CDNX slides further into bear country (November 27, 2000)

Canada’s junior exchange continued its month-long skid, as all indices remained in negative territory during the report period Nov. 15-21. The Canadian Venture Exchange composite index plunged 133.62 points, or 4.2%, to finish the period at 3,047.02. The mining index lost 125.98 points, or 2.7%, to close at 4,530.27.

The most actively traded resource stock, New Blue Ribbon Resources, lost a penny and closed at 18 on the trading of 1.4 million shares. The company has started drilling on the Legend diamond property in Alberta. Drilling commenced at the Kendu target, a circular geophysical anomaly measuring 350 metres in diameter. Joint-venture partners Montello Resources and Redwood Resources also lost ground; the former dropped 4 and closed at 11, while the latter closed at 74, down 1. New Blue Ribbon stands to earn a 60% interest in Kendu by spending $1 million on exploration over the next two years.

Investors drove down the shares of Tiberon Minerals by more than 71%, following news that the first hole of a 1,500-metre drill program on the Nui Phao tungsten-bismuth-copper-gold target returned lower-than-expected grades. Highlights include a 79-metre section that averaged 0.38% tungsten trioxide, 0.23% copper, 0.13% bismuth and 0.4 gram gold. The junior ended the week at 72, down $1.79 on 1.3 million shares.

Pan Asia Mining lost 1 and closed at 11, with 1.1 million shares crossing the floor. The company announced that it has decided not to proceed with a proposed diversification into the oil industry and will remain focused on its existing mining and exploration projects in China. The company owns and operates the 701 diamond mine there, which is currently being transformed from an open-pit operation to an underground mine.

Muskox Minerals marched higher, ahead of drill results from the Keel-1 West platinum-palladium target in Nunavut. The Alberta-based junior tacked on 90 to finish the week at $3.45, with 1.1 million shares changing hands. The junior announced that the first six holes of an ongoing drill program had all hit magmatic-textured sulphide mineralization.

Emerging Africa Gold hit a new 52-week high, gaining 9 to close at 27 on the trading of 885,000 shares. The junior recently acquired a 51% interest in a Brazilian company, Juina Mining Mineracao, which owns the mining and mineral rights to the “Property 1000” in Brazil. The 1,000-ha property hosts diamond-bearing gravels and features a diamond concentration plant, a Sortex machine and high-density magnetic separators, all of which can be used to process the gravels. Juina Mining has identified four magnetic anomalies on the property and is considering a drill program.

Cantex Mine Development lost a penny and closed at 18 on the trading of 587,000 shares. The company is exploring for copper-nickel-cobalt-platinum group metals close to its Suwar Lease. Recent vandalism persuaded Toronto-listed partner Falconbridge to postpone a geophysical survey until it can proceed safely.