Vancouver — Canada’s junior exchange felt the impact of a plunging bullion price during the week ended June 24. The S&P-TSX Venture Exchange composite index lost 15.39 points, or 1.37% of its value, to close at 1,100.15.
Odin Mining & Explorations was the week’s volume leader, with 26.4 million shares traded. The company’s former controlling shareholders, Overseas & General, sold its entire interest (25.9 million shares) to about 15 purchasers. The junior is unaware of any voting arrangement between these purchasers; nor is it aware of any new control block. Odin also received notice from Newmont Mining that it has elected not to invest further in the joint venture involving Odin’s Cangrejos gold property in Ecuador. Newmont had spent US$3.3 million on the property since 1996 and stood to earn a 60% interest on a bankable feasibility. Odin closed the week at 11, up a penny.
Investors decided to take some profits after Shear Minerals and partner Northern Empire Minerals announced they had discovered two new kimberlites at the Churchill diamond project, north of Rankin Inlet in eastern Nunavut. Drill holes 6 and 7 targeted circular magnetic anomalies measuring 250 by 200 metres and 150 by 150 metres, respectively, and cut two new bodies, subsequently dubbed Kalluk-3 and Kalluk-4. Shear closed at $1.22, down 32 on a volume of 3.9 million shares, while Northern Empire closed at $1.80, down 17 on 542,000 shares.
Shares in Cardero Resource plummeted 93 and closed the week at 72 with 3.4 million shares crossing the floor. The company released the initial assay results from diamond drilling on the Olaroz silver project in northwestern Argentina. Highlights include 34.5 metres averaging 133.2 grams silver per tonne and 24 metres of 100.3 grams silver.
International Wayside Gold Mines lost 3 and closed at 12 with 2.7 million shares traded. The junior recently released results from eight drill holes in its second-phase exploration program at the Cariboo gold project, near Barkerville, B.C. The program was designed to evaluate a portion of the Bonanza Ledge zone, and holes were spaced 20 ft. apart. Highlights include hole 7, which cut 145.6 ft. averaging 0.364 oz. gold per ton, and hole 8, which intersected 148.0 ft. of 0.397 oz. gold.
American Bonanza Gold Mines closed at 30, up 1, with 2.6 million shares traded. Drilling recently began at its Copperstone project in Arizona. The company intends to amass enough data to upgrade the D zone resource to reserve status.
Kensington Resources shed 38 and closed at $1.08 on 2.6 million shares. The company recovered 664 macrodiamonds, collectively weighing 93.06 carats, from its Fort a la Corne joint-venture property, near Prince Albert, Sask. Five large diamonds weighed 10.23, 3.61, 2.59, 2.57, and 1.82 carats.
Boulder Mining found 3 and closed at 28 with more than 1.4 million shares traded. The company is earning a half-stake in each of two properties, known as Colts and Breakaway, from Canadian Royalties. Both are in northern Quebec. Boulder is required to spend a total $1.25 million on exploration before the end of 2005.
IMA Exploration lost 17 and closed at $1.38 with 1.3 million shares crossing the floor. Results from induced-polarization surveys have identified a near-surface chargeability anomaly measuring 1.6 by 1.3 km.
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