Canada’s junior exchange moved higher on moderate volume over the week ended April 23. The Standard & Poor’s-CDNX composite index tacked on 8.91 points, or 0.7%, to close at 1,164.08.
Goldminco topped the most actively traded chart, soaring 5 to close at 14 as more than 4.1 million shares changed hands. Certain shareholders sold 4.1 million shares through Bolder Investment Partners. The company intends to complete a non-brokered private placement of up to 5 million units at 10 apiece. The junior holds an interest in the Balabag and Masapelid projects in the Philippines. The latter is 8 km from the Philex/Anglo Gold copper gold discovery at Boyongan.
Shares in Starfield Resources continued to move higher following the release of drill results from the Ferguson Lake copper-nickel-platinum-palladium property in Nunavut. The company ended the week up 16 to $1.06 on a volume of 1.9 million shares.
Antoro Resources added 8 and closed at 36 as 1.4 million shares crossed the floor. The junior intends to raise $260,000 to explore its newly acquired St-Clotilde silica property in Quebec.
Gallery Resources tacked on 1 to close at 12 on 1.2 million shares. A gravity geophysical survey is under way on the junior’s Black Bart’s Katie massive sulphide project in central Newfoundland.
Investors sold off shares in Majescor Resources following news that its partner, BHP Billiton Diamonds, failed to cut any kimberlites during the first round of drilling at the Portage project in Quebec. A total of 18 holes tested various pipe-like geophysical anomalies identified by previous airborne and ground geophysical surveys. Majescor ended the week at 57, down 8 on 1.2 million shares.
Grayd Resources closed at 15, up 6 on 1.1 million shares. The junior has been seeking a new partner for its White gold project in Alaska. Late last year, Placer Dome U.S. dropped its option on the Delta-area property.
Seahawk Minerals has been exploring for coloured gemstones in Brazil. In the first quarter of 2001 it started production from its Piteiras emerald deposit. Seahawk is investigating additional ways to participate in the gemstone arena, including vertical integration, property consolidation and downstream marketing. The company remained flat at 5 with 966,000 shares traded.
American Bonanza Gold Mining lost 2 to close at 10 on 901,000 shares. Royalty firm Royal Gold recently nixed a financing deal with the junior regarding its Copperstone project in Arizona.
Sultan Minerals added 7 to its value and closed at 30 on 849,000 shares. The Frank Lang-led company has been advancing the Gold Mountain zone on the Kena property, near Nelson, B.C.
New Blue Ribbon Resources has begun drilling at its 70%-owned Legend diamond property. Joint-venture partner Montello Resources holds the remaining 30%. The first target to be tested is Lamasu North, which is represented by a double-peaked magnetic anomaly up to 300 metres in diameter. Shares in New Blue Ribbon lost a penny and closed at 8 on a volume of 809,000 shares. Montello found a penny and closed at 17 with 337,000 shares traded.
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