Venture exchange stalls in summer doldrums

The Canadian Venture Exchange lost a bit of ground during the report period ended July 18, dropping 13.1 points, or 0.4%, to close at 3,359.89. The Mining index followed suit, losing 12.51 points, or 0.3%, to close at 4,277.77. The oil & gas and technology indices posted weak gains over the same period.

Olympus Pacific Minerals jumped 31 to 75, with 1.7 million shares changing hands over the week. New assay results are expected shortly from the 100-sq.-km Phuoc Son gold project in central Vietnam. The junior currently has three rigs turning. Assay results from the latest hole, No. 18, expanded the dimensions of a high-grade shoot to a strike length of 180 metres and a downdip length of 200 metres. The hole cut 3.05 metres grading 24.92 grams gold and 47.92 grams silver per tonne, plus 1.05% lead and 0.31% zinc.

Great Basin Gold returned to investor’s radar screens, adding 4 to close at $2.04. The Hunter-Dickinson-led junior continues to drill its wholly owned Ivanhoe gold property in Nevada’s Carlin trend. To date, the junior has extended the Clementine high-grade gold-silver feeder vein system 300 ft. west of the previously defined Hollister disseminated gold deposit. Also, recent exploration drilling has encountered high-grade gold-silver vein intercepts north and south of the three known vein systems (Clementine, Gwenivere and South Gwenivere) in the North Rowena and Velvet areas.

Spider Resources tacked on 2 to close at 12. The company, together with partner KWG Resources, tabled results from the second hole drilled on its Kyle No. 3 kimberlite body in the James Bay Lowlands of northern Ontario. In total, 271 microdiamonds and 17 macrodiamonds were recovered from a 437.5-kg sample of kimberlite.

International Wayside Gold Mines lost 13 to finish at 91. The company continues to explore its Bonanza Ledge gold discovery in the historic Cariboo mining district, near Wells, B.C.

Cantex Mine Development lost a dime to close at 51. The junior’s issue lost 9 and finished at 61. The company continues to explore its Al Hariqah gold project and its Suwar nickel-copper-platinum group elements property, both of which are in Yemen.

New Blue Ribbon Resources lost 3 to close at 27, with 1.9 million shares crossing the floor. The company is working the Pelican Mountain heavy mineral property and has completed a review of previous exploration on its Legend joint-venture diamond property. Both projects are in Alberta.

Avalon Ventures jumped 11 to end the report period at 92. The junior is gearing up for a 500-metre program of diamond drilling at its Legris Lake platinum-palladium property, 75 km north of Thunder Bay, Ont. The program will test a zone of PGE mineralization that produced assays averaging 3.22 grams platinum-palladium-gold per tonne from four grab samples. The property is a 50-50 joint venture with Starcore Resources, with Avalon acting as operator. Starcore lost a nickel and closed at 39.

Mansfield Minerals closed at 48, up 8. The company recently closed a private placement financing worth $594,000. The funds will be applied to its Rio Grande property in Argentina.