Vancouver — Only the mining index was able to post a small gain over the report period July 4-10 as all other indices slumped. The Canadian Venture Exchange composite index slid 54.74 points, or 1.7%, to close the week at 3,143.58. The mining index added 9.39 points, or 0.1%, to its value and closed at 7455.84.
The most active trader among the resource juniors was IBI, which ended the week at 6, up a penny with 1.8 million shares traded. The company is now producing vermiculite at its Namekara mine in Uganda.
A progress report on the Bottenbacken polymetallic project in central Sweden helped boost the shares of Poplar Resources. The company’s 65%-owned subsidiary, North Star Diamonds, completed a geophysical program over the property. Several anomalies have been defined, and surface samples have been collected. Poplar ended the week up 2 to 17 on a volume of 1.7 million shares.
Cantex Mine Development remained flat at 10, with 999,000 shares changing hands. The market is still digesting exploration results from the company’s Wadi Qutabah nickel-copper prospect in Yemen.
Orko Gold intends to abandon mineral exploration and become an investment company. Orko closed the week unchanged at 60 with 874,000 shares traded.
New Blue Ribbon Resources finished the week unchanged at 10 on a volume of 779,000 shares. News about the company’s Manitoba properties has been scarce.
Aquiline Resources lost 3 and closed at 22, with 568,000 shares crossing the floor. The junior reported that only low-grade platinum-palladium mineralization was hit in two of eight drill holes which tested the Central River Valley joint-venture project in Ontario.
A nice percentage-gainer, RJK Exploration tacked on 17 and closed at 69 on a volume of 548,000 shares. The junior and its partner, Toronto-listed Greater Lenora Resources, released initial results from 10 grab samples collected at the newly discovered, 10-metre-wide massive-sulphide zone, on the Stares-Calvert property in Ontario.
International Wayside Gold Mines lost 2 to finish at 22 on 494,000 shares. The Frank Callaghan-led junior announced it has started drilling the eighth hole at the Cariboo gold project, near Wells, B.C.
Starfield Resources remained flat at 60 on a volume of 492,000 shares. New assay results were released for hole 74, which cut 64.5 metres of mineralization on the West zone at the company’s Ferguson Lake nickel-sulphide project in Nunavut.
Leader Mining International ended the week up a dime to 40, on 465,000 shares. The company recently launched a field program over the Cogburn property in southwestern British Columbia.
Quaterra Resources lost a penny and closed at 19, with 371,000 shares traded. The junior announced encouraging platinum-palladium values from grab samples collected on the Union Bay property in Alaska.
Philex Gold dropped 12 and closed at $1.43 on 399,000 shares. The company’s stock price has been on a slide since it hit a 52-week intra-day high of $2.60 just three weeks ago. The junior’s joint-venture partner, Anglo American, has three rigs turning on the Boyongan copper-gold prospect in the Philippines.
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