CDNX breaks 3,000 mark in brisk trading

Vancouver — Canada’s junior exchange broke the 3,000 mark during the week ended April 24, as all indices posted gains. The Canadian Venture Exchange composite index tacked on 50.17 points, or 1.7%, to finish the week at 3,036.74. The mining index added 20.23 points, or 0.3%, to its value and closed at 6,142.78.

Radius Explorations lost ground on news that a first phase, 20-hole program of reverse-circulation drilling is set to begin on its promising Tambor gold property in Guatemala. The Simon Ridgway-led company lost 19 and closed the week at 98, with 1.2 million shares traded.

Poplar Resources tacked on 1 and closed at 11 on a volume of 1.1 million shares. The company’s subsidiary, North Star Diamonds, has drilled six targets on the Sundsvall diamond project in Sweden. Five targets were duds, but the sixth drill hole warrants further investigation, the subsidiary reports. This target, dubbed “Lundtjarnen,” comprises 8 ha under an oval-shaped lake. Drilling is suspended, owing to spring break-up, but the company plans to drill another 10 holes once the weather permits.

Brasilca Mining found a penny and closed at 16, with 726,000 shares crossing the floor. News that Toronto-listed Teck and Inco will jointly explore the junior’s Tucum iron oxide-copper-gold concession in Brazil attracted investors.

Montoro Resources dropped 1 and closed at 4 on a volume of 681,000 shares. At last report, the junior was negotiating a further property acquisition, in the area of Falconbridge’s Raglan nickel sulphide mine in northern Quebec.

Pan Asia Mining closed out the week at 7, down 1 on an exchange of 664,000 shares. The company is upgrading the 701 diamond mine in China, from which 2,111 carats of rough stones have been recovered. Of that amount, 1,697 carats are industrial-grade, 342 carats are coloured and 27 carats are gem-quality.

New Blue Ribbon Resources lost 2 and closed at 18 on a volume of 653,000 shares. Investors are waiting for drill results from the Moose diamond joint venture in Manitoba, where 12 targets were to be tested. BHP Diamonds is the project operator.

Marum Resources remained flat at 8, with 633,000 shares traded. The company has completed ground magnetic surveys at the Crossroads diamond project in Manitoba, and drilling will soon begin. An aeromagnetic survey is also scheduled to start shortly.

Great Western Gold ended the week at 26, down 13 on 625,000 shares. The company recently reported initial results from drilling at the Hoidas Lake rare earth project in northern Saskatchewan. Results to date confirm a significant zone of high-grade mineralization surrounded by lower values over wide intervals.

Cantex Mine Development remained flat at 13, with 590,000 shares trading hands. The junior is exploring the Al Hariqah gold project and the Suwar copper nickel cobalt PGE project, both of which are in Yemen.

Investors bid up shares in Philex Gold following the release of results from three additional holes at the Boyongan copper-gold prospect in the Philippines. Shares of the junior jumped 79 and closed the week at $1.59 on a volume of 557,000 shares.