Vancouver — Led by a 6.7% gain in the oil-and-gas sector, all four indices on Canada’s junior exchange finished the week ended April 17 in positive territory. The Canadian Venture Exchange composite index tacked on 65.08 points, or 2.2%, and closed the holiday-shortened period at 2986.57. The mining index added 14.19 points, or 0.2%, to close out the week at 6,122.55.
Pan Asia Mining continued to lead the trading parade, closing out the week flat at 8 on 3.6 million shares. The company is arranging additional financing for the upgrading of the 701 diamond mine in China. The junior reports that 2,111.40 carats of rough stones have been recovered from the mine. Of that amount, 1,697.29 carats are industrial-grade, 342.61 carats are coloured and 27.29 carats are gem-quality.
New Blue Ribbon Resources closed the week at 20, up 1 with 616,000 shares crossing the floor. The junior is drilling the Moose diamond project in Manitoba. Under a joint-venture agreement with BHP Diamonds, it is testing 10-12 geophysical anomalies.
International Wayside Gold Mines lost 2 to finish the week at 19 on a volume of 605,000 shares. The Frank Callaghan-led junior is drilling the Bonanza Ledge gold prospect on the Cariboo gold property, near Wells, B.C.
The assay results from 12 additional holes into the River Valley platinum-palladium property in Ontario sent shares of Pacific North West Capital shooting higher. The Harry Barr-led junior tacked on 8 and closed at 96, with 564,000 shares crossing the floor. The best results came from the Dana Lake area.
Starfield Resources has resumed drilling on the promising West zone of the Ferguson Lake nickel-sulphide project in southern Nunavut. Hole 68 is set to test the zone 100 metres east of hole 67 (19.25 metres grading 0.71% copper, 0.36% nickel, 0.04% cobalt, 1.08 grams palladium and 0.17 gram platinum per tonne). Starfield has budgeted for an initial 20,000 metres of drilling in the hope of expanding the resource of the West zone and testing the deeper portions of a large geophysical anomaly. Stock in the company remained flat at 60, with 535,000 shares traded.
Mighty Beaut Minerals lost 2 and closed at 24 on a volume of 521,000 shares. The junior, which announced its intention to seek a listing on the Hong Kong Stock Exchange, intends to raise US$15 million to complete a feasibility study on the Celestial nickel laterite property in the Philippines.
Charles Fipke-led Cantex Mine Development ended the week down 2 at 13, with 517,000 shares changing hands. The junior is working a large gold package and the Suwar polymetallic property, both of which are in Yemen.
Great Western Gold slumped to 39, down 1 on 502,000 shares. The junior has completed the first round of drilling and ground geophysics on the Hoidas Lake rare-earth project in northern Saskatchewan. Results confirmed a significant zone of high-grade rare-earth-element mineralization. Rare earths are used in high-tech applications.
Aurora Platinum jumped 39 and closed the week at $4.15.
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