Canadian Venture Exchange breaks 4,000

The Canadian Venture Exchange tacked on an additional 396.49 points, or 10.36%, to finish the week ended March 7 at 4,224.79. The mining index followed suit, adding 251.02 points, or 6.52%, to its value, and finishing at 4,101.04.

Shore Gold added 49 to its value, closing the report period at $1.49. Recently, the junior diamond explorer announced it had hit kimberlite while drilling the first two holes of a planned 10-hole program on its Star diamond property in Saskatchewan.

Marum Resources was another market winner, jumping 30 to close at 57 with 198 million shares changing hands over the week. The junior plans to drill the Chinchaga gold property in Alberta this winter. Marum has identified abundant gold particles in stream sediments, though fire assay and bottle-roll leach analyses from rock samples have returned only either highly erratic or negative results.

Inca Pacific closed at 63, up 18. The junior is in the midst of exploring Cueva Blanca, a low-sulphidation gold property in northern Peru, with partner St. Elias Mines. Work is focused on the Cruze vein system, which represents a gold-silver-bearing epithermal vein complex with a strike length of about 3 km. St. Elias rose 21 to close at 55.

Shane Resources closed at 57, up 15. The company has acquired about 230,000 acres in the Fort a la Corne and Gull Lake districts of Saskatchewan. Shane says it has obtained airborne magnetic data that exhibit a number of anomalies which may represent kimberlite pipes. A ground geophysical survey will be carried out in an attempt to determine drill targets.

Hawkeye Gold found a quarter and closed at 60. The junior holds the 90,000-acre Yankee property on Victoria Island, in Nunavut, and can buy an additional half-interest in the nearby Homerun project from Major General Resources. Recent work has determined that the tectonic setting of the Yankee property is favourable for the emplacement of diamondiferous kimberlites. Major General tacked on a penny to close at 17.

Great Basin Gold closed at $2.40, up 5. The Hunter-Dickinson-led junior continues to expand the gold mineralization at the Ivanhoe project in Nevada. The first six holes of this year’s program returned up to 1.08 oz. gold per ton over 24.5 ft. The company is testing a large high-grade plumbing system underneath the Hollister gold resource. Systematic core drilling continues to outline and extend the multiple vein systems. Two of the most primary east-west vein systems, dubbed Clementine and Gwenivere, have been confirmed over strike lengths of 1,800 ft. each.

Golden Peaks Resources closed at $2.15, up 8. The junior recently completed a $255,000 financing and is currently drilling the Sierra de las Minas gold property in Argentina. Ten holes, totalling 1,300 metres, have been drilled on the V-1 vein prospect, and assays are pending. Reconnaissance drilling is under way on the Core zone, where trenching returned up to 11.4 grams gold per tonne over 0.5 metre. Golden Peaks is the operator and holds a 57.91% interest in the project. Mitsubishi and Mitsubishi Materials can jointly acquire a 30% stake by spending US$1.5 million on exploration.

Savanna Resources added 4 to its value and closed at 13. The company’s stock was halted pending news of the possible acquisition of interests in two mineral properties — one in California and the other in Quebec.