Vancouver — Canada’s junior exchange posted gains on all indices during the report period ended Oct. 16, with trading volumes remaining on the light side. The Canadian Venture Exchange composite index closed the week up 22.43 points, or 0.8%, at 2,885.97, and the mining index followed suit, gaining 81.17 points, or 1.1%, to finish at 7,206.92.
Plexmar Resources, formerly listed on the Montreal Exchange and now trading on the CDNX, acquired a half-stake in the Winchester gold property in northern Quebec. The junior will receive its interest from Quebec government-owned Soquem by spending $115,000 on exploration before the end of 2001. The junior lost 4 to close at 10 on a volume of 2.3 million shares.
Moving higher on news that drill hole 8 at the Gold Mountain porphyry target, near Nelson, B.C., had cut 2 metres grading 172.1 grams gold per tonne, Sultan Minerals tacked on 13 to end the week at 41, with just over 1 million shares traded. The junior recently closed a $700,000 financing aimed at further drilling.
Poplar Resources closed at 19, up 2 on 1.7 million shares. The company closed a $350,000 financing of 1.4 million units priced at 25 each. At last report, the company’s 65%-owned subsidiary had completed five of a planned 20-hole program over the Bottenbacken polymetallic property in central Sweden.
Masuparia Gold closed down 2 to 10, as the junior reported mixed results from its Greywacke project in Saskatchewan. Hole 45 cut 11.3 grams gold over 5.7 metres, whereas hole 46 returned 1 metre of 1.86 grams.
Shares of Samex Mining climbed 5 to 9 on the swapping of 1.2 million shares. The junior is drilling 600 metres at the Eskapa copper-gold property in Bolivia.
Gaining steam ahead of drill results from the Rio Tabaconas polymetallic project in northern Peru, IMA Exploration added 12 to its value and closed the week at 57, with 386,000 shares traded. Assay results released at presstime included a intercept that averaged 8.78 grams gold per tonne over 25.42 metres.
Excellon Resources jumped 10 to close at 40 on a volume of 1.3 million shares. The company has been gearing up to drill-test the Platosa-Saltillera gold property in Mexico’s Durango state. A 10,000-ft. drill program is proposed.
National Gold remained flat at 16, with 778,000 shares changing hands. The Albert Matter-led junior has been trying to advance the Salamandra property in Mexico.
Andean American Mining continued to move higher on news that a $385,000 financing was oversubscribed. The company plans to use the funds to buy additional equipment for the Santa Rosa gold project in Peru. Andean American closed at 27, up 3 on 736,000 shares.
Hunter Dickinson-led Anooraq Resources jumped 10 and closed at 70 on the exchange of 243,000 shares. The junior has dealt a portion of its 121-sq.-km land package in South Africa’s Bushveld complex to a private affiliate of Robert Friedland-led Ivanhoe Capial. African Minerals can earn a half-stake in Anooraq’s 29-sq.-km Rietfontein farm property in the northern limb of the intrusive complex, by spending $1.5 million over two years.
Idaho Consolidated Metals closed at 40, up 2. The company is raising $3 million to finance a second round of drilling on its platinum-palladium properties in the Montana’s Stillwater complex.
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