Vancouver — Canada’s junior exchange continued to gain momentum over the holiday-shortened report period ended April 2. The Standard & Poor’s-CDNX composite index jumped 20.65 points, or 1.7%, to close at 1185.42.
American Bonanza Gold Mining was the volume leader with more than 4.3 million shares crossing the floor. The company recently terminated negotiations with Toronto-listed Royal Gold with regards to buying a 3% net smelter return royalty. American Bonanza owns the Copperstone gold property in Arizona.
Kensington Resources lost 30 to finish the week at $1.85 on the exchange of 3.9 million shares. Diamond recovery results for 10 holes drilled at the Fort la Corne diamond project in Saskatchewan are expected shortly, and De Beers expects to have the valuation, grade prediction and revenue modeling report in-hand by the end of April.
War Eagle Mining added 3 and closed at 22 as 2.4 million shares crossed the floor. Initial work at the Tres Marias gold property in Mexico is on schedule, with an agreement in place to buy a 5-ton hoist, generator, air compressor and other electrical needs.
ECU Silver Mining closed at 5, up 1 on 2.2 million shares. The company holds the Velardena property in Mexico, which hosts 2.5 million tonnes grading 269 grams silver and 2.8 grams gold per tonne.
Silver Standard Resources jumped 46 and closed at $4.86 on 2.4 million shares. The company announced that a recent drill program has expanded the Challacollo silver property in Chile.
Shore Gold closed at 97 up 12 on a volume of 2.2 million shares. The junior holds the Star kimberlite body, near Kensington’s ground in Saskatchewan. Results from a mini-bulk sample on the Star kimberlite are expected shortly.
Spider Resources lost a penny and closed at 8 as 2 million shares changed hands. De Beers Canada plans to drill eight kimberlite targets on the junior’s Spider No. 3 project in the James Bay lowlands of Ontario.
Madison Enterprises tacked on 4 and closed at 17 with just under 1.8 million shares traded. The company has resumed exploration on its Mt. Kare gold property in Papua New Guinea.
AntOro Resources closed at 32, down 3 on 1.3 million shares. The company has acquired a 100% interest in a silica property near Ste-Clotilde-de-Horton, Que.
National Gold tacked on 8 and closed at 41 with 1.1 million shares traded. The company is investigating the commercial feasibility of a small-scale staged operation at the higher-grade Estrella zone on its Salamandra gold property in Mexico. Alamos Minerals stands to earn a half-interest in the property by spending $2.4 million on exploration. Alamos closed up 8 to 48 on a volume of 173,000 shares.
Rubicon Minerals added 7 following the release of initial drill results from the McCuaig gold property in northern Ontario. The junior cut two narrow (less-than-1-metre) intervals grading more than 19 grams gold. Assay results from nine additional holes are pending. Shares in the company closed at $1.07 on a volume of 98,000 shares.
New Blue Ribbon Resources added 1 to close at 9 on 560,000 shares. The junior reported it had completed the first round of exploration on its joint-ventured Legend diamond property in Alberta. Results from ground geophysical surveys over several discrete airborne and heliborne magnetic anomalies have the company geared up for drilling.
Radius Explorations added 10 to its value and closed at 44 on 430,000 shares. The Simon Ridgway-led junior is exploring for gold on its large property holding in Guatemala.
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