CDNX flounders behind major bourses

Vancouver — Canada’s junior exchange failed to follow the major bourses higher over the week ended May 1, with volume remaining on the modest side. The S&P-CDNX composite index lost 5.63 points, or 0.5%, to close at 1158.45.

American Bonanza Gold Mining lost 1 to close at 9 on 1.7 million shares. Stock in the junior has been actively traded since Toronto-listed Royal Gold cancelled a US$1.7-million deal to get a 3% net smelter return royalty from the company’s wholly owned Copperstone gold project in Arizona.

Seahawk Minerals lost 2 and closed at 3 with more than 1.6 million shares traded. The cash-strapped junior has been trying to advance the Piteiras emerald project in Brazil’s Minas Gerais state.

Ascot Resources jumped 14 and closed at 28 on a volume of 1.6 million shares. The company reports it is unaware of any reason for the recent market activity. Ascot holds a 75% interest in the Victoria Island diamond property and 100% of the Condoryacu gold-copper property in Argentina. Cardero Resources has an option to earn a full interest in Condoryacu.

Laramide Resources lost a penny and closed at 9 on 1.5 million shares. The company arranged a non-brokered private placement of up to 1.4 million units at 10 per unit for total proceeds of $140,000.

Shares in Starfield Resources dropped 16 and closed at 90 on a volume of 1.4 million shares. Starfield received confirmation assays for a high-grade palladium-platinum-rhodium intersection cut last year on the Ferguson Lake property in Nunavut.

Andean American Mining got a boost following news of its first-quarter production results from the pilot plant on the Santa Rosa gold property in Peru. The company has sold 5,227 oz. gold so far this year. Shares in the junior jumped 14 and closed at $1.04 on a volume of 1.2 million shares.

Nevada Pacific Gold added 11 to its value and closed at 56 on 1.2 million shares. The junior is getting permits for the next round of drilling on the South Carlin gold project in Nevada’s Elko Cty.

Rockwell Ventures continued to attract attention ahead of drill results Haut Plateau nickel-copper-cobalt project in Quebec. Shares in the Hunter Dickinson led company ended the week up 2 to 16 on 1.2 million shares. Assay results are expected shortly.

Masuparia Gold ended the week down a penny to 8 on 1.2 million shares. The junior has been working the Greywacke property, just north of La Ronge, Sask., and recently inked a deal to acquire diamond ground in the Wemindji area of northern Quebec.

Pacific Minerals closed up a penny to 95 on more than 1.1 million shares. The company is drilling the JBS platinum-palladium-nickel-copper property in China and recently inked a deal regarding the 217 gold project, also in China. Pacific can earn a 96.5% interest by paying US$750,000 over three years.

National Gold jumped 7 and closed at 39 on 994,000 shares. The Albert Matter-led junior holds the Salamandra property in Mexico, where partner Alamos Minerals is drilling as part of an agreement to earn a half-stake in the project. Alamos ended the session up 2 to 42 on just over 230,000 shares.