Canada’s junior exchange continued its downward spiral during the report period ended Dec. 5, with the tech index leading the way. The Canadian Venture Exchange composite index dropped 74.42 points, or 2.5%, to finish the period at 2,903.43. The mining index managed a late-week rally, gaining 62.61 points, or 1.4%, to close at 4,545.84.
Chuck Fipke’s Cantex Mine Development found a penny and closed the week at 19, with a heavy 2 million shares traded. The company is exploring for gold, as well as copper, nickel, cobalt and platinum group metals in Yemen.
Intertech Minerals tacked on 2 to close at 11, with 1.7 million shares crossing the floor. The junior suspended drilling on the Afridi Lake diamond property in the Northwest Territories because of unseasonably harsh weather. Four drill holes were sunk on three targets, but no kimberlites were encountered.
New Blue Ribbon Resources closed flat at 18 with 1.6 million shares traded. The company is drill-testing the Kendu kimberlite target on the Legend diamond property in Alberta. The target exhibits a circular geophysical anomaly measuring 350 metres in diameter. Partner Montello Resources closed at 8, down 1 on 204,000 shares.
International Wayside Gold Mines continued to trade near 52-week lows, dropping 4 to 19 on 650,000 shares. The company recently granted Global Tree Technologies the right to earn a half-interest in a 24-claim package in the Cariboo mining district of British Columbia in return for $50,000 cash and 500,000 shares of Global Tree. Global Tree is a diversified natural resource company with its fingers in mineral resources, agro-forestry and technology. Shares of the company remained flat at 16.
Also sliding to a new yearly low was Barramundi Gold, which dropped 1 to 3 on a volume of 648,000 shares. The junior has acquired the small but high-grade Rescue mine in west-central Idaho.
Great Western Gold edged up a penny and closed at 26 on a volume of 584,000 shares. The company recently released an investment advisor report from the Prime Trust Group that touted its Hoidas Lake rare earth property in Saskatchewan. The report states that “the investment world is slowly waking up to the fact that [Great Western] is strategically positioned to become a major player in the production of rare earth elements.”
Aquest Minerals lost 2 to end the day at 9, with 544,000 shares changing hands. Following disappointing results from a second round of drilling, the junior dropped the Anabella gold project in western Guatemala.
Muskox Minerals got a slight boost after announcing that an additional three holes drilled at the Keel-1 West copper-nickel-platinum-palladium zone cut magmatic sulphide mineralization. The company tacked on 5 to $3.50 on 424,000 shares.
Inca Pacific Resources closed at 53, up 1 on 507,000 shares. The junior has a stake in several Peruvian projects.
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