CDNX holds ground as rockets roar

Vancouver — The highly anticipated first strike by U.S.-led forces against Afghanistan failed to rattle Canada’s junior exchange during the 4-day report period ended Oct. 9. The Canadian Venture Exchange composite index managed to gain 9.25 points, or 0.3%, to finish the week at 2,836.54. The mining index slumped 57.56 points, or 0.8%, to close at 7,125.75.

Among juniors, Golden Band Resources topped the most-actively-traded chart, climbing 3 to end at 8 on a volume of 669,000 shares. To fund a fourth round of drilling on its wholly owned Waddy Lake property in northern Saskatchewan, the company arranged a $1-million flow-through share financing. The winter drill program will test the Memorial showing at depth and along strike. Previous drilling hit the zone over a 200-metre strike length, with values ranging up to 3.2 grams gold per tonne over 24 metres.

Starfield Resources attracted attention by reporting that hole 101 cut a bonanza-grade palladium-platinum horizon on the West zone of the Ferguson Lake nickel/copper/cobalt/ platinum-group-element property, near Rankin Inlet in Nunavut. Collared 200 metres west of previously reported hole 89 (18.9 metres grading 0.83% copper, 0.5% nickel, 0.06% cobalt, 2.5 grams palladium and 0.25 gram platinum), the new zone lies 15 metres above the targeted massive sulphide horizon and averaged 103 grams palladium and 26.7 grams platinum over 0.35 metre from a down-hole depth of 962.3 metres. Shares in the junior climbed 12 and closed at 51, with 607,000 shares changing hands.

Despite having a $7-million balloon payment due within the next 30 days on its McIlvenna massive sulphide project in Manitoba, cash-strapped Foran Mining managed to tack on 1 to close at 4 on a volume of 470,000 shares. The company recently wrote-down the project to its nominal value and is seeking financing to meet the required property payment.

News that the Platreef platinum-palladium property in South Africa has been granted a 5-year exploration renewal drove shares of Hunter-Dickinson-led Anooraq Resources higher. Armed with a $3.2 million financing, the company expects to resume work on the project shortly. Anooraq ended the week up 8 to close at 60 on the exchange of 345,000 shares.

Freewest Resources added 2 to close at 27 on 351,000 shares. The previously Montreal-listed junior has been actively expanding its land position around its Clarence Stream gold property in New Brunswick.

Golden Goliath Resources jumped 3 to close at 55 on a 223,000-share volume. The junior aims to launch a $1-million drill program over its Uruachic property in Mexico’s Chihuahua state. Plans call for 20-24 holes.

A big percentage mover, Gold Canyon Resources jumped 59 to end the week at $1.74, with 132,200 shares crossing the floor. The junior is in the midst of a 2,300-metre drill program on its Cordero gallium project in Nevada’s Humboldt Cty.

With the price of gold hanging on to recent gains, cash-rich Francisco Gold closed at $6.95, up 20 on a volume of 117,000 shares. The company has been busy advancing the promising Marlin gold-silver property in Guatemala and, later this year, plans to table a bankable feasibility study for its El Sauzal project in Mexico. Situated in Chihuahua state, El Sauzal contains an oxide gold reserve of 20.9 million tonnes grading 3 grams.

Great Basin Gold surged 17 and closed at 80 on 97,600 shares. Driving the gain was news that the company’s Ivanhoe property in Nevada hosts an inferred resource of 730,500 tonnes grading 40.1 grams gold and 217.7 grams silver.