Vancouver — Canada’s junior exchange posted gains on all fronts over the report period ended Nov. 13. The Canadian Venture Exchange composite index tacked on 66.11 points, or 2.24%, to finish the week at 3,023.01. The mining index rocketed 130.19 points, or 1.7%, and closed at 7,709.37.
Champion Resources topped the volume charts with 1.8 million shares changing hands. The company recently announced a plan to consolidate its shares based on a 12-to-1 ratio. This would leave the company with about 3.1 million shares outstanding. A rights offering will be made to shareholders, and funds raised from the offering will be used to advance the company’s Farim Phosphate project, as well as its diamond exploration initiatives in Guinea Bissau, West Africa. The issue closed up a penny to 5.
Candente Resources remained flat at 15 on a volume of 1.1 million shares. The company is currently exploring drill targets on the Colombia gold-copper and the El Tigre epithermal gold properties in Peru.
Bruneau Minerals tacked on 1 to close at 2 on the exchange of 1 million shares. The junior, formerly listed on the Montreal Exchange, holds an option to earn a half-interest in the Clairy massive sulphide property from Quebec-government-owned Soquem. The junior also holds a 50% option interest from Soquem for the Domergue massive sulphide property. Both projects are about 120 km from Quebec’s Chibougamau camp.
Classic Gold Resources ended the week at 36, up 14 on just over 1 million shares. The company terminated its option on the Columbia coal mine in Utah, electing to focus instead on platinum properties in Ontario. For financing, the company completed a private placement of 250,000 flow-through special warrants priced at 25 each.
Leader Mining International closed at $2, up 2 on a volume of 1 million shares. The junior has been tying up ground near Hope, B.C. The Harrison Lake property covers an ultramafic belt that extends over 60 km northwest from the B.C. Nickel operation, which mined and milled 4.2 million tonnes grading 1.19% nickel and 0.46% copper.
Seahawk Minerals ended the week down 2 on the trading of 872,000 shares. The junior has been advancing the Piteiras emerald project in Brazil.
Andean American Mining gained 1 to 41 on a volume of 690,000 shares. The company announced plans to expand its Santa Rosa pilot plant in southern Peru to treat 3,250 tonnes of gold-bearing material per day.
Rubicon Minerals gained 2 to close at 47, with 402,000 shares changing hands. The junior recently completed a 1,600-metre drill program over the Slate Bay prospect in the prolific Red Lake mining district of Ontario. Five of the six holes cut mineralization, with hole 1 hitting 2.56 grams gold over 2.3 metres.
Shares in Sultan Minerals rebounded from the recent selloff, following the release of assay results from the Gold Mountain zone on the Kena property, near Nelson, B.C. The junior ended the week up 2 to 33 after 228,000 shares crossed the floor. The drill rig continues to test a large geochemical anomaly.
A new resource estimate for the Ferguson Lake nickel-copper-cobalt-platinum-palladium project in Nunavut failed to lift Starfield Resources. The junior lost 9 to close at 45 on the trading of 174,000 shares.
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