Vancouver — Canada’s junior exchange regained some momentum as the gold price climbed higher over the week ended Dec. 3. The S&P-TSX Venture Exchange composite index jumped 17.6 points, or 1.86% of its value, to close at 960.19.
Arctic Star Diamond was the week’s market darling, jumping 15 to 45 on a volume of 2.3 million shares. The company is selling up to 1.5 million units priced at 25 each. A unit consists of one share and one warrant entitling the holder to buy an additional share at 30 for two years. Arctic Star holds several diamond projects in Ontario and Manitoba.
Canadian Royalties closed flat at $2.08, with 1.8 million shares crossing the floor. The company recently cut impressive nickel- copper-platinum-palladium values at the Mesamax zone on the Expo Ungava property in northern Quebec.
TNR Resources closed up 2 to 20 on 339,000 shares. TNR and its partner, Toronto-listed NovaGold Resources, have completed 11 holes totalling 745.8 metres on the million-ounce Rock Creek gold project in Nome, Alaska. The work consisted of five holes of infill drilling, three holes stepping out to the northeast, and three holes stepping out to the southwest. All core has now been logged, and samples are being analyzed by ALS Chemex in Vancouver.
About 1.2 million shares of Madison Enterprises changed hands after the junior tabled drill results from the Virgin fault target on the Lewis property in Nevada. Results from nine holes include up to 3.24 oz. gold per ton over 15 ft.
MacDonald Mines Exploration traded 987,000 shares and closed up a penny to 5. The junior is searching for platinum group metals in Ontario and Quebec, and recently acquired a 19.4% interest in PolyMet Mining. The two companies are in the process of merging. PolyMet’s main asset is the NorthMet low-grade copper-nickel-PGM deposit in Minnesota.
Newly listed True North Gems jumped 78 to $1.63 on a volume of 941,000 shares. The company is touting the Regal Ridge emerald property in the Yukon, which it recently purchased from Expatriate Resources for 400,000 shares. Expatriate intends to search for emeralds on its 750 sq. km of mineral claims in the Finlayson district. Shares of Expatriate closed flat at 11 on a volume of 442,000.
Pan Asia Mining added 1 to its value and closed at 7 with 905,000 shares changing hands. The company agreed to a private placement of up to 2 million units priced at 5 per unit for a gross proceeds of $100,000. A portion of the proceeds will be applied to the 701 diamond joint venture in China.
Dynacor Mines jumped 15 to close at 59 with 900,000 shares crossing the floor. The junior has completed a 2,200-metre drill program on its Tumipampa property in Peru. Results to date indicate potential for a large copper-gold porphyry system. Values included up to 12.3 grams gold over 2 metres in hole 6.
Donner Minerals lost 2 and closed at 13 with 733,000 shares traded. The junior learned that Toronto-listed Falconbridge will continue its option on the South Voisey’s Bay project in Labrador next year. In order to maintain its option, Falco is required to spend at least $1.7 million in 2003.
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