Canadian Venture Exchange rides bullish trend

The Canadian Venture Exchange posted an impressive gain of 122.1 points, or 5.7%, and closed the week ended Dec. 14 at 2,154.08. The bullish trend marks the largest one-week gain since the market’s inauguration at the end of November.

Sea Hawk Minerals posted a 40 gain to close at $1.80. The company has discovered a large quantity of emeralds in a diamond drill hole collared on its the Piteiras emerald property in eastern Brazil. The 2.79-metre intercept hosted abundant crystals and fragments, including two large fragments measuring 35 by 21 by 9 mm and 27 by 19 by 17 mm.

Leader Mining International fell 28 to finish the week at $1.01. Korea Resources is earning a half-interest in its Knife Lake polymetallic project in Saskatchewan by spending $5.2 million.

Lundin-led Atacama Minerals tacked on 14 to close at 55. The company is proceeding with financing and development of the Aguas Blancas Iodine heap-leach project in Argentina. Initially, only iodine will be produced, at 1,267 tonnes per year. Capital costs for construction are estimated at US$27 million.

Cantex Mine Development closed at 51, up 7. The market was anticipating drill results from the Al Hariqah gold prospect in Yemen. The first stage of drilling tested 1.4 km of a 3.2-km-long gold anomaly. To date, Cantex has drilled 11 holes on the property.

Inca Pacific finished the week flat at 45. The market remained unimpressed with results from the first three drill holes on its Magistral polymetallic property in northern Peru. One intercept cut 332 metres averaging 0.73% copper, 0.014% molybdenite and 3.23 grams silver per tonne.

Tan Range Exploration jumped 8 to close at 40. Toronto-listed Barrick gold has subscribed for 1.4 million shares of Tan Range at 70, according to an earlier joint-venture agreement. Diamond drilling is expected to begin on the Itetemia property in Tanzania in mid-January 2000.

Mansfield Minerals closed at 89, up 3. The company has resolved a 36-month legal dispute over the Cerro Samenta copper property in northwestern Argentina. Toronto-listed Teck stands to earn a half-interest in the property by spending US$7.5 million over 60 months. Teck is expected to mount an agressive drill program on two geophysical targets.

Marchmont Gold jumped 3 to close at 7. At last report, the junior had signed a letter-of-intent to obtain a 75% stake in four prospective gold properties that comprise 1,100 sq. km in Eritrea, formerly part of Ethiopia.