CDNX starts month on positive trend

Canada’s junior exchange started July on a positive note, posting gains in all fields. The Canadian Venture Exchange index tacked on 42.47 points, or 1.2%, over the holiday-shorted week ended July 4 and closed at 3,472.37. The mining index jumped 101.75 points, or 2.4%, to close at 4,304.06.

International Wayside Gold Mines resumed trading, having lost 69 over the report period to close at $1.35 with just over 3 million shares changing hands. After being halted for seven weeks at the request of the exchange, pending an operational audit, shares resumed trading on June 30. The company announcing spotty results from its latest drilling campaign on the Bonanza Ledge gold discovery, near Wells, B.C.

Peruvian Gold jumped 16 to close at 76. On June 30, Peruvian announced it had entered into negotiations with a large computer technology group regarding a possible merger of the two companies. Peruvian’s shares were halted pending receipt and review of documentation regarding the change of business and/or reverse-takeover.

Cantex Mine Development added 9 to its value and closed at 70, with 1.6 million shares crossing the floor. The Chuck Fipke-led junior recently inked an option deal with Toronto-listed Falconbridge whereby the major stands to earn a 60% interest in the Suwar nickel-copper-platinum group elements property in Yemen. The major is required, over four years, to fund all work through to development. For the first two years, annual exploration expenditures are projected to be US$1.3 million. Falco will act as operator.

Mansfield Minerals tacked on 8 and closed at 43. The company has received results from a preliminary program of geologic mapping, sampling and hand-trenching on its Rio Grande property, which it shares with Toronto-listed Teck. The best results came from trench 2, which returned 30 metres grading 0.72% copper and 1.1 grams gold per tonne. Additional sampling and geophysics will attempt to define drill targets. The project is in northwestern Argentina, 250 km west of the city of Salta.

New Blue Ribbon Resources posted a 3 gain to end the week at 40, with 751,000 shares changing hands. The company is working the Pelican Mountain heavy mineral property and has completed an extensive review of previous exploration on its Legend joint-venture diamond property. Both projects are in Alberta.

Quaterra Resources gained 3 and closed at 19. The junior recently acquired the Nazaret and Dolores silver claims, west of Cerro San Gregorio in Mexico. The junior can buy the claims paying US$40,000 over the next two years. Previous drilling by Kennecott and Western Copper on the Majada vein intersected narrow intercepts of high-grade silver, ranging up to 890 grams per tonne over 2 metres. The company now holds 32 sq. km in the area.

Gabriel Resources traded heavily and finished down a dime, at $2.80, with 1.4 million shares changing hands. This year’s exploration program at the Rosia Montana gold project in Romania will attempt to expand the resource base. The main target lies within 2 km of the Cetate and Cirnic deposits, where an 8-million-oz. resource base has been estimated. Gabriel is working on a bankable feasibility study.