RJK posts gains during mixed week

The Canadian Venture Exchange finished the period ended June 26 down 44.97 points at 3,230.93, off 1.4%. The mining index went the other way, gaining 68.31 points, or 0.9%, to close at 7,389.49.

RJK Explorations reached a high of 58 before falling back to 47, for a gain of 31. RJK and its sister company, Toronto-listed Greater Lenora Resources, announced they had exposed a 30-ft. section of massive sulphide mineralization during surface trenching on their jointly held Stares-Calvert property, 50 km west of Thunder Bay, Ont. The pair is exploring for the source of a sulphide boulder train containing up to 38% zinc, 0.6% copper and 4.4% lead, plus 388 grams silver and 15.9 grams gold per tonne.

Canadian Royalties tacked on 30 to close at 70. The junior re-assayed three holes previously drilled on the the Expo-Ungava copper-nickel property, 15 km south of Raglan mine in northern Quebec. Hole 1 returned weighted average assays of 0.36 gram platinum, 1.99 grams palladium, 0.7% copper and 0.71% nickel over a true thickness of 26.1 metres. Hole 2, a 152-metre stepout east of hole 1, assayed 0.38 gram platinum, 1.66 grams palladium, 0.55% copper and 0.91% nickel over 17.7 metres, whereas hole 3, drilled 244 metres east of hole 1, returned 0.42 gram platinum, 1.73 grams palladium, 0.75% copper and 0.66% nickel over 49.6 metres. Canadian Royalties can earn up to an 80% interest in the 17.3-sq.km property by spending $1.7 million over four years and producing a feasibility study. A 1969 assessment by Amax Exploration identified a 17.3-million-tonne resource grading 0.46% nickel and 0.51% copper.

News that North American Tungsten intends, by year-end, to re-open the dormant CanTung tungsten mine in the Northwest Territories was greeted with little enthusiasm in the market. The issue slipped a couple of pennies to 62. North American is in the midst of raising $6 million by selling 10 million special warrants priced at 60 apiece.

The Lang Mining Group’s Sultan Minerals reported wide intercepts of better than 1 gram gold in the first four holes drilled at the Silver King intrusive porphyry body, part of the Kena property in southeastern British Columbia. Sultan traded as high as 22 before closing at 16, up 3.

Glencairn Explorations was unchanged at 25 after announcing it is returning to mineral exploration with the acquisition of the Doc gold property, north of Stewart, B.C. The property was explored in the 1980s.

Anatolia Minerals, in a joint venture with Rio Tinto, stepped out 535 metres east of previous drilling on the Cukurdere prospect in Turkey and cut a 35.7-metre intercept averaging 6.9 grams gold and 17.7 grams silver (including 7.7 metres of 22.3 grams gold and 64 grams silver) before the RC hole was lost at 50.7 metres of depth. Rio can earn a 70% interest from Anatolia by spending US$10.5 million and paying US$1.5 million. Anatolia jumped to 43, up 19.

Tiberon Minerals, which is drilling a tungsten body at its Nui Phao project in Vietnam, took a loss of 38 to finish at $1.60 after releasing results from a further four holes. The company has expanded its program by a further 6,000 metres to assist in the completion of a scoping study later this year.