CDNX continues slide into bear territory

Vancouver — Canada’s junior exchange posted losses on all fronts during the report period ended March 20. The composite index of the Canadian Venture Exchange dropped 63.66 points, or 2.1%, to close at 3,012.47, whereas the mining index lost 51.43 points, or 0.8%, to finish at 6,171.77.

Among junior explorers, TNR Resources topped the most-actively-traded chart, ending the week up 3 to 45 with just under 1.7 million shares traded. The company has a joint venture with Barrick Gold in Argentina and recently declined to renew its stake in the Ledge gold property in the Cariboo mining division of British Columbia.

Cantex Mine Development lost 4 to close at 13 with 1.5 million shares crossing the floor. The junior has collected 342 heavy mineral samples, 147 rock and gossan samples, and 638 soil samples from drainage areas anomalous in copper-nickel-cobalt mineralization and platinum group elements. The drainages are 24 km north of Suwar in Yemen. Assays are pending.

Shares in North American Tungsten continued to trade in seesaw fashion, ending the week down 8 to 78 on 942,000 shares. Higher tungsten prices have driven speculation that the company will reopen its wholly owned CanTung mine in the Northwest Territories.

South Atlantic Resources closed up a penny to 30 on a volume of 792,000 shares. The junior announced a planned $650,000 financing and recently acquired the Nordic platinum-palladium property, which had been held by its 39%-owned subsidiary, North Atlantic Natural Resources.

Donner Minerals tacked on 1 and closed at 13, with 665,000 shares changing hands. The junior has decided to pool certain properties held in the South Voisey’s Bay region of Labrador. Originally part of the South Voisey’s Bay project, the ground will be transferred to a new company, dubbed SVB Nickel.

Despite announcing that 38 samples collected from the Kendu kimberlite breccia on the Legend property in northern Alberta had failed to return any diamonds, New Blue Ribbon Resources closed up 2 to 18 on a volume of 636,000 shares. Partner Montello Resources dropped 2 to close at 9, with 632,000 shares changing hands.

Pacific North West Capital tacked on a nickel and closed at $1.25 on 541,000 shares. The company’s stock ran up on the initial results from a fourth round of drilling at its River Valley platinum-palladium property in Ontario.

Kensington Resources lost ground following the latest macrodiamond counts from two pipes on the Fort La Corne project in Saskatchewan. A 580-tonne kimberlite sample from two separate bodies returned 487 macros with a combined weight of 38.37 carats. The junior shed 7 to 45 on a volume of 439,000 shares.

Radius Explorations tacked on 3 to end the week at $1.18, with 411,000 shares traded. The company is completing stepout and infill trenching over the Sastre, Bridge and TBS zones at the Tambor gold project in Guatemala.

Philex Gold attracted some buying interest, gaining 17 to 88 on a modest volume of 317,000 shares. The company’s partner, Anglo-American, is drilling the Boyungan gold-rich porphyry prospect in the Philippines.