CDNX posts strong gains for month, year to date

Canada’s junior exchange barreled through the Labour Day-shortened week with strong gains in all sectors. The Canadian Venture Exchange composite index jumped 191.84 points, or 5.6%, to finish the week ended Sept. 5 at 3,612.44. The mining index tacked on 215.45 points, or 4.7%, to close at 4,783.85.

The exchange gained ground during August, closing up 7% on the month and up 50% for the year to date. The oil and gas index led all sectors with a 12% gain during the month, followed by the mining index, up 9%, and the technology index, up 7%.

International Bravo Resource was the volume leader, with 1.6 million shares trading hands. The company lost 3 and closed at 17. Recently tabled results of a 2-hole diamond drill program returned only anomalous gold values on the East Divide gold property in Alaska. The program was designed to intersect projected depth extensions of previously discovered gold-bearing, sheeted, quartz-vein occurrences. According to the junior, both holes intersected porphyry-hosted veinlets and fractures carrying quartz and sulphide mineralization. However, values reached only up to 1 gram gold per tonne over intervals of 1 to 2 metres.

Kalahari Resources was a heavy trader but remained flat at 30, with 1.2 million shares changing hands. The company’s partner on the MacKay Lake diamond project, Toronto-listed SouthernEra Resources, plans to test for the possible northeastern extension of the adjacent Snap Lake kimberlite sill in the Northwest Territories. Kalahari holds a 30% stake in the property.

Atacama Minerals closed at 72, up 11 on the trading of 762,000 shares. The company, in a joint venture with Chilean-based ACF Minera, is poised to develop the Aguas Blancas iodine deposit. Proven and probable reserves stand at 44 million tonnes grading 512 parts per million iodine, 22% sodium sulphate and 2.9% nitrates.

International Wayside Gold Mines rose 15 and closed the week at 64, with 809,000 shares crossing the floor. The Frank Callaghan-led junior has begun laying down access roads to facilitate drilling near the Bonanza Ledge gold discovery, near Wells, B.C. At present, the company is drilling hole 35, a 170-ft. step-out southeast of holes 13 and 15. Assays are pending for holes 30-34.

Pacific North West Capital got a boost after it announced it would begin a third round of drilling on its River Valley platinum-palladium property in Ontario. Shares in the Harry Barr-led junior tacked on 10 to end the week at 88 on a volume of 224,000 shares.

Copper Ridge Exploration ended the week flat at 38, on 228,000 shares. The junior announced a deal with London-based Billiton on the Howard’s Pass massive-sulphide project along the Yukon-Northwest Territory border. Copper Ridge will spend $2 million on a developmental study and pay the initial $1-million payment to the claim-holders, Placer Dome and U.S. Steel. In return, Billiton will complete a $200,000 private placement, proceeds from which will be used to start drilling on the property.