CDNX mining index leads way

Vancouver — Except for technology, Canada’s junior exchange posted gains on all sub-indices during the report period ended Oct. 23. The Canadian Venture Exchange closed the week up 45.69 points, or 1.58%, at 2,931.66. The mining index rallied 175.58 points, or 2.44%, to finish at 7,382.50.

Alamos Minerals tacked on 14 to end the period at 20. The junior has inked a deal with National Gold whereby Alamos can earn a half-interest in National Gold’s Salamandra property in Mexico. Situated in Sonora state, the deposit hosts seven large gold-bearing epithermal systems. To date, more than US$30 million has been spent on the property, in the form of geological exploration and a feasibility study.

Continuing its strong run, Sultan Minerals closed the week at 50, up 9. The junior is drilling the Gold Mountain zone at its Kena property, near Nelson, B.C. The latest results include 2 metres of 172.1 grams gold.

Starfield Resources closed up 3 to 48. The junior is investigating the prospects of a high-grade, platinum-palladium zone in the hangingwall of its West zone on the Ferguson Lake project in Nunavut. Hole 101 cut a 0.35-metre section averaging 26.7 grams platinum and 103 grams palladium at a down-hole depth of 962.28 metres.

Poplar Resources lost 4 and closed at 15. Investors continued to sell shares in anticipation of drill results from the Bottenbacken polymetallic project in central Sweden, where the company’s 65%-owned subsidiary is in the midst of a 20-hole program. Assay results from the first hole at the Bell zone returned only weakly anomalous platinum-copper-gold values.

Thomas Patton-led Quaterra Resources found a penny and closed at 21. The junior is awaiting drill results from a recent program at its Union Bay platinum project in Alaska, and also announced a $198,000 financing.

Masuparia Gold traded on heavy volume but ended the week where it started, at 10. The junior is sinking holes at the Greywacke property, just north of La Ronge, Sask. The latest results include 11.3 grams gold per tonne over 5.7 metres in hole 45.

Conquistador Mines was another heavy trader, ending the week flat at 1. The cash-strapped junior recently nixed a proposed financing for its Ontario platinum projects and has already ceased exploration in Colombia.

Shares of Samex Mining climbed 2 to 11. The junior is drilling 600 metres at the Eskapa copper-gold property in Bolivia, having recently completed a 495-metre core drill hole. Drill hole 11 encountered a hydrothermally altered, silicified zone at 340 metres and continued through to 495 metres. Assays are pending.

Excellon Resources lost 6 and closed at 34. The company reports a 36-metre massive sulphide intersection at its partially held Platosa-Saltillera property in northwestern Mexico. So far, only 1,000 metres of a planned 3,000-metre drill program have been completed. The hole was designed as a 15-metre northwest offset of the thickest mineralized intercept to date (18.7 metres averaging 24.9 oz per tonne silver, 17% zinc and 6.6% lead). Excellon can earn a 51% interest in the project, with 49% held by Apex Silver Mines.

Oliver Gold reappeared on investors’ radar screens after announcing a proposed merger with privately held Hastings Resource. The latter holds the rights to the Ona-Puma nickel laterite property in Brazil. Despite a proposed rollback of shares on a 9.3-for-1 basis, Oliver failed to gain ground, closing flat at 18.