CDNX continues fourth-quarter slump

Canada’s junior exchange posted losses on all fronts during the report period ended Nov. 14. The Canadian Venture Exchange composite index tumbled 94.54 points, or 2.8%, to finish the week at 3,180.64. The mining index followed suit, losing 109.86 points, or 2.3%, to close at 4,656.25.

Calgary-based United Industrial Services topped the most-actively-traded list, with 4.4 million shares crossing the floor. The company lost 4 and closed at 12, while stating that it knows of no reason for the increase in volume. United Industrial Services holds extensive mining and operational permits for 1,480 ha in north-central Alberta — site of one of the largest and purest silica sand deposits in North America.

MacDonald Mines Exploration is awaiting results from metallurgical tests on a bulk sample from the Casson Lake platinum property in north-central Ontario. The junior lost a penny to finish at 13 on a volume of 3.5 million shares. Lakefield Research is testing an experimental hydrometallurgical process on mineralized material from the Casson Lake property. If the tests are successful, MacDonald can elect to take up a licence for the process.

Rockwell Ventures ended the week up 6 at 65, with just under 3.4 million shares crossing the floor. The Hunter-Dickinson-led junior announced a $3-million “best-efforts” financing with Haywood Securities. The financing will fund the first phase of exploration at the Padra Branca platinum palladium project in Brazil’s Ceara state. Exploration will consist of a property-wide reconnaissance and geological mapping program, followed by soil and rock geochemical surveys and diamond drilling.

Cantex Mine Development ended the week flat at 19, on 1.2 million shares. The company holds the Sadah gold project and has a joint venture with Toronto-listed Falconbridge on the Suwar massive-sulphide project, both of which are in Yemen. A report comparing the Suwar project to the Jinchuan copper-nickel mine deposit in China (said to be the third-largest in the world) failed to elicit market interest.

Rhonda dropped 5 to end the day at 60 on the trading of 732,000 shares. The company holds the Knife diamond-bearing kimberlite pipe in Nunavut and recently announced the discovery of magnetic anomalies in the area surrounding the pipe. Rhonda is preparing a field program to test these anomalies and carry out further reconnaissance work.

Tiberon Minerals continued to lose ground ahead of drill results from the Nui Phao tungsten-bismuth-copper-gold target in Vietnam. The Calgary-based company lost 44 and closed at $2.51, with 1.1 million shares changing hands.

Muskox Minerals ended the week at $2.55, up 5, on 675,000 shares. Widely spaced drilling on the Keel-1 West platinum-palladium target in Nunavut recently cut magmatic textured sulphide mineralization. The target is a north-south-striking geophysical anomaly.