Vancouver — Canada’s junior exchange managed to post a modest gain over the week ended March 26. The Standard & Poor’s-CDNX composite index added 6.47 points, or 0.5%, to close at 1164.77.
After more than doubling in value over the past month on no new developments, shares in Kensington Resources exploded, adding $1.14 to its value and closing at $2.15 on a heavy volume of 3.8 million shares. Diamond recovery results for 10 holes drilled at the Fort la Corne diamond project in Saskatchewan are expected any day now.
Shares of Samex Mining tacked on 8 and closed at 36 with just over 3 million shares traded. The junior is trying to advance the Eskapa copper-gold property in Bolivia.
AntOro Resources lost a penny and closed at 35 on 2.7 million shares. The company recently announced a $260,000 financing. The funds will be used to start work on the St.-Clotilde silica property in Quebec.
International Taurus Resources remained flat at 7 on 2 million shares. The company recently announced a placing agreement with London-based Resources Investment Trust (REI) whereby Taurus will exchange its shares for REI shares. REI will take a further placement, with a third party, in return for cash for the Taurus-held REI shares. This will provide $990,000 to Taurus. Taurus has four gold projects in Quebec, two in Ontario and one in British Columbia.
Spider Resources dropped a penny and closed at 9 on 1.8 million shares. Spider and joint-venture partner KWG Resources released caustic fusion diamond results from the Kyle No. 3 kimberlite in the James Bay Lowlands of Northern Ontario. A total of 24 samples from six previously unreported drill holes yielded 216 diamonds, 13 of which have one dimension in excess of 0.5 mm. The largest diamond recovered in this recent drill test measures 1.68 by 1.51 by 1.15 mm with a weight of 0.023 carat.
National Gold added 3 to its value and closed at 33 on 1.2 million shares. The company holds a half-interest in the Mulatos deposit in Mexico. It hosts 3.4 million oz. gold in 68 million tonnes grading 1.6 grams gold per tonne with a cutoff grade of 0.8 gram per tonne. Joint-venture partner Alamos Minerals, together with National Gold, is working on the definition and design of a bulk heap-leach test as part of a comprehensive feasibility study. Alamos closed flat at 40 on 183,000 shares.
Macdonald Mines lost a penny and closed at 5 on 1.1 million shares. The company continues to explore for gold in Cuba and recently sought palladium and platinum in northern Ontario.
Majescor Resources lost 16 and closed at $1.09 on a volume of 838,000 shares. The company closed two non-brokered private placement financings for a total of $602,000. The proceeds will be used for exploration and development of the company’s diamond projects in northern Quebec.
Navigator Exploration failed to get a boost after signing an option agreement with Toronto-listed Wheaton River Minerals. Wheaton River can get half of Navigator’s option to acquire a half-stake in the Crystal Diamond property in Northwest Territories.
Francisco Gold jumped $1.66 to $14.06 with 793,000 shares changing hands. Stock has been hot since Glamis Gold offered to take over the company in an all-share deal valued at $205 million.
Andean American Mining ended the week at 67, up 9 on 766,000 shares. The company has been advancing the Santa Rosa gold property in southern Peru. Operating on a small scale, the Santa Rosa mine is an open-pit operation treating 500-700 tonnes per day.
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