Canada’s junior exchange emerged from the Dominion Day weekend in a sour mood. The Canadian Venture Exchange composite index dropped 32.61 points, or 1%, to finish the week ended July 3 at 3,198.32. The mining index was the only bright face in the market, adding 56.96 points, or 0.77%, to its value and closing at 7,446.45.
Ascot Resources was the most actively traded among junior explorers, gaining 3 to close at 26 on a volume of 2.4 million shares. The junior recently inked a deal that allows Cardero Resources to earn a 100% interest in a gold project in Argentina. Cardero ended the week unchanged at 36.
RJK Explorations‘ stock jumped, following the announcement of initial results of grab samples collected at the Stares-Calvert property in Ontario. RJK and its partner, Toronto-listed Greater Lenora Resources, have exposed a 10-metre-wide unit that contains zinc, copper and lead mineralization. RJK closed the week at 52, up 5 on a volume of 1.1 million shares.
IBI found a penny and closed at 5, with just over 1 million shares traded. The company is developing its Namekara vermiculite project in Uganda, having recently constructed a processing plant.
Cantex Mine Development caught the eye of investors following the discovery of five main gossan horizons within the Wadi Qutabah layered gabbroic complex in Yemen. The junior thinks the complex could be part of a much bigger layered complex that hosts the company’s Suwar nickel-copper-cobalt prospect, some 23 km to the south. Shares in the company closed up a penny to 10, with 1.1 million shares traded.
Shares in Tyler Resources got a boost following news that the junior had approved an $860,000 joint-venture budget for the summer program on the Carat diamond property, 340 km northeast of Yellowknife. Tyler holds a 30% stake in the project; Diamondex Resources, 70%. Tyler ended the week up 1 to 19 on a volume of 893,000 shares. Diamondex lost 4 and closed at $1.31 on light volume.
Quaterra Resources closed at 20, up 4 on the trading of 783,000 shares. The company has been reporting encouraging, early-stage results from the Alaska platinum project in Union Bay.
Snowfield Development remained flat at 24 on news that it has inked a deal to acquire the Muskox South platinum-palladium property in Nunavut. A total of 708,000 shares changed hands.
Skeena Resources added 4 to its value and closed at 18, with 626,000 shares traded. The company has arranged $400,000 private placement, proceeds from which will be used to finance drilling programs on the Weirdale kimberlite project in the Fort la Corne district of Saskatchewan and on the ICE Claims kimberlite project in southeastern British Columbia.
Klondike Gold ended the week up a penny at 11 on a volume of 390,000 shares. The junior failed to intercept sulphides in two holes on the Yahk property and is currently drilling the Crawford Bay polymetallic deposit. Both projects are in southeastern British Columbia.
Aquest Minerals closed at 8, up 1 on 260,000 shares. The company was recently granted the Orienta, Olopa and Siete Caminos gold concessions in Guatemala.
New Blue Ribbon Resources touched a new 52-week low, ending the week at 10, down 1 on the trading of 251,800 shares. The Edmonton-based company is engaged in a joint venture with BHP Diamonds at the Moose property in Manitoba. Seven magnetic anomalies have been drill-tested, though no kimberlite bodies were encountered.
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