Aurora triumphs in flat western market

Vancouver — The Canadian Venture Exchange composite index remained flat over the report period ended Dec. 12, gaining just 9.5 points, or 0.3%, to finish at 2,912.89. The mining index rose 99.84 points, or 2.2%, to 4,645.68.

Aurora Platinum was the big gainer, jumping $1.20 to close at $6.10 on the release of encouraging results from the first five holes of an initial 16-hole drill program on its Midrim property, 20 km northeast of Ville-Marie, Que. Holes 1 and 5 intercepted well-mineralized gabbroic rocks containing disseminated and massive sulphides. Intersections in hole 1 included 19.7 metres of 2.99% copper, 1.85% nickel and 0.07% cobalt, plus 0.97 gram platinum, 1.77 grams palladium and 0.48 gram gold per tonne. High-grade intersections in hole 5 included 6.3 metres of 4.74% copper, 4.94% nickel, 0.11% cobalt, 1.24 grams platinum, 4.71 grams palladium and 0.17 gram gold. The property, though drilled in the 1960s, was never systematically explored for platinum and palladium. The main zone extends for a strike length of 230 metres, and the average of seven previous drill intercepts is 1.67% copper and 1.21% nickel over 13.6 metres. Aurora can earn an initial 70% interest by spending $1.2 million on exploration, paying $200,000 cash and issuing $200,000 worth of shares over three years.

Frank Callaghan’s International Wayside Gold Mines picked up 3 at 22. The company announced further results from stepout drilling on the Bonanza Ledge discovery zone at its Cariboo gold project in central British Columbia. Wayside is undertaking a $1-million private placement financing of 4 million units at 25 apiece. Each unit will consist of one share and half a warrant.

Copper Ridge Explorations was unchanged at 14 after missing its first $1-million payment for purchase of the Howards Pass zinc project in the Yukon; the payment is required under an option agreement with Placer Dome and U.S. Steel. The junior is examining its options with regard to its future involvement in this project.

Mansfield Minerals tacked on 10 to close at 75. Joint-venture partner Teck is preparing to drill an Olympic Dam-type prospect at Cerro Samenta in northwestern Argentina, as well as drill-test a similar-style of target at the nearby Rio Grande property in the new year.

Hunter-Dickinson-led Anooraq Resources closed up 27 at 70. The junior is preparing to resume drilling in the new year on the Platreef PGM project in South Africa. Rockwell Ventures, another Hunter-Dickinson company, is waiting to close a previously announced brokered 4.5-million unit private placement priced at 65. Proceeds will be used to explore the Pedra Blanca PGM project in Brazil. Rockwell added 17, finishing at 85.

Guyana Goldfields was up 18 at 57. There has been no news from the junior since announcing in October that it had intersected 63 ft. of 1.35 oz. gold from surface at its Aurora property in Guyana, South America.