Mining index increases momentum

Vancouver — The report period ended Nov. 20 saw the third consecutive 3-digit gain for the mining sector. Nothwithstanding a poor performance by the oil and gas sector, the Canadian Venture Exchange composite index closed the week up 41.64 points, or 1.37%, to 3,064.65. The mining index rocketed 116.48 points, or 1.5%, to close at 7,825.85.

Quaterra Resource lost 3 to close the week at 19 on a volume of 2.1 million shares. The company plans to raise $2 million and is currently drilling its Duke Island nickel-copper-platinum-palladium property in Alaska. The first hole reportedly cut 80 metres of sulphide mineralization. Results are pending.

The first week of trading on its new exchange was not good for South-Malartic Exploration. Previously listed on the Montreal Exchange, the company lost 6 and finished at 23 with just over 2 million shares changing hands. The latest drill results for its Croinor gold property, 75 km east of Val d’Or, Que., are expected to boost the project resources. At last count, the property held 3.1 million tonnes grading 3.04 grams gold per tonne (301,000 contained ounces gold), based on a cutoff grade of 1.15 grams gold.

IBI closed flat at 4 on a volume of 1.7 million shares. The company’s wholly owned subsidiary, Canmin Resources, is producing vermiculite at a mine in Uganda, close to the Kenyan border.

Boulder Mining lost 10 and closed at 4 on the exchange of 1.3 million shares. At last report, the company was in the process of acquiring an option to buy the El Fuste claim in Mexico’s Sinaloa state.

Shares in Andean American Mining continued to move higher, adding 7 to close at 48 on 1 million shares. The junior recently announced plans to expand its Santa Rosa pilot plant in southern Peru. By early next year, the company hopes to be operating a 3,250-tonne-per-day gold mine.

Samex Mining lost 3 to finish at 6 on 801,000 shares. The company is awaiting drill results from the Eskapa copper-gold property in Bolivia.

Eurasia Gold lost a penny and closed at 1 on 731,000 shares. The company operates two gold mines in Kazakstan through its wholly owned subsidiary, Andas-Altyn.

Poplar Resources tacked on 3 to close at 14 on a volume of 715,000 shares. At the Bottenbacken polymetallic project in central Sweden, hole 5 returned a 0.6-metre test section grading 0.96% copper plus 1.42 grams palladium, 0.86 grams gold, 0.06 gram platinum and 5.7 grams silver per tonne.

Leader Mining International hit yet another 52-week high on news that two rigs are being mobilized to its Cogburn nickel property, near Hope, B.C. The junior added 75 to its value and closed at $2.75 as 671,000 shares crossed the floor.

Kensington Resources continues to climb higher as investors await bulk sample results from the Fort a la Corne diamond project in Saskatchewan. Nine of 10 recent drill holes are from the central part of the 141 kimberlite, and one mini-bulk sample was collected from kimberlite 150. The junior closed at 67, up 9 on a volume of 362,000 shares.