The Canadian Venture Exchange index ended the report period June 14-20 up a meager 5.93 points, or 0.2%, at 3,470.43. The mining index led all indices, rising 160.83 points, or 3.9%. to finish at 4,304.74.
Cantex Mine Development remained unchanged at 61 on 2.5 million shares. The company released anomalous-to-low-grade assay results, with some higher-grade sniffs, following a second phase of drilling on its Suwar nickel-copper-cobalt project in Yemen. Cantex says it’s in negotiations to bring in a joint-venture partner. The company also reported selected assays for 12 of 15 holes from a second round of infill drilling on the Al Hariqah gold project, also in Yemen. Results ranged from 3 metres grading 3.44 grams per tonne to 30 metres of 1.95 grams.
Spider Resources added a couple of pennies to close at 13. The company announced a private placement financing of up to $600,000 in flow-through shares priced at 12 each. Proceeds will be used to explore for diamonds in the James Bay Lowlands of northern Ontario.
A second phase of drilling is under way on the River Valley platinum group metals project, northeast of Sudbury, Ont. Pacific North West Capital‘s objective is to delineate a resource and increase the strike length of the known mineralization. The issue was unchanged at $1.40. South Africa’s Anglo American Platinum can earn up to a 65% interest in the project.
Further narrow bonanza-grade gold intersections at the Ivanhoe project in Nevada seemed not to benefit Great Basin Gold‘s share price. The Hunter-Dickinson-led junior was off a nickel at $2.05.
Cypress Development added 8 to close at 45, whereas partner Mid-North resources was up 10 at 40 on the resumption of drilling at the Gunman property in northern Nevada, where the first two holes of an initial 6-hole program encountered zinc-silver mineralization.
Asia Minerals closed at 16 for a gain of 3 on the announcement that the company had arranged a $1.1-million secured credit facility to buy out Arctic Precious Metals’ right, title and interest in the Copperstone joint venture project in Arizona. The deal will enable Asia to acquire an immediate 100% interest in the property and resolve the problems associated with the bankruptcy of its former joint-venture partner and majority owner, Royal Oak Mines. The property contains a resource of 827,400 tons grading 0.56 oz. gold. The company has also agreed to acquire all the shares of Bonanza Gold, a private company exploring for high-grade gold deposits in the southwestern U.S. Bonanza controls mineral rights to eight properties covering 45 sq. miles in Nevada.
Gallery Resources was up 4 at 32. The company has acquired an early-stage property in central Newfoundland, where prospecting has uncovered several boulders enriched in massive sulphides. Grab samples yielded up to 25.5% zinc, 3.5% lead and 1.7% copper, plus 4.4 oz. silver and 0.11 oz. gold per tonne.
New Blue Ribbon Resources tacked on 2 to close at 47. The company holds varying interests in a package of diamond properties in Alberta.
Be the first to comment on "Mining index posts gains on Venture Exchange"