CDNX continues upswing (March 12, 2001)

Vancouver — The mining index took centre stage on Canada’s junior exchange during the report period ended March 6 as it broke through the 6,000 mark. The Canadian Venture Exchange (CDNX) composite index tacked on 26.77 points, or 0.8%, to close the week at 3,102.42. The mining index soared 237.23 points, or 3.9%, to close at 6,219.78.

South Atlantic Resources topped the most-actively-traded chart among junior explorers, ending the week up 6 to 34 on just over 3.5 million shares. The junior announced a planned $650,000 financing and is considering acquiring certain platinum-palladium exploration properties currently held by its 39%-owned subsidiary, North Atlantic Natural Resources.

Spider Resources and joint-venture partner KWG Resources inked a deal with De Beers Canada Exploration for a multi-year option agreement worth $5.5 million. The deal covers Spider 3, a property in northern Ontario. The initial 2-year option requires De Beers to spend $1.5 million on exploration by April 15, 2003, in return for a half-interest. Spider Resources found a penny and closed at 9, with 2.6 million shares crossing the floor.

Kensington Resources jumped 8 and closed at 64 on a volume of 1.4 million shares. The market is anticipating macrodiamond recovery results from last year’s drill program at the Fort la Corne property in Saskatchewan. This work is being done at De Beers’ facilities in Johannesburg, South Africa.

Cantex Mine Development remained flat at 16, with 1.4 million shares traded. The Chuck Fipke-led company reports that a major gossan zone formation, 24 km north of Suwar, has been identified, outcropping in dry-stream drainages. Fipke says sampling has produced the highest platinum-group-element heavy-mineral results so far encountered in Yemen.

Pacific North West Capital closed at $1.02, up 19, with 1.4 million shares traded. Drilling on the River Valley property, near Sudbury, Ont., is in full swing. To date, 17 holes have been completed, with the first batch of results expected shortly. Over the next several months 11,000 metres will be drilled in order to define a bulk-minable mineral resource in the Dana Lake area. Geophysical and geological targets will also be tested.

Strong tungsten prices continued to boost shares in North American Tungsten. The junior jumped 13 to 79 on just over 1 million shares. The company owns the now-idle CanTung mine and MacTung deposit, both of which are in the Northwest Territories.

Radius Explorations added 1 to its value and closed at $1.05 on a volume of 861,000 shares. Radius has identified prospective metasedimentary rocks west of Tambor. Gold-in-stream sediments and follow-up prospecting and rock-sampling have identified two new target areas. Dubbed San Pedro and Cerro Apazote, they are 10 and 16 km west of Tambor, respectively.

Tiberon Minerals tacked on 20 to close at $1.30, with 797,000 shares traded. The junior has tabled encouraging results from last year’s drill program over a 2-km-long geophysical anomaly that defines the Da Lien prospect.