Investors skittish about junior market

Vancouver — Investors continued their junior-exchange exodus over the week ended March 25. The S&P-TSX Venture Exchange composite index shed 19.80 points, or 1.86%, and closed at 1,042.2.

Spider Resources was the week’s volume leader with a whopping 17.3 million shares traded. The junior and its joint-venture partner, KWG Resources, have begun 1,000 metres of diamond drilling on their Spider 3 base metal prospect in the James Bay Lowlands of northern Ontario. Diagem International Resource owns 37.8% of KWG. Spider tacked on 3 and closed at 12, while Diagem closed at 26, up a penny on 1.1 million shares.

IMA Exploration came in a distant second on the volume chart, with 3.1 million shares crossing the floor. The company gained 7, to finish at 96. Soil sampling has identified a highly anomalous area at its Navidad project in Patagonia, Argentina; the area measures 1,200 by 500 metres and has values consistently greater than 2 grams silver per tonne. IMA plans to increase the density and size of this soil grid in order to define drill targets in combination with geological mapping, rock sampling, trenching and geophysics.

Apac Minerals closed up 15, to 75, with 1.4 million shares traded. The company holds several epithermal gold prospects in the Los Menucos area of Rio Negro province in the northern part of the Patagonia area of Argentina. Apac’s partner, Patagonia Gold, recently started off a 5,500-metre (24-hole) drill program on one of these projects.

Temex Resources closed at 65, up 6 on almost 1.3 million shares. The company has kicked off a 6- to 7-hole (2,000-metre) drill program on the Juby gold project in northeastern Ontario. The Juby property is on what’s believed to be the western extension of the Cadillac-Larder Lake regional break.

Winslow Resources lost a penny and closed at 17 with 1.2 million shares changing hands. The company recently inked a deal with Bright Star Ventures for six of its properties on the northwestern corner of the Tulameen ultramafic complex, near Princeton, B.C. Bright Star must pay $15,000 and issue 50,000 shares to Winslow. Winslow will retain a 2.5% net smelter return royalty in these mining claims in the event of commercial production. The Tulameen complex is believed to have good potential for platinum group metal and gold-copper deposits.

International Coromandel Resources remained steady at 27 with 1.2 million shares traded. The company completed a private placement financing worth $375,000, with proceeds earmarked for drilling of the Santa Gertrudis property in Mexico. The project hosts near-surface oxide gold targets, as well as several deep, Carlin-type targets.

Goldminco closed at 11, down 2 on 971,000 shares. Expecting the worst, investors are losing patience as they await drill results from the Balabag project in the Philippines.

Little Mountain Resources tacked on 7 and closed at 20 with 890,000 shares traded. The company recently optioned several properties near Thunder Bay, Ont. The company can earn a 40% interest in both projects by making cash and share payments over several years totalling $136,500 and 500,000 shares, as well as spending $550,000 on exploration. Little Mountain can increase its interest in each property by 9% by issuing 50,000 shares for each 1% interest.