Bears battle Bulls to a draw

Vancouver — The performance of Canada’s junior exchange mirrored the gyrating price of bullion over the report period ended June 18 as investors bought gold-related issues one day, only to sell them the next. The Standard & Poor’s-TSX Venture composite index dropped 5.96 points, or 0.5%, to finish the week at 1190.56.

American Bonanza Gold Mining lost 2 to close at 18 on a heavy 6.7 million shares. The junior recently raised $2 million by issuing 15.4 million units at 13 each. The funds will be used to advance the Copperstone gold project in Arizona, which hosts an estimated total resource of 2.1 million tons grading 0.58 oz. gold per ton.

The latest drill results from the Bonanza ledge discovery area, near Wells, B.C., sent shares of International Wayside Gold Mines higher. The ongoing program is focusing on the northwestern extension of the BC vein system and, so far, has intersected up to 22.97 grams gold over 15.5 metres in hole BC02-03. Shares in the Frank Callaghan-led junior gained 4 to close at 19 on a volume of just over 3 million.

Kensington Resources managed to gain 10 and close at $1.30 with 1.7 million shares traded. The company tabled macrodiamond results from the 2001 drilling evaluation program at the Fort la Corne diamond project in Saskatchewan, a joint venture with De Beers and Cameco. The 889.8-tonne mini-bulk sample produced 463 macrodiamonds having a combined weight of 41.85 carats from kimberlite bodies 141 and 150.

The latest drill results from Starfield Resources‘ Ferguson Lake nickel-copper-cobalt-platinum-palladium property in Nunavut sent shareholders running for the exits. The best values came from hole 109, which returned 13.33 grams palladium and 1.11 grams platinum over 1 metre. The junior closed at 64, down 15 with 1.2 million shares changing hands.

Pan Asia Mining added a penny to close at 7 on 1.8 million shares. The cash-strapped company has been striving to convert the existing open pit at the 701 Changma diamond mine in China’s Shandong province into a much larger underground mine.

Investors snapped up shares in Wolfden Resources following news that hole 208 at the wholly owned High Lake massive sulphide project had cut 24.5 metres grading 7.06% copper. Part of a $2-million summer program, the hole tested the southern end of the B Zone and also hit a second mineralized intercept. Assay results are pending. Stock in the company hit a 52-week high before settling back to close at $1.70, up 35 on 1.1 million shares.

Cabo Mining surged 9 and closed at 15 with 1.1 million shares traded. The junior has discovered diamonds on its Cobalt Area property in northeastern Ontario. A 9.3-kg sample from hole CC-14 contained a total of 95 diamonds, including four macrodiamonds. The largest stone measured 1.36 by 1.2 by 1.12 mm.

Gallery Resources tacked on 2 to finish at 19 with 1.6 million shares crossing the floor. The company is raising $450,000 through a private placement of 3 million units priced at 15 each. The funds will be used to explore the Black Bart’s Katie massive sulphide project in central Newfoundland.