Canada’s junior exchange lost ground during the report period ended March 28, posting a loss of 27.85 points, or 0.6%, to finish the week at 4,377.04. The mining index followed suit, dropping 44.67 points, or 1.01%, to close at 4,361.11.
Shear Minerals was this week’s junior mining star, tacking on 38 to close at 75. The company is in the process of planning a spring exploration program on its Shulin Lake property, 60 km northwest of Anchorage, Alaska. The property hosts a 3-to-5-km-diameter circular positive magnetic anomaly that is interpreted to be a high-level intrusive. Shear has identified some diamond indicator minerals in the drainage surrounding the anomaly and intends to investigate for kimberlitic-lamproitic intrusions, as well as for base and precious metal potential.
Trading on heavy volume, International Wayside Gold Mines added 30 to its value and closed at $1.07. The stock ran up on news that drilling had intersected a new gold zone at the Cariboo project, near Wells, B.C. Hole 3 cut 24.5 ft. grading 0.27 oz. gold per ton, while hole 4 cut 28 ft. grading 0.3 oz. gold. The project consists of the Island Mountain, Aurum and Mosquito Creek gold mines, as well as the Cariboo Gold Quartz mine.
Popular Resources shot up 15 and finished the week at 26. The stock traded heavily on news that its Swedish subsidiary, North Star Diamonds, had intersected 3 metres of kimberlite in its first hole on the Sundsvall diamond project in north-central Sweden. The company says the second hole also encountered kimberlite and that a larger drill will be mobilized to test the anomaly to a 100-metre depth.
New Blue Ribbon Resources closed at 63, up 13. The junior is working the Pelican Mountains heavy mineral property in Alberta and recently agreed to earn a 60% interest in the Legend diamond property, in the same province.
EuroZinc Mining found a dime and closed at 80. The junior miner is working on a final feasibility study aimed at reviving the Aljustrel base metal mine, beginning in late 2000. The revived operation would treat 1.5 million tonnes of zinc-rich ore annually. Capital costs are estimated to be the range of US$40-50 million. The study is examining the possibility of mining high-grade zinc and copper zones in the Feitais and Moinho deposits.
Failing to get a boost after announcing that its joint-venture partner, Anaconda Chile, has resumed work on the Magistral copper-molybdenum property, Inca Pacific lost 15 to finish the week at 55. Anaconda expects to resume drilling in April, utilizing two rigs.
Shore Gold lost 23 and closed at 95. The company recently announced it has expanded its ongoing drill program to include five additional diamond drill rigs on its wholly owned Star kimberlite property, 60 km east of Prince Albert, Sask. The kimberlite is defined by a magnetic anomaly measuring 2 by 1.5 km.
Canabrava Diamond dropped 20 and closed at $1.80. The company has commenced a drilling program on its wholly owned Frontenac diamond project in Ontario. The program is designed to test several kimberlite pipes on the eastern flank of the Timiskaming Rift within the Frontenac Structural Arch.
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