Resource sector buoys junior exchange

Vancouver — The resource sector helped Canada’s junior exchange maintain its rally over the week ended May 13. The S&P-TSX Venture Exchange composite index tacked on 12.66 points, or 1.2% of its value, and closed at 1,068.40.

Spider Resources closed down a penny to 10 with 4.6 million shares traded. The last drill results reported from the Spider 3 massive sulphide project in the James Bay Lowlands of Ontario included 2.9% copper and 0.45% zinc over 5.6 metres and 5.4% zinc and 0.3% copper over 9.65 metres.

American Bonanza Gold Mining gained 3 to finish the week at 28 with 2.1 million shares traded. The company reported it would start exploration activities in Nevada, to coincide with its underground program on the Copperstone project in Arizona. The junior recently hit high gold grades in the southern portion of the D-zone. Forty-two channel samples were collected from face and rib exposures during the mining of eight rounds covering 80 linear feet. The samples returned values of up to 11.5 oz. gold per ton and average 1.2 oz. gold.

New Shoshoni Ventures dropped 3 and closed at 63 with 1.7 million shares traded. The junior announced that a 78-kg sample from a new kimberlite discovered in February yielded 128 microdiamonds. The new pipe lies 750 metres south-southwest of the Drybones pipe.

Shear Minerals closed at 59, up 5 on 1.4 million shares. The junior is planning a non-brokered private placement of up to 4 million units priced at 50 per unit for gross proceeds of up to $2 million. A unit consists of a share and a non-transferable half-warrant; each whole warrant will entitle the owner to buy an additional share at 75 for one year after the closing date. Shear has 11 diamond projects in the North Slave and Keewatin regions of Nunavut, the Lac de Gras region of the Northwest Territories, northern Alberta, and Alaska.

BacTech Environment lost 2 and closed at 38 with 1.4 million shares traded. The company inked a deal with U.S. Gold to acquire a 55% interest in the Tonkin Springs gold mine in Nevada’s Eureka Cty. in return for US$1.75 million in cash payments and the obligation to spend $12 million on development.

Bishop Resources closed at 12, up 2 with 1.1 million shares traded. The company recently staked 31.2 sq. km surrounding its Gordon Lake gold property, 80 km northeast of Yellowknife.

Mag Silver added 17 and closed at 70 on 1.15 million shares. The junior expects to launch a 3,500-metre drill program on the Juanicipio silver project in Mexico.

Rubicon Minerals closed at 84, down 2 with 1.1 million shares traded. The junior recently tabled drill results from its flagship McFinley gold project, in Ontario’s prolific Red Lake camp. Results include 3.28 ft. averaging 1.34 oz. gold per ton, 1.48 ft. of 0.71 oz. gold per ton, and 1.64 ft. averaging 0.51 oz. per ton.

RJK Explorations closed flat at 20 with just over 1 million shares traded. R.J. Kasner Co., a shareholder, recently sold 800,000 Class A Subordinate Voting Shares priced at 17 per share. Proceeds from the sale will be used to complete a private placement of up to 800,000 units priced at 17 each. The junior has been working the Wedge property in the Matawin gold belt, near Shebandowan, Ont. Hole 1 returned 5.89 grams gold over 3.03 metres.