Vancouver — Led by gains in its three main sectors, the composite index of the Canadian Venture Exchange edged up 20.45 points during the report period ended Nov. 7 to close 0.6% higher at 3,275.18. The mining index was up 53.05 points, or 1.1%, at 4,766.11.
Philex Gold was pummeled on the much-anticipated release of further drill results by Anglo American on the Boyungan copper-gold porphyry prospect on the Philippine Island of Mindanao. The issue lost 88 to finish at 57. The market was looking for confirmation of a significant discovery, the potential for which was indicated by previously reported hole 6, which intercepted 365 metres averaging 0.81% copper and 1.9 grams gold per tonne, starting at a down-hole depth of 57 metres. A 300-metre stepout to the northeast failed to hit the mineralized porphyry, cutting volcanics and clastic sediments over its entire length of 284 metres. Anglo American, which can earn a 70% interest in the project, continues to drill-test the prospect, having stepped out 200 metres west of hole 6, where it encountered a potassic altered mineralized porphyry at 285 metres of depth (it is now at 340 metres).
Another Southeast Asian explorer, Calgary-based Tiberon Minerals, reached a high of $3.50, before falling back to $2.95 for a gain of 20. The issue has risen significantly in recent weeks as investors appear to be expecting positive drill results from the Nui Phao sulphide prospect in Vietnam. The company is drill-testing a 1,200-metre-long sulphide zone of copper-gold-tungsten-bismuth previously discovered by the government’s geological survey. Six holes have been completed, and assays are pending for the first hole.
News that Billiton was passing on Copper Ridge Explorations‘ Howards Pass zinc project, in the Yukon, took investors by surprise. The issue closed down 9 at 16.
Berland Resources was off 8 at 12. Falconbridge drill-tested five separate geophysical targets on the Saganash joint venture property in northern Ontario. The joint venture was investigating the base metal potential of these targets. Assay results are pending.
Cantex Mine Development has been on a bit of a slide lately, finishing the period at 19, down a penny. Investors may be spooked by the recent bombing of the USS Cole in Yemen. Cantex is focused in the northern part of that country, with its Sadah gold project and the joint-ventured Suwar massive sulphide project.
Spider Resources was also off a penny at 6 after reporting microdiamond results from further mini-bulk sampling on the Kyle No. 3 kimberlite in the James Bay Lowlands of northern Ontario. A 1,122-kg sample collected from five drill holes yielded 35 macros and 711 micros.
Balaclava Mines is beginning a minimum 4-hole, 600-metre program of reverse-circulation drilling on its Whirlwind hot springs-style target in Nevada. The issue was up 1 at 7 in light trading.
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