Junior Exchange continues summer rally

Vancouver — Canada’s junior exchange continued its summer rally over the week ended Sept. 2. The S&P-TSX Venture Exchange composite index jumped 42.76 points, or 3.35%, and closed at 1,318.37.

Verena Minerals was this week’s market darling, jumping 11 and closing at 18 with over 6.8 million shares traded. The junior got a boost after being named a top pick by Union Securities’ technical analyst. The company is looking to work the advanced Bonfim gold-tungsten project near Natal, Brazil.

Abacus Mining and Exploration added 12 to its value and finished the week at 19, with just over 5 million shares traded. The junior has arranged a non-brokered private placement to raise gross proceeds of up to $300,000. The company will issue up to 3 million units at 10 per unit. Each unit will consist of one common share and one share purchase warrant. Flow-through warrants will be exercisable into one common share at a price of 15 for one year. Non-flow-through warrants are exercisable into one common share at a price of 12 for a period of one year. The proceeds will be used for working capital and ongoing exploration at the company’s Afton properties near Kamloops, B.C.

American Bonanza Gold Mining closed up 6 to 33 with 3.7 million shares traded. The company is working the Copperstone project in Arizona, and currently drilling the Gold Bar property in Nevada.

Diagem International Resource closed up 4 to 28 with 2.9 million shares traded. The company recently announced that three days of commercial mining operations at its Fazenda Chicoria diamondiferous gravel resource in Mato Grosso yielded 307 diamonds weighing 109.98 carats including a gem quality stone of 25.20 carats.

Kalahari Resources jumped 14 and closed at 49 with 2.3 million shares traded. The company is gearing up for a first-phase, 20,000-ft. diamond drill program on its Lamaque project in Quebec. This program is scheduled to start mid-September.

Bishop Resources jumped 7 to 30 with 2.3 million shares changing hands. The company completed the first 10 holes on its AL property. The drill program was successful in confirming the structural continuity of the Bonanza zone and initial assay results have begun to confirm the continuity of grade within the structure. Highlights include; 27.6 metres averaging 5.45 grams gold per tonne including 4.8 metres averaging 6.81 grams gold and 0.6 metre averaging 85.40 grams gold in hole A03-02.

Blackstone Resources closed up 4 to 30 with 1.9 million shares traded. The company recently signed a letter of intent with Sulfidmalm, a wholly owned subsidiary of Toronto-listed Falconbridge, to explore two large nickel-copper-cobalt projects in Norway. These projects mark the beginning of Blackstone’s new business plan, which will concentrate on nickel opportunities.

Crowflight Minerals tacked on 19 and closed at 75 with 1.8 million shares traded. The junior recently raised $2 million in a financing that sold 4.7 million units at 42 per unit. In addition, Crowflight completed another offering of 3.1 million flow-through shares at a price of 49 per share for gross proceeds of $1.5 million. Proceeds from the offerings will be used to explore the AER-Kidd property located on the Worthington Offset in the Sudbury basin and for working capital.