Vancouver — Canada’s junior exchange bucked the trend set by the major bourses and posted modest gains during the week ended Jan. 15. The Standard & Poor’s-CDNX composite tacked on 3.79 points, or 0.3%, to close at 1,088.13.
New Blue Ribbon Resources was the volume leader, with just over 2.1 million shares traded. The stock, which added a penny to close at 10, has been heavily traded since the company announced it intends to acquire a 90% interest in the Lac Joubert diamond property in the Otish Mountains region of northern Quebec.
Starfield Resources jumped 16 and closed at 72 on a volume of 1.5 million shares. The company is gearing up to resume drilling on its Ferguson Lake nickel-copper-platinum-palladium property in Nunavut.
Pan Asia Mining remained flat at 11 with 1.2 million shares traded. The company is eyeing a listing on the Nasdaq with the backing of Valley Forge Securities. Pan Asia recently agreed to a private placement of up to 31.4 million units priced at 10 each, for proceeds of $3.1 million.
Poplar Resources lost a penny and closed at 13 with 1.2 million shares crossing the floor. The junior recently picked up ground in the Mistassini region, north of Chibougamau and southwest of the Otish Mountains, where Ashton, Majescor, Canabrava and other diamond exploration companies are active. More than 310 claims have been applied for, representing roughly 75 targets.
Oasis Diamond Exploration closed up 1 to 17 on a volume of 1.2 million shares. The junior recently negotiated a 50-50 joint venture with Montello Resources on a 460-sq.-km property in the Otish Mountains area. The property is about 25 km east of the recently discovered Ashton-Soquem diamondiferous kimberlites. Montello closed at 15, down 2 on 749,000 shares.
Hyder Gold added 2 to its value and closed at 7, with just over 1.1 million shares exchanged. The has terminated its option agreement with Rimfire Minerals over the Eagle claims, 30 km southwest of the Pogo gold deposit in Alaska, and is seeking new ground. Rimfire closed up 4 to 49.
Blackstone Ventures closed up 3 to 23 on just over 1 million shares. The company announced that fellow junior Northern Empire Minerals has agreed to earn a 75% stake in the Premier diamond property in the Otish Mountains. Northern Empire lost 8 to closed at 57.
Freewest Resources remained flat at 27 with 1 million shares traded. The junior has completed a private placement with MTAX 2001 Mineral Limited Partnership of Vancouver for net proceeds of $110,000. Freewest will use the money to develop its Clarence Stream project in New Brunswick and its Lizar project in Ontario.
Shares in Verdstone Gold remained flat at a penny with 916,000 shares traded. The junior proposed a 1-for-10 consolidation of its stock and expects to change its name to Goldrea Resources. The company recently staked property in the Eskay Creek area of British Columbia.
Andean American Mining tacked on 4 to close at 52 on 899,000 shares. The company is in the midst of a $350,000 financing aimed at advancing the Santa Rosa gold property in the Peruvian Andes, where the Open Pit zone is currently being mined at a rate of 500 tonnes per day.
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