Gold adds lustre to dull market

Vancouver — Canada’s junior exchange edged forward as investors picked up selective junior stocks over the week ended June 10. The S&P-TSX Venture Exchange composite index added 7.98 points, or 0.73% of its value, to close at 1,098.18.

Shear Minerals surged ahead 34 and closed the week at 95 on a volume of almost 4.6 million shares. The company, along with partners Northern Empire Minerals and BHP Billiton reported that a second kimberlite has been discovered on the Churchill diamond project. Northern Empire closed the week at $1.75, up 20 on a volume of 553,000 shares.

Bishop Resources finished the week up 4, to 15, with 2.8 million shares changing hands. Stock in the junior has traded heavily since it staked ground adjoining its Gordon Lake gold property in the Northwest Territories. The newly acquired project hosts 12 gold-bearing zones, which have been drill-tested by some 79 holes. The best results from historic drilling include 58 grams gold per tonne over 1.3 metres and 96.7 grams gold over 0.8 metre.

Northern Dynasty Minerals closed up 7 to 89 on 2.3 million shares. The Hunter-Dickinson-led junior is drilling the Pebble gold-copper-molybdenum project in southwestern Alaska. A recent resource study, completed by Australian-based Snowden Mining Industry Consultants, nearly tripled the tonnage in the higher-grade core of the deposit to 141 million tonnes grading 0.48% copper and 0.67 grams gold per tonne from the previous (1990s) estimate of 54 million tonnes grading 0.54% copper and 0.46 gram gold.

Spider Resources found 2 and closed at 10 with 2.3 million shares changing hands. The junior and joint-venture partner, KWG Resources, are working the Spider 3 base metal prospect in the James Bay Lowlands of northern Ontario. KWG closed flat at 11.

International Samuel Exploration closed at 34, up 10 on 1.5 million shares. The junior has optioned a 65% interest in a 200,000-hectare land package in Nunavut from Shear Minerals and Northern Empire Minerals. The property is west of the Churchill diamond project.

Shares in IMA Explorations closed at $1.20, up 7 on 1.4 million shares. Investors have bid up the stock since the company reported the latest soil sample results over the highly touted Navidad silver discovery in the Patagonia region of Argentina. The survey extended the metal anomalies in soils to an overall strike length of 5.8 km.

Investors took profits in Donner Minerals following news that a 2,200-line-km geophysical survey over the eastern half of the South Voisey Bay nickel sulphide project in Labrador had identified nine target areas for follow-up work. Shares in the junior fell 3 and closed at 19 on a volume of just over 1 million shares.

Wolfden Resources closed at $2.35, up 55 with 1 million shares traded. The junior is busy exploring the Follansbee property in the Red Lake camp, immediately south of Goldcorp’s Cochenour property. Wolfden is earning a 50.5% interest from Interquest. Drilling will target coincident gold-in-soil and magnetic anomalies. Meanwhile, a major drilling campaign is under way at Wolfden’s wholly owned High Lake property in Nunavut. Numerous geophysical anomalies are being tested about 1 km from the deposit area. In addition, a second phase of drilling is under way at the Argosy gold mine property in the Red Lake camp.