CDNX bullish after first week jitters

Vancouver — After stumbling out of the starting gate last week, the new Canadian Venture Exchange (CDNX) index managed to gain some momentum, posting a gain of 46.93 points, or 2.4%, to finish the week ended Dec. 7 at 2,031.98.

The darling of the market during the report period was Cantex Mine Development, which jumped 23 to close the week at 44. The market is eagerly awaiting drill results from the Al Hariqah heap-leachable gold prospect in Yemen.

Another major mover over the past week was Mansfield Minerals, which saw its issue rocket 46 to close at 86. Mansfield won a 3-year legal dispute for the Cerro Samanta copper porphyry property in Argentina. Toronto-listed Teck is earning a half-interest in the project.

Spider Resources finished the week at 8, up 3. The company says it is unaware of any material changes that might account for the increase. Spider stands to earn a 30% interest in the Alto Paranaiba diamond joint venture in Brazil.

Inca Pacific Resources tacked on 10 to close at 45. Inca holds an 49% interest in the Magistral polymetallic property in Peru, currently being drilled by Anaconda Chile. Copper-molybdenum mineralization at Magistral is found disseminated in a quartz monzonite intrusive, as well as a skarn aureole.

Great Basin Gold lost some ground, shedding 2 to close at $2.28. The Hunter-Dickinson-led company is core-drilling on its wholly owned Ivanhoe gold property in Nevada.

Francisco Gold took a nosedive, losing $1.25 to end up at $5.50. Francisco Gold holds the low-grade El Sauzal gold property in Chihuahua state, Mexico.

Diamond explorer Winspear Resources finished the week at $2.26, down 12. Winspear is gearing up for bulk-sampling on its 67%-owned Camsel Lake project in the Northwest Territories. Toronto-listed Aber Resources holds the remaining interest.

Gabriel Resources jumped 20 to close at $1.90. The junior is carrying out development work at its Rosia Montana project in Romania while simultaneously exploring historic gold properties and untested targets in the surrounding area.

Leader Mining International plummeted 15 to close at $1.29. Initial market excitement over the company’s recent deal with Korea Resources to earn a half-interest in the Knife Lake polymetallic project in Saskatchewan seems to have cooled.

Birch Mountain Resources closed at $1.48, up 20. The company recently closed a non-brokered private placement for gross proceeds of $565,000. The money will be applied to the Prairie Gold project, part of its Athabasca property in northeastern Alberta.