Junior market weaker, but some bright spots

The Canadian Venture Exchange composite index slipped 38.3 points, or 1.2%, to finish the report period ended July 17 at 3,105.28 points. The mining index was off 81.93 points, or 1.1%, at 7,373.91.

With more than 3.5 million shares trading hands, Poplar Resources closed up 3 at 20. The junior announced sample results from four grab samples of sulphide boulders found within 50 metres of a previous 1986 drill hole at its 65%-owned Bottenbacken property in central Sweden. The sample values ranged from 1.9-4.3% copper, 0.55-1.98 grams gold, 0.45-4.6 grams palladium and trace to 0.016 gram platinum. The 1986 hole was drilled to a depth of 121 metres by the Swedish Geological Survey and intersected weak copper mineralization in a metavolcanic host rock. The hole appears to be on the western edge of a recently defined IP anomaly. A 2,000-3,000-metre drill program is scheduled to begin in August.

Kenrich Mining closed at 7, adding a penny. At last report, the junior was reviewing gas opportunities in Wyoming.

Diamond explorer Kensington Resources (krt-v) was up 7 at 85. The company in the midst of a $4.8-million exploration program at the Fort la Corne joint-venture in Saskatchewan, under the operatorship of De Beers. During the first stage, delineation drilling is targeting kimberlite bodies 141, 140 and 150 to help determine the location of large-diameter drill holes planned for the second stage of the program.

Drilling by Idaho Consolidated Metals on the projected eastern extension of the JM Reef in the Iron Creek area of the Stillwater Complex in Montana has encountered a sulphide bearing zone interpreted to be the Troctolite-Anorthosite (TAZ1) zone. The zone was encountered between 170 and 490 ft. down hole 4 and included four olivine-bearing cycles and several anorthositic sections. Eight separate horizons containing sulphide mineralization in the range of 1-5% were intersected between 190 and 390 ft. Up to 30% sulphide occurs locally within a 4-ft. interval at 266 ft of depth. Idaho jumped 36 to close at $1.35.

First Choice Industries, which has signed a memorandum of understanding with Idaho Consolidated on the right to earn a 40% interest on another property in the Stillwater Complex, shot up to 30 for a 7 gain.

Radius Explorations tacked on 12 to finish at $1.12 on anticipation of drill results from the promising Tambor gold project in central Guatemala. The company has completed seven holes at the Lupita zone. Results from the first four holes are expected within the next week. Following a 7-day break, drilling will resume on the Sastre zone. The first round of drilling will be a minimum of 2,500 metres, including both RC and core holes.

Philex Gold was down 3 at $1.40 prior to releasing further results from drilling at the Boyongan copper-gold prospect on the Philippine island of Mindanao. Results were available for four holes, including hole 18, which was drilled down the guts of a higher-grade phase of the porphyry. Hole 18 returned 856 metres grading 0.49% copper and 1.57 grams gold starting at 53 metres from surface. The top part of the intercept included 277 metres grading 1.04% copper and 3.52 grams gold. Hole 20 extended the higher-grade mineralization westward of hole 18’s collar, cutting 394 metres of 0.77% copper and 1.51 grams gold, including 205 metres of 1.01% copper and 2.22 grams gold. Anglo American, which can earn up to a 70% interest in the project, has budgeted a minimum of 10,000 metres of core drilling for the year.

International Wayside Gold Mines fell back 3 to 19 after releasing results for holes 6 through 9 drilled on the Barkerville Mountain prospect at its Cariboo gold project in B.C. Intercepts included 15 ft. of 0.45 oz. and 65.3 ft. of 0.096 oz.

Bitterroot Resources has optioned a 65% interest in nickel-copper-PGM ground in Michigan to Kennecott Exploration, subject to a six-month due diligence period. Bitterroot traded up a penny at 10.