CDNX remains adrift in summer doldrums

Canada’s junior exchange remained steady over the report period ended July 25, with all indices edging slightly downward.

The Canadian Venture Exchange added 0.88 point to its value and finished the week at 3,360.77. The mining index lost 1.18 points to close at 4,276.59.

This week’s most active trader was Gallery Resources, with 2.4 million shares traded. The junior, which lost a penny and closed the week at 35, has acquired new ground in Newfoundland, effectively doubling the size of its Katie property. Reports state that high-grade mineralization (25% combined zinc-copper-lead), associated with felsic rocks and boulders, has been discovered.

Meanwhile, Gallery and Great Gull Lake Resources have inked a deal to explore the Gullbridge mine property, a past copper producer along the Trans-Canada Highway in Newfoundland. Gallery reports that the first two holes of a 12-hole diamond drilling program at the Cabot Lake South property intersected massive sulphide mineralization. Assays are pending.

Pan Asia Mining lost 2 and closed at 13, with 1.3 million shares crossing the floor. A second phase of development is under way on the 701 diamond mine in China. The program is designed to boost annual production to 275,000 from 150,000 carats.

Shares of International Wayside Gold Mines dropped 8 over the week and closed at 83, with 1.2 million shares trading hands. The Frank Callaghan-led junior recently acquired a 75% stake in the Monster claim group for 200,000 shares of the company. Wayside now holds 152.7 sq. km in the past-producing Cariboo mining district. Meanwhile, exploration continues at the Bonanza ledge discovery, part of Wayside’s Cariboo gold project, near Wells, B.C.

Cantex Mine Development, which is having trouble pulling out of its recent bear run, lost 1 to close at 50 on 1.2 million shares traded. The company continues to explore its Al Hariqah gold project and its Suwar nickel-copper-platinum group element property, both of which are in Yemen.

Starfield Resources posted a 31 gain to close at $1.40 on 1 million shares traded. The company is working the Ferguson Lake property in Nunavut. Stock in the junior has been climbing from a 52-week low since it announced that an ongoing electromagnetic survey had increased the target area of potential copper-cobalt-platinum-palladium mineralization in the West zone. According to Starfield, the known mineralization and its geophysical signature now define a zone with a strike length of 4.2 km. A previous exploration company pegged the resource of the West zone at 6.4 million tonnes grading 0.87% copper and 0.75% nickel. Starfield recently raised $101,500 through a private placement, with proceeds earmarked for Ferguson Lake.

Spider Resources retreated to 9, down 3 over the week, with 1 million shares traded. The company, together with partner KWG Resources, recovered 271 microdiamonds and 17 macrodiamonds from a 437.5-kg sample taken from the Kyle No. 3 kimberlite body in the James Bay Lowlands of northern Ontario. Exploration is ongoing.

International PBX Ventures tumbled 6 to close at 11 with 605,000 shares traded. The junior holds the Tierra de Oro project in Chile. The ground covers 49 sq. km and encompasses a historic gold mining camp, in the same intrusive-volcanic sequence that hosts several large open-pit gold and copper-gold mines.

Starfire Minerals found a nickel and closed at 16 with 542,000 shares crossing the floor. The company holds several volcanogenic massive sulphide (VMS) and base metal properties in southern Ontario. Starfire’s flagship property is Geikie, situated 40 km south of Timmins.

New Blue Ribbon Resources ended the week at 29, up 2, on 523,000 shares traded. The company is gearing up for a field program on the Legend diamond property in Alberta. Based on ground geophysical surveys, the company has identified two drill targets and is reviewing previous data to identify more. New Blue Ribbon stands to earn a 60% interest in the property from partners Montello Resources and Redwood Resources. Montello tacked on 4 to close at 23 while Redwood lost 3 and finished the week at $1.55.

Investors are anxiously waiting for Pacific North West Capital to release results from its second round of drilling on the promising Dana Lake palladium-platinum prospect, some 60 km east of Sudbury, Ont. Shares in the junior tacked on 5 to close at $1.30, with 334,000 shares changing hands. Results from the 12-hole drill program are expected by the end of the month. The company’s stock soared to a 52-week high of $4.15 following the disclosure of results of the first three holes of its 13-hole program.