Junior market still tender following correction

Still volatile after the recent high-tech meltdown, the Canadian Venture Exchange dropped 87.51 points, or 2.4%, to close at 3,562.79 during the holiday-shortened period ended April 25. The mining index actually gained 37.98 points, or 0.97%, to close at 3,970.94.

Silver Standard Resources ended the week up 55 at $2.80. The junior recently announced the results of a 10-hole exploration drilling program at the Candelaria mine in Nevada. An independent block-model resource estimate for an open-pit operation at the site came in at 18.64 million tons grading 3.5 oz. silver per ton. The property is under option from Kinross Gold.

Diagem International Resources closed at 55, up 10. The junior is expanding its portfolio of properties in Brazil, while, at the same time, attempting to identify two kimberlite pipes on its Key property in Mato Grosso State. So far, shallow drilling has enabled Diagem to confirm the existence of one of the pipes. Small drill samples have been taken from different areas of the kimberlite, and preliminary results are expected in about 4-6 weeks.

International Wayside Gold Mines tacked on 9 during the week to close at $2.34. The market patiently awaits more news regarding the company’s new gold discovery at its Cariboo property in the Barkersville area of north-central British Columbia. The latest drill results were highlighted by hole 13, which intersected 109 ft. grading 0.309 oz. gold per tonne. Included in this interval were a 12-ft. section that ran 0.797 oz. gold and a 15-ft interval that assayed 0.758 oz. gold. The project comprises four gold deposits: Island Mountain; Aurum; Mosquito Creek; and Cariboo Gold Quartz.

Abitibi Mining lost 3 over the report period to close at 14. International Wayside acquired the right to earn a half-interest in Abitibi’s Wolf property. The Wolf claims lie south of the new gold zone, which International Wayside cut during its ongoing drill program.

Marum Resource lost 11 to close at 25. In northern Alberta, the company holds an interest in the Chinchaga diamond property — a joint venture with International Tower Hill Mines. Preliminary drill results from six targets identified volcanoclastic rocks in the major volcanic system. Geochemical tests are ongoing in the hopes of identifying kimberlite.

New Blue Ribbon Resources dropped 2 to close at 37. The company recently tabled a resource estimate for its Pelican Mountains heavy minerals deposit, in Alberta. The total inferred resource is pegged at 14.5 million, equating to a total heavy minerals content of 900,000-1,250,000 tonnes grading 21-24% rutile, 33-36% ilmenite, and 15-18% magnetite.

TNR Resources tacked on 6 to close at 26. The company is expecting to complete an agreement with Toronto-listed Barrick Gold that would see Barrick earn up to a 75% stake in the TNR’s Argentine properties, including Ortiga, El Fierro, Valle del Cura, Las Carachas, La Brea, Ranchillos, Rio Blanco, Pea Negra and Cateo 23. In return, Barrick would be required to advance the targets to production.