CDNX trading marked by volatility

Trading continues to be volatile on Canada’s junior exchange, though, at the close of the report period ended April 11, the Canadian Venture Exchange was sitting at 4,025.67, for a gain of 25.06 points, or 0.6%. The mining index was up 185.17 points, or 4.5%, to close at 4,307.18.

Frank Callaghan’s International Wayside Gold Mines reached a high of $2.80 before pulling back to close at $2.09, up 69. The company has generated some excitement with news of a potential discovery of a new style of mineralization at its Cariboo project, near Wells in north-central British Columbia. To date, Wayside has reported assay results from three holes, including 44.5 ft. grading 1.25 oz. gold per ton in hole 10, 15.7 ft. of 0.13 oz. in hole 11 and 57.7 ft. of 0.61 oz. in hole 12. The company recently submitted an environmental application presenting a conceptual plan to develop a 3,000-tonne-per-day open-pit and underground mine.

Abitibi Mining continued to trade strongly after reaching a joint-venture deal with Wayside on the neighbouring Wolf property. Abitibi was one of the most active issues during the report period, having traded more than 12.3 million shares. The issue hit a high of 22 before falling back to 14 for a 3 gain. The company has arranged a private placement of 2.5 million units priced at 10 each for proceeds of $250,000.

Harry Barr’s Pacific North West Capital was halted at $3.90, up 55. The company was expected to release further assay results from four holes on its River Valley platinum group metals (PGM) discovery, 60 km northeast of Sudbury, Ont. South Africa’s Anglo American Platinum (Amplats) can earn an initial 50% of the project by spending $4 million on exploration and paying $300,000. Amplats can earn up to a further 15% by completing a feasibility study and arranging financing. Toronto-listed International Freegold Mineral Development, a sister company of Pacific North West, rose 12 to 67 on news that it is pursuing PGM opportunities in Alaska and the Sudbury mining district.

Aquiline Resources, which has tied up a good chunk of ground in the River Valley area, added 17 to close at 88.

Starfield Resources negotiated a $700,000 private placement of 1.4 million special warrants at 50 per unit. These funds, together with a $500,000 financing completed in February, will be used to advance its Ferguson Lake nickel-copper project in Nunavut. Exploration crews have begun geophysics, and drilling is expected to begin within the week. Starfield tacked on 7 to finish at 65.

Petra Resources was up 4 at 62. Led by Donald Willoughby and Victor Tanaka, the company is negotiating a technology-related deal.

Poplar Resources closed at 26, up 4, after its 65%-owed subsidiary North Star Diamonds intersected a second kimberlite body during a percussion drilling program on its Sundsvall project in central Sweden.

Charles Fipke’s Cantex Mine Development traded up 11 to close the week at 59. The company is awaiting further drill results from its Suwar nickel-copper-cobalt project in Yemen.