Tech meltdown shakes Canada’s juniors

The technology index plummeted a staggering 17.5% on Canada’s junior exchange, losing 1,275.09 points over the week ended April 4. The Canadian Venture Exchange index lost 376.43 points, or 8.6%, during the week and closed at 4,000.61. The mining index was also hit, dropping 239.10 points, or 5.5%, to close at 4,122.01.

Mansfield Minerals soared 62 and closed the week at $1.70, with 894,000 shares trading hands. The junior’s stock was pumped up on news that its joint-venture partner, Toronto-listed Teck, has begun a 1,200-to-1,500-metre drill program on the Cerro Samenta copper-gold project in Argentina. The first three holes will test a coincidental geophysical and geochemical anomaly at the South zone. The property hosts two large well-developed leached cap alteration zones coincident with typical porphyry copper geochemical anomalies. Previous trench results assayed up to 0.61% copper over 87 metres.

Pacific North West Capital added $1.39 to its value and closed at $3.35, with 1.8 million shares traded. The company recently reported assay results from the first three holes drilled in a first-phase diamond drill program on the River Valley platinum group metal/copper/nickel property, 60 km northeast of Sudbury, Ont. Highlights include; 42.3 metres averaging 2.25 grams combined platinum-palladium-gold and 48.3 metres averaging 2.04 grams platinum-palladium-gold.

International Wayside Gold Mines jumped 33 and finished the week at $1.40, with 1.5 million shares trading hands. The company intends to develop the Cariboo gold project, near Wells, B.C. The initial plan calls for a 3,000-tonne-per-day open-pit and underground mining operation. The project carries an estimated capital cost of $60 million and, if put into production, will employ 150 workers over 10 years.

Abitibi Mining made another appearance on the CDNX’s most active list, climbing 4 to 11 on 3.7 million shares. The company optioned a 50% interest in its Wolf property to International Wayside Gold Mines. The Wolf claims are south of the new gold zone discovered by International Wayside during its ongoing drill program at the Cariboo property in north-central B.C. Hole 3 cut 24.5 ft. grading 0.27 oz. gold per ton in the new zone, whereas hole 4 intersected 28 ft. grading 0.3 oz. gold.

Radius Explorations closed at 85, up 3. The junior is in the midst of a $1.6-million private placement, with proceeds earmarked for the company’s Guatemalan gold projects. In addition, Radius is participating in a joint venture with Toronto-listed Barrick Gold at the El Salitre property in central Mexico.

Cantex Mine Development continues to trade in a narrow range, having closed the report period at 48 on 1.1 million shares traded. Investors are awaiting further drill results from the Suwar nickel-cobalt-copper-silver prospect in Yemen.

EuroZinc Mining lost a dime to close at 70. The company announced that feasibility drilling is set to resume at the Aljustrel polymetallic project in southern Portugal. Several holes will test a shallow portion of the Fetais deposit that still remains open for expansion. This will be followed by a 1,500-metre drill program at the Estacao prospect. Also, about 5,000 metres of drilling will explore targets on the surrounding Malhadinha concession.