CDNX starts year on right footing

Vancouver — Canada’s junior exchange fared well over the holiday-shortened report period ended Jan. 2. The Canadian Venture Exchange composite index tacked on 126.5 points, or 4.5%, and finished the week at 2,907.48. The mining index broke through the 5,000 mark by adding 309.6 points, or 6.5%, to its value and closed at 5026.06.

Pan Asia Mining added a penny and closed at 13 with just over 2 million shares changing hands. Following a brief attempt to enter the energy market, the junior is concentrating on developing the 701 diamond mine in China. The company is converting the existing open-pit operation to an underground mine.

Indo Metals remained flat at 2, with 796,000 shares traded. At last report, the company had completed a shares-for-debt transaction whereby Indo issued 1.2 million shares in settlement of outstanding indebtedness in the amount of $223,000.

Gallery Resources closed at 17, up 5 with 740,000 shares traded. In late November, the company completed a series of geophysical surveys on its Katie volcanogenic massive sulphide property in central Newfoundland and kicked off a 2,500-metre drill program. Coinciding airborne and ground geophysical anomalies, combined with some high-grade mineralization discovered in boulders, presented an attractive drill target. Results are pending.

Charles Fipke’s Cantex Mine Development tacked on 2 and closed the day at 17, with 691,000 shares traded. In Yemen, the company is exploring for gold, as well as copper, nickel, cobalt and platinum group metals.

Alberta-based New Blue Ribbon Resources closed up 1 to 18 on the trading of 659,000 shares. The market is anticipating results from the company’s Legend property, where it is in joint venture with Montello Resources. Drilling on the Kendu diamond target began in late November in notheastern Alberta. Ground magnetic surveys indicate that Kendu is roughly 300 by 400 metres. Montello remained flat at 9.

Marum Resources closed at 10, up 2 on the exchange of 462,000 shares. The company holds a 50-50 joint venture with Dumont Nickel on the Torngat project in northern Quebec. The junior ran two helicopter-supported mapping and sampling programs last August and September. Twelve kimberlite dykes were identified on Marum and Marum/ Dumont joint venture land. Dumont lost 2 and closed at 12.

In anticipation of results from Kensington’s $2.3-million joint venture at the Fort a la Corne diamond project in Saskatchewan, the market pushed Kensington’s issue 10 higher to 37, with 338,000 shares traded. Ninety-two sample splits weighing 20 kg were air-freighted to De Beers’ facilities in South Africa for recovery of diamonds by caustic dissolution processes. The junior holds a 38% interest in the Fort a la Corne project, a joint venture among DeBeers Canada Exploration, with 38%, Cameco, 14%, and UEM, with 10%.

Muskox Minerals climbed 15 to end the week at $3.15 on a moderate volume of 246,000 shares. The market is waiting for drill results from the Keel-1 West geophysical anomaly in Nunavut. To date, Muskox has hit mineralization in all 11 holes drilled on that target.