Vancouver — Canada’s junior exchange continued to move higher on heavy volumes over the report period ended Feb. 5. The Standard & Poor’s-CDNX Composite Index gained 25.9 points, or 2.3% to close at 1141.33.
A strong surge in the price of gold helped boost Rubicon Minerals, which ended the week up 39 to $1.12 with almost 3.2 million shares traded. The company holds a large portfolio of properties in the prolific Red Lake camp of Ontario.
GMD Resource added 7 to its value and closed at 24 on 2.3 million shares. The company holds a stake in the Royce group diamond claims, in the Northwest Territories. The property lies 260 km southwest of the Ekati diamond mine.
Eurasia Gold traded 2.1 million shares but remained flat at 2. The cash-strapped junior has been working two small heap-leach gold mines in Kazakstan. The Central Mukur and Myaly mining licences host 59 known zones of oxide mineralization, of which six were mined during 2000.
Mandalay Resources ended the week at 18, up 7 with just over 2 million shares exchanged. The junior is attempting to raise $300,000 to advance its seven concessions comprising the El Puclaro copper-silver property, some 45 km northeast of La Serena, Chile.
Shear Minerals jumped 5 and closed at 35 on 2 million shares. The company announced plans for a $625,000 financing. Proceeds are earmarked for property acquisitions and the company’s diamond project in the Birch Mountain area of northern Alberta.
Bitterroot Resources closed at 11, up 3 on 1.7 million shares. The junior recently entered the Quebec diamond play and has applied for claims covering 8,000 hectares in the Otish Mountains area of north-central Quebec.
Samex Mining ended the week at 14, up 6 with 1.6 million shares traded. The junior has been seeking a joint-venture partner or financing for the Eskapa Core zone in Chile.
New Blue Ribbon Resources found a penny and closed at 10, with 1.5 million shares traded. The company recently signed a letter of intent to acquire a 90% interest in a second Lac Joubert diamond property, which is adjacent to the Majescor-BHP property in the Otish Mountains region.
Seahawk Minerals remained flat at 6 with 1.4 million shares traded. The company recently announced a $100,000 financing so as to advance the Piteiras emerald project in Brazil’s Minas Gerais state.
Majescor Resources dropped 3 and closed at $1.65 on 1.4 million shares. The junior continued to trade heavily in anticipation of a major drilling program by BHP Diamonds on its Portage diamond property, also in the Otish Mountains region. The best 10-20 target anomalies are slated for ground follow-up and drill-testing during an upcoming program.
Starfield Resources closed the week at $1.12, up 13 on 1.3 million shares. The stock has doubled already this year. Starfield is about to resume drilling on its Ferguson Lake nickel-copper-platinum-palladium project in Nunavut.
Major General Resources lost a penny and closed at 14 on 1.2 million shares. Shareholders will be asked to approve a reorganization of the company, leading to the formation of a new diamond company. The new structure requires that Major General’s existing shares be consolidated on a 3-for-1 basis.
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