Vancouver — The trading volume of Canada’s junior exchange fell to levels not seen since January during the report period ended April 9, as investors found little reason to buy stocks. The Standard & Poor’s-CDNX composite index lost 23.31 points, or 1.9%, to close at 1162.11.
New Blue Ribbon Resources was the most actively traded junior explorer, adding 1 to close at 10 with just over 3 million shares changing hands. The company recently acquired a diamond property in the Otish Mountains region of Quebec and a silver-gold property in the Revelstoke mining district of British Columbia, to go along with its 80% interest in the Legend diamond project in Alberta.
AntOro Resources closed at 30, down 2, on a volume of 1.9 million shares. The company closed the acquisition of the Golden Hemlo property 1.5 km northeast of the David Bell gold mine in Ontario and hopes to raise $260,000 to fund work on its newly acquired silica property near Ste-Clotilde-de-Horton, Que.
Shares in Madison Enterprises continued to move higher, gaining 2 to 19 with just under 1.6 million shares traded. The company raised $870,000 and has resumed exploration on its Mt. Kare gold property in Papua New Guinea.
A nice percentage gainer, Montoro Resources added 4 and closed at 7 on 1.5 million shares. The junior signed a letter of intent to acquire a half-interest in the Malachite cobalt property in the Bathurst mining camp of New Brunswick.
Kensington Resources lost 12 to finish the week at $1.73 on just over 1 million shares. Stock in the company has surged over the past month, as investors position themselves ahead of diamond recovery results for 10 holes drilled at the Fort la Corne diamond project in Saskatchewan. Joint-venture partner De Beers expects to have received the valuation, grade prediction and revenue modeling report by the end of April.
Mighty Beaut Minerals touched a new 52-week low before recovering modestly to end the week at 5, down 1, on 804,000 shares. The company’s stock has been hammered over news that Philippine-based Celestial Nickel Mining Exploration cancelled its mining rights agreement over the Celestial nickel laterite property on the Philippine island of Palawan.
Anatolia Minerals Development lost 18 and closed the week at 82 on 467,600 shares. The junior recently tabled resource estimates from the Cukurdere gold project in Turkey, a joint venture partner Rio Tinto. The report pegs the inferred resource (a potential open pit) at 34 million tonnes grading 3.3 grams gold per tonne.
Majescor Resources lost some of its recent lustre, falling 2 during the report period and closing at $1.01 on a volume of 535,200 shares. An airborne geophysical survey over the Mistassini diamond project in the Otish Mountains area of Quebec identified 77 anomalies. The company plans to follow up priority targets with glacial sediment sampling, prospecting and geological mapping.
Atacama Minerals surged 21 and closed at 94 on 384,800 shares. Iodine operations are in full swing at the Aguas Blancas mine in Chile. The mine started up a year ago, and the first-stage production rate is targeted at 720 tonnes iodine per year. Reserves are pegged at 44.6 million tonnes grading 512 grams iodine per tonne plus 2.87% nitrate.
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