Junior exchange continues bearish trend (April 21, 2003)

Vancouver — Canada’s junior exchange drifted lower during the lacklustre report period ended April 15. The S&P-TSX Venture Exchange composite index fell 3.78 points, or 0.36% of its value, to close at 1,037.90.

Investors continued to jockey for position ahead of further drill results from the Spider 3 base metal project in Ontario. Spider Resources finished the week flat at 13 with a whopping 15.9 million shares traded. The junior and its joint-venture partner, over-the-counter-listed KWG Resources, recently reported more sulphide mineralization from the James Bay Lowlands project.

Bishop Resources got a boost on news that a $695,000 financing has been completed. The junior can now move forward with its exploration plans. Last year, Bishop inked a letter of intent to acquire certain copper-gold-silver mineral properties in north-central British Columbia, most notably the Lawyers and Al/Bonanza properties in the Toodoggone region. Shares in the company jumped 8 and closed at 12 on a volume of 2.1 million.

Uruguay Mineral Exploration lost a penny and closed at 69 on 1.8 million shares. The junior holds gold, base metals (silver, lead, zinc) and diamond prospects in Uruguay.

Melkior Resources finished the week at 15, up 6 with 1.8 million shares crossing the floor. The company’s has a 15% stake in the Delta property, close to the Raglan mine, in Quebec. The property hosts 817,600 tonnes of ore grading 3.05% nickel and 1.26% copper, plus 0.22 gram gold and 1 gram platinum per tonne. As well, the company also holds the Launay property, also in Quebec, which hosts 490,0000 tonnes grading 4 grams gold, and the Kabolela and Kipese properties, in the Congo. The Kabolela project contains a resource of 1.1 million tonnes averaging 2.63% copper and 1.06% cobalt. Another Melkior asset is a 198-sq.-km land package in Quebec’s Otish Mountains area.

Donner Minerals closed at 17, up a nickel on almost 1.7 million shares. The junior completed an initial 3-hole drill program at its Stephens Lake nickel property in Manitoba. One of the holes cut 72 metres of sulphide iron formation, a key ingredient in the Thompson nickel belt model. A follow-up program will be designed after all available information on the property is reviewed.

Deloro Minerals closed at 10 with more than 1 million shares changing hands. Its principal asset is the Dingman gold property in Ontario’s Madoc and Marmora twps. A 1998 study estimated an indicated minable open-pit resource of 5.6 million tonnes grading 1.05 grams gold per tonne.

Canadian Royalties tacked on 5 and closed at $1.95 with 867,000 shares traded. The company released on independent resource calculation for the Mesamax zone on the Expo Ungava property in northern Quebec. Based on 41 drill holes, the indicated resource is pegged at 1.45 million tonnes grading 2.1% nickel, 2.7% copper, 0.08% cobalt, 0.3 gram gold, 1 gram platinum and 4.2 grams palladium. The resource includes 700,000 tonnes grading 3.5% nickel, 4.4% copper, 0.14% cobalt, 0.5 gram gold, 1.4 grams platinum and 4 grams palladium in the massive sulphide section, and 750,000 tonnes of 0.8% nickel, 1.1% copper, 0.04% cobalt, 0.1 gram gold, 0.6 gram platinum and 4.4 grams palladium in the disseminated sulphide portion.