Western markets beset by winter blahs

Vancouver — The Canadian Venture Exchange followed the major markets lower, led by a 13.2% drop in its technology sector, during the report period ended Dec. 19. The composite index dropped 138.72 points, or 4.8%, to finish at 2,774.17, whereas the mining index shed 89.24 points to close down 1.9% at 4,556.44.

Investors took a shine to Aurora Platinum, which reached a high of $8.10 before falling back to $7.25, for a gain of $1.15. With $6 million in its kitty, the company is drilling the Foy prospect in Ontario’s Sudbury district, and the Midrim property, northeast of Ville-Marie, Que. Aurora released some nice numbers from the first five holes of an initial 16-hole program at Midrim,

Poplar Resources closed up 7 at 15. The junior is arranging a $600,000 financing consisting of 4 million units priced at 15. Poplar’s 65%-owned subsidiary, North Star Diamonds, is re-evaluating its Bottenbacken palladium project and gearing up to begin drilling in the new year on the Sundsvall diamond project. Both projects are in Sweden.

Muskox Minerals hit a high of $4.65 before pulling back to $3.40, for a loss of a dime. The company is targeting nickel-copper-PGM mineralization at the Muskox project in Nunavut. Drilling has been halted for the holidays and will resume in mid-January. Eleven widely spaced holes have tested the Keel-1 West geophysical conductor, and all are reported to have encountered magmatic sulphide mineralization along 1.5 km of strike. Initial assays are expected in early January.

New Blue Ribbon was off 3 at 17. The Calgary-based junior has created some volume since it intersected an ultramafic breccia, with kimberlite-like characteristics, while drill-testing the Kendu geophysical anomaly at the Legend joint venture in northeast Alberta.

Lundin-led Atacama Minerals closed up 7 at 57. The company holds a half-interest in the Chilean Aguas Blancas industrial mineral project. The first shipment of iodine is expected in March, three months before construction of the processing plant is to start. Atacama’s partner, ACF Minera, intends to process the liquids from the heap-leach operation at its own plant in Iquique while the Aguas Blancas plant is being constructed.

DRC Resources slipped a nickel to end the report period at $4.35. The thinly traded issue had run up to $14.40 in mid-October on impressive drill intercepts from the old Afton mine property, near Kamloops, B.C.

Calgary-based Tiberon Minerals lost 38 to close at 62. The issue has been on a slide from a high of $3.50 since releasing assay results for the first hole drilled on the Nui Phao tungsten-copper-gold project in Vietnam. Twelve holes have been completed over 1.4 km of strike.

‘Tis the season for tax-loss selling, and several juniors are bouncing off 52-week lows, including: Charles Fipke’s Cantex Mine Development, off 3 at 16; Great Basin Gold, down 26 at $1.04; International Wayside Gold Mines, minus 3 at 19; Northern Abitibi Mining, unchanged at 3; Pan Asia Mining, unchanged at 9; and Rupert Resources, down 2 at 6.