Vancouver — Canada’s junior exchange lost ground on all fronts over the report period ended June 19. The Canadian Venture Exchange composite index slumped 68.49 points, or 2%, to close at 3,275.90. The mining index dropped 33.61 points, or 0.45%, to end the week at 7,323.44.
Kensington Resources was this week’s volume leader, with more than 2.5 million shares crossing the floor. Despite the trading action, the diamond explorer remained flat at 77. The company is a joint-venture partner in the Fort la Corne diamond project with De Beers Canada Exploration, Cameco and UEM.
Transpacific Resources lost 1 and closed at 1 on a volume of 1.7 million shares. At last report, the company was set to resume its quest for a diamond deposit on its 4,000-acre property near Kirkland Lake, Ont. Previously, a limited till-sampling program yielded two diamonds and several diamond indicator minerals.
Skeena Resources lost 1 to finish at 12 on an exchange of 1.4 million shares. The company is gearing up for diamond exploration on the Weirdale kimberlite cluster in the Fort la Corne district of Saskatchewan and the Elkford district of southeastern British Columbia.
RJK Explorations tumbled 11 and closed the week at 16, with 1.3 million shares changing hands. The company, along with Toronto-listed Greater Lenora Resources, recently acquired two massive-sulphide properties, some 65 km west of Hemlo, Ont.
IBI found a penny and closed at 5 on a volume of 1.3 million shares. The company is developing its Namekara vermiculite project in Uganda, having recently constructed a processing plant.
Shares in Rhonda jumped 12 and closed at 60 on a volume of 1.2 million shares. The company reported that the first three holes of a planned 5-hole drilling program over the Knife pipe cut significant intervals of kimberlite. The property is 270 km north of the producing Ekati mine. De Beers stands to earn a 70% interest in the property by spending $10 million over six years.
Kenrich Mining closed at 6, up a penny on 933,000 shares. The company is looking for new gas properties. Kenrich holds an exploration project near the Eskay Creek mine.
Quatarra Resources closed up 2 to 14 on 825,000 shares. The company kicked off an exploration program on its Alaska platinum project. Crews are preparing targets for drilling.
Shares in Philex Gold ran up to $2.60 on the back of new drill results but quickly slid downhill after a bout of profit-taking. At the end of the week, the stock closed down 10 to $2.10 on a volume of 804,000 shares. Investors appear to be weighing the significance of the Boyongan copper-gold discovery in the Philippines against the company’s heavy debt load.
Tiberon Minerals tacked on 41 and closed the week at $1.98 on the exchange of 681,000 shares. More encouraging drill results were released from the company’s Nui Phao tungsten-gold-copper-bismuth project in Vietnam.
Starfield Resources traded in a narrow range ahead of drill results from the Ferguson Lake copper-lead-zinc-platinum-palladium property in Nunavut. Shares in the junior ended the week up 2 to 67 on a volume of 582,000 shares.
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