Wayside results set downbeat tone for CDNX

The report period ended May 9 marked a 148.34-point decline as the Canadian Venture Exchange index fell through the 3,500 level to close down 4.1% at 3,449.78. The mining index shed 100.85 points, or 2.5%, to finish at 4,001.76

Anticipation turned to despair following the release of disappointing gold results from two holes drilled at the so-called Bonanza discovery, part of the Cariboo property, near Wells, B.C. International Wayside Gold Mines lost 60 to close the period at $1.43.

Pacific North West Capital continued to lose ground from its 52-week high of $4.30, closing down a dollar at $1.29. The company reported results for holes 8 through 13 on its River Valley platinum group metals discovery, northeast of Sudbury, Ont. A second round of drilling is planned for the Dana Lake area once interpretation of the induced-polarization survey is completed.

Dale Hoffman’s JNR Resources added 8 to close at 22 in heavy trading after reporting that a third hole drilled on the Moore Lake property in Saskatchewan had intersected anomalous radiometric values over a 10.4-metre interval of unconformity-type uranium mineralization. Core samples will be analyzed for uranium and specific trace elements. Downhole radiometrics are currently being processed to estimate the equivalent grades in percentages of U3O8. Moore Lake is part of a joint venture with Kennecott Canada.

Trading in Asia Minerals remained active, up 2 at 15, on no further news.

Southern Rio Resources climbed 5 to close at 20 on arranging a $338,000 private placement consisting 2.2 million shares at 15 each.

Rock Resources gave up 30 to finish the week at 31. The company reported insignificant results from the first six of nine holes on the Cerro Carmen and Cerro Macote porphyry copper-gold targets at its Coiron property in north-central Chile.

Toronto-listed Atna Resources declined to participate with Expatriate Resources in the purchase of the Finlayson Lake mineral assets in southeastern Yukon from Cominco. Atna decided not to participate in this venture in light of what it sees as significant capital investment and technical risks. Atna’s 40% interest in the Wolverine joint venture is unaffected and the company will continue to participate in this year’s $1-million exploration program. Expatriate, which will now acquire 100% of the Kudz Ze Kayah and GP4F deposits, was down 3 at 47.

The Hunter-Dickinson group’s Great Basin Gold released bonanza-grade gold results from a further seven holes on its Ivanhoe property in the Carlin trend of Nevada. Intersections included 1.7 ft. of 9.67 oz., 3.3 ft. of 0.24 oz. and 7 ft. of 2.6 oz. Using five rigs, the company is delineating the three known vein systems along strike and at depth, and targeting new discoveries outward in all directions. Great Basin closed down a nickel at $2.30.

Spider Resources and partner KWG Resources are drill-testing the Kyle No. 3 dyke-like kimberlite body in the James Bay Lowlands area of northern Ontario and have completed four holes to date with the aim of developing a better understanding of the geology, grade and geometry of the multi-phase body. Spider was up a penny at 13.