Marum leads as CDNX moves forward

Vancouver — Canada’s junior exchange posted modest gains during the report period ended Jan. 22. The Standard & Poor’s-CDNX composite index added 9.89 points, or 0.9%, to its value and closed at 1098.02.

Marum Resources topped the volume charts, with 4.7 million shares traded. Marum and partner Shear Minerals have identified nine priority drill targets on the Birch Mountain diamond project in Alberta. Marum closed up 4 to 13, whereas Shear Minerals closed up 7 to 27 on 151,000 shares.

Shares in Diadem Resources rocketed 4 to 7 on a volume of 2.1 million shares. The junior’s partner at the El Nino base metal property in Mexico announced that additional work is required there. La Parrena Mining, a subsidiary of Industrias Peoles, has been exploring El Nino in search of massive sulphides similar to the adjacent San Nicolas deposit outlined by the Teck-Western Copper joint venture.

Donner Minerals closed near its 52-week high, adding 5 to its value and finishing at 35 on a volume of 1.9 million shares. The company recently inked a joint-venture deal with Falconbridge to explore the South Voisey’s Bay nickel sulphide area of Labrador.

Majescor Resources jumped 41 and closed at $1.61 on 1.8 million shares. The company is gearing up to begin winter exploration at its Wemindji property in northern Quebec, where it is trying to track down the source of a strong concentration of kimberlite indicator minerals and hypabyssal kimberlite fragments. Wemindji is 40 km east of James Bay and some 100 km southwest of Radisson.

New Blue Ribbon Resources remained flat at 10, with 1.8 million shares traded. The junior recently inked a letter of intent to acquire a 90% interest in the 28-sq.-km Lac Joubert diamond property, which is adjacent to the Majescor-BHP joint-venture ground in the Otish Mountains region of Northern Quebec

Plexmar Resources increased its stake in the Otish Mountains diamond play by acquiring an additional 496 sq. km, pushing its total land position there to 900 sq. km. The junior tacked on 11 and closed at 28 on 1.5 million shares.

Inlet Resources closed at 11, up 2 on 1.4 million shares. Investors bid up shares in the junior following news that it had acquired three diamond properties in the Wemindji area of northern Quebec. The properties lie east of Majescor Resource’s Wemindji property.

Consolidated Jaba added 3 and closed at 15 on a volume of 1.6 million shares. A group of insiders arranged the sale of 1.5 million shares at a price of 12. The company recently inked a deal to earn a 70% stake in 400 sq. km. of ground in the Coronation Bay area.

Chapleau Resources held its ground at 59 on the swapping of 1.5 million shares. The bulk, about 1.1 million shares, was sold by one of the company’s directors. Proceeds from the sale will be folded back into the company via a private placement of 1.5 million units at 50 apiece. Each unit comprises one share and one non-transferable share purchase warrant. Each warrant allows the holder to buy one share at 75 for one year.

Riding the increased interest in diamond exploration, Augusta Resource jumped 11 to 27 with almost 1.5 million shares traded. The junior announced plans to explore seven properties in the Coronation Bay area of Nunavut. Augusta entered into agreements with a Northwest Territories-based company to acquire a 20% working interest in six properties totalling 2,400 sq. km and a 10% interest in one property containing 532 sq. km.