Resource sector drives CDNX

The Canadian Venture Exchange composite index tacked on 32.13 points, or 0.9%, to close the week ended June 5 at 3322.54. The mining index added 83.83 points, 1.2%, to its value and finished at 7228.19.

New Blue Ribbon Resources lost 3 and closed at 14, just above its 52-week low of 11. The issue was hit hard following the release of poor assay results from the first round of drilling on the Moose diamond property in Manitoba. Blue Ribbon’s joint-venture partner, BHP Diamonds, tested seven magnetic anomalies on the project without hitting kimberlite.

Hunter-Dickinson-led Anooraq Resources tacked on 4 to close at 69. The junior will acquire a 100% interest in its Platreef PGM property in South Africa from Denver-based Pinnacle Resources in return for a 30% equity interest in Anooraq.

Idaho Consolidated Metals lost 4 to finish the week at $1.46. The company has commenced drilling in the Crescent Creek-Iron Creek area of the Stillwater complex in Montana. During this initial phase of drilling, six holes totalling 1,200 metres will be drilled to test for potential extensions of the JM Reef on to the company’s ground. Some additional drilling will also test portions of the Volatile Enriched zone.

Navigator Explorations jumped 8 to close at 53. At last report, the company made an agreement with Toronto-listed Highwood Resources whereby Navigator could acquire a 51% interest in the Thor Lake Tantalum Property in the Northwest Territories. Tantalum is a “high-tech” metal used primarily in electronic applications, special corrosion-resistant metal alloys and medical prostheses.

Troymin Resources added 3 to its value and closed at 16. At last report, Troymin’s holdings in northeast Manitoba totalled 140,000 ha. The area is a site of recent diamond exploration activity by De Beers, BHP, Kennecott and Montello Resources. In Quebec, Troymin has staked 7,200 ha in hopes of attracting joint-venture partners exploring for diamonds in the Wemindji area.

Starfield Resources closed the week flat at 66. The company recently released more assay results from its Ferguson Lake nickel, copper, cobalt and PGE project in Nunavut. Hole FL-69 cut 6.33 metres grading 1.8% copper, 0.88% nickel, 0.122% cobalt, 2.65 grams palladium and 0.38 gram platinum per tonne.

Pan Asia Mining remained steady at 6. At last report, Pan Asia was arranging to make payments to earn its half-interest in the 701 Diamond mine in China. The company is selling some of its shares privately to help fund the 701 mine development.

Cantex Mine Development also closed the week unchanged, at 11. The Chuck Fipke-led junior has discovered a gossan formation, 24 km north of the Suwar nickel-copper-cobalt prospect in Yemen.

Transpacific Resources plans to return to its quest for diamonds on its 1,600-ha property at Kirkland Lake in northern Ontario. The company lost a penny and closed at 1. Two diamonds and several diamond indicator minerals were previously discovered on the property.

Muskox Minerals tacked on 15 to end the period at 70. The company has been focusing its attention on the source of the Keel-2 conductive geophysical anomalies at the base of the Muskox Intrusion in Nunavut. Results from three holes of a 13-hole drill program are still pending.