finish at 62.

Hunter-Dickinson-led Anooraq Resources was up 19 at $1.02. The company is gearing up to drill the newly acquired Platreef platinum group properties in the Bushveld region of South Africa. Anooraq has optioned a 100% interest in four properties covering 74 sq. km contiguous with Anglo American’s Amplats properties in the Northern province. The company is raising $2.3-3.3 million by way of a brokered private placement. An additional $700,000 is being raised privately. An 85 unit will consist of one share and one warrant, exerciseable for an additional share at 85 for one year.

Another Hunter-Dickinson company, Great Basin Gold, is conducting deep drilling on its fully owned Ivanhoe project in Nevada. The issue climbed to $2.65 for a gain of 35.

Acquisition of the past-producing, 6-sq.-km Afton mine, a copper-gold property near Kamloops, B.C., resulted in an 80 boost for DRC Resources, which closed at $1.75.

Inca Pacific Resources, which recently released promising results from the first three holes of an 8-hole program on the Magistral copper skarn project in Peru, rose 12 to finish at 57. One intercept cut 442 metres averaging 0.62% copper, 0.059% molybdenum and 2.29 grams silver, including a higher-grade 80 metres of 1.09% copper, 0.056% moly and 2.41 grams silver. Results for the remaining holes are expected in January. Anaconda Chile is earning a 51% interest in the project.

Aquest Minerals remained unchanged at 30. The company recently arranged a 2.1-million unit private placement with South Africa’s Gold Fields at 35 per unit, equivalent to proceeds of $735,000. Each unit will consist of one share and half a warrant. A whole warrant will entitle the holder to buy an additional share at 50 for one year. Aquest is planning a second phase of drilling early in the new year on the Anabella gold-antimony project in Guatemala.

Spider Resources was up a penny at 9 on the announcement that a sixth kimberlite body has been confirmed by drilling at the Alto Paranaiba project in Brazil’s Minas Gerais state. The bodies are being tested for diamond content. Line Islands Exploration can earn up to a 40% stake in the project from partners KWG Resources and Spider.

EuroZinc Mining was up 8 at 70 on the release of new resource estimates for its 75%-optioned Aljustrel zinc project in Portugal.