Canada’s junior exchange slowed its bull run to a mere trot, posting only 29.44 points, or 0.67%, to finish the week ended March 21 at 4,404.89. The mining index kept a slightly faster pace, tacking on 89.68 points, or 2.07%, to close at 4,405.78.
San Telmo Resources burst upon the scene, adding 38 to its value and closing at 75. The junior is attempting to expand on the El Condor gold prospect in Pategonia, Argentina. The first field program, conducted in January 1999, discovered large areas of alteration and high values of gold grading up to 131.93 grams per tonne. In addition, the company is evaluating options to fund further property acquisitions in the gold-silver rich Deseado Massif in Santa Cruz province. San Telmo recently raised $300,000 through a private placement.
International Wayside Gold Mines jumped 27 to close at 75. The company is gearing up to start the second phase of drilling on its Cariboo project, near Wells, B.C. The project consists of the Island Mountain, Aurum, Mosquito Creek and Cariboo Gold Quartz mines. The best intercept from the first phase of drilling was 0.41 oz. gold over 22.2 ft.
Inca Pacific Resources closed at 70, up 7. The company recently raised $500,000 by way of a private placement of 1 million units priced at 50 each. Proceeds will be used to explore and develop the Santo Domingo tin property in Peru.
St. Elias Mines lost a penny on moderate volume trading over the past week after announcing the latest trench results from its newly discovered Zona Verde prospect on the Cueva Blanca gold property in Peru. The trenching returned only up to 0.25 gram gold per tonne over 18 metres, and 0.33 gram gold over 15 metres. The 110-sq.-km property is in the northern portion of the prolific Yanacocha-Pierina belt of western Peru. St. Elias can acquire a 49% stake in the property from Inca Pacific.
Gulf International Minerals gained 9 to close at 60. The company is recommissioning the Aprelevka gold mine in Tajikistan.
Madison Enterprises gained 3 to close at 99. The junior’s stock drifted lower in recent weeks as investors reflected on news of a 10% increase in contained ounces of gold at its Mt. Kare project in Papua New Guinea. The company recently closed a $5.6-million financing to continue drilling the project.
Canabrava Diamonds took a 49 nosedive, closing at $2. The company has raised $1.6 million through a private placement from Toronto-listed Southwestern Gold. Southwestern currently holds a 54.2% interest in the company. Canabrava is actively exploring for diamonds in Brazil and Canada.
Hunter-Dickinson-led Anooraq Resources lost a nickel and closed the week at $1.40. The company released results from its $1-million-per-month drill program on the 74-sq.-km Platreef property, on the northeastern limb of the Bushveld complex in South Africa. Highlights include 3.87 grams platinum-palladium-rhodium-gold over 8 metres and 1.88 grams platinum-palladium-rhodium-gold over 26 metres.
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