Vancouver Canada’s junior exchange started the week off on a bullish note as advancing stocks beat declining stocks 498-407. The S&P-TSX Venture Exchange composite index closed at 1909.28, up 19.97 points, or 1.06% with 95.9 million shares traded.
Muskox Minerals jumped 4 and closed at 39 with 3.48 million shares traded. The company tabled results from an initial two hole drilling program on its Atlin project in northwestern British Columbia. The two exploratory holes were drilled to test a section of the Pine Creek Fault zone. Some eyebrow raising results were cut in hole YJ-03-01 which cut 5.56 metres averaging 513.5 grams gold per tonne, starting 45.75 ft. down-hole.
Spider Resources and joint venture partner KWG Resources recently tabled more results from their ongoing winter drilling program on the McFaulds #3 base metal target in the James Bay Lowlands of Ontario. Hole McF-04-24 cut 12.09 metres averaging 1.81% copper, 0.07% zinc, 0.1 gram gold and 3.36 grams silver, starting 219 metres down-hole. This included a 3.47-metre section that averaged 4.21% copper, 0.2% zinc, 0.22 gram gold and 8.55 grams silver. Hole McF-23 undercut hole McF-22 (15 metres averaging 4.06% copper) on the same section about 125 meters below surface, while hole McF-24 undercut both of these holes 175 meters below surface. These results suggest that the higher grade copper mineralization is persisting to depth although it is thinner. Spider closed the day down half a penny to 23 with 2.43 million shares traded. KWG ended the session down 3 to 39, with 372,000 shares traded.
Amerigo Resources closed flat at $2.20 with 1.97 million shares traded. The company posted neat earnings after tax for the ten months ended December 31, 2003 of US$1.8 million. This compares with a loss of US$62,334 in the previous year. In July last year Amerigo acquired the Chilean MVC copper project near Santiago.
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