Raglan area hot, junior market not

Vancouver — Canada’s junior exchange remained stuck in neutral despite a strong showing by select issues during the report period ended Nov. 19. The S&P TSX Venture Exchange composite index lost 1.54 points, to finish virtually flat at 953.64.

Investors continued to snap up shares of Canadian Royalties following news that three samples in hole 18 drilled on its Expo Ungava property in the Raglan belt of northern Quebec were capped at 10 grams palladium per tonne, the reason being that the values received were beyond the limits of detection. Subsequent assaying of the samples returned an average of 443.71 grams palladium per tonne over 3 metres. Given the new values, the mineralized intercept in the hole now grades, 3.32% nickel, 4.01% copper and 0.13% cobalt, plus 0.26 gram gold, 1.52 grams platinum and 30.3 grams palladium per tonne, over 49.3 metres. The new results vaulted the stock to $3.08 before settling at $2.84, up 83 on a volume of more than 5.5 million.

Area player Novawest Resources was a big percentage gainer, adding 22 to close at 40 on nearly 1.3 million shares. Novawest holds 600 sq. km of ground in the Raglan region and is eyeing a $150,000 financing.

Dumont Nickel attracted investor interest, gaining 4 to close at 10 with 4.4 million shares crossing the floor. The junior completed a management shakeup and intends to advance its wholly owned Attawapiskat diamond property, adjacent to De Beers’ Victor property in the James Bay Lowlands of Ontario.

Pan Asia Mining dropped 2 to close at 5 with nearly 1.9 million shares changing hands. The company has not maintained the requirements for a Tier 1 company listing on the exchange and consequently has been reclassified as Tier 2. At last report, the company was exploring for diamonds on four parcels of land in the southern part of China’s Shandong province.

News that producer Meridian Gold has stopped exploring Gold Hawk Resources‘ wholly owned Machacala gold-silver project sent investors running for the exits. Meridian stated that the northern Peruvian property did not meet its objectives. Gold Hawk ended the week at 16, down 21 on 977,000 shares.

Andean American Mining added 19 to $1.32 with more than 1.3 million shares changing hands. The junior is generating positive cash flow from the open-pit zone on its Santa Rosa gold property in southern Peru.Trading heavily with little impact on its stock price, Spider Resources ended the week unchanged at 5 on a volume of 747,000 shares. Last month, De Beers reported it had cut massive sulphides in one of its 13 holes drilled into the Spider 3 property in northern Ontario. Failing to hit any kimberlites, De Beers has elected to stop work on the property, but the sulphide hole returned 8 metres grading 1.61% copper, 0.34% zinc, 0.13% lead, plus 9.9 grams silver and 0.13 gram gold per tonne. Included in this section was half a metre running 7.09% copper, 4.67% zinc, 2.68% lead, 150.6 grams silver and 0.76 gram gold.

Investors appear patient with Inter-Rock Minerals. Shares in the junior dropped 1, to 4 on 2,000 shares. At last report, the junior was searching to acquire an industrial minerals business to complement its dolomite interests.