Mining index fails to jump-start CDNX

Vancouver — Despite a 3-digit gain in the mining sector, Canada’s junior exchange finished the holiday-shortened week ended Sept. 4 on a low note. The Canadian Venture Exchange composite index lost 13.6 points, or 0.4%, and closed at 3034.46, while the mining index soared 171.53 points, or 2.3%, to finish at 7,579.06.

Poplar Resources took top spot as the most actively traded issue, with just over 1.4 million shares changing hands. The junior closed the week flat at 30. The company recently raised $1 million to continue exploring the Bottenbacken platinum-palladium project and the Sundsvall diamond project. Both projects are in central Sweden.

Shares in Regent Ventures continued to climb on news that the company has begun drilling its Red Mountain gold property in the Yukon. The company closed up 11 to 29 on a volume of 1 million shares.

Brasilca Mining tacked on 2 and closed at 14 on a volume of 797,000 shares. The company’s joint-venture partners, Toronto-listed Teck-Cominco and Inco, are getting ready to kick off a 1,500-metre drill program the Tucuma copper-gold property in Brazil.

Emerging Africa Gold remained steady at 22, with 759,000 shares traded. The company recently announced plans to amalgamate with a new, wholly owned subsidiary of fellow junior Diagem.

Shares in Gold Canyon Resources continued to surge higher, ending the week at a new 52-week high, up 50 to $1.75 on 591,000 shares. The junior, which traded in May at 20, has stepped away from the Springpole gold property in Ontario and is looking at gallium on the Cordero property in Humboldt Cty., Nev.

Starfield Resources continued to drift lower, dropping 4 to 46 on a volume of 559,000 shares. The company has three rigs turning on the Ferguson Lake nickel-copper-platinum-palladium project in Nunavut.

Continuing to catch the eye of traders, Sultan Minerals tacked on 6 to end the week at 26 on a volume of 538,000 shares. The company announced that drilling would resume by mid-September on a gold porphyry target dubbed Gold Mountain, on the Kena property in southeastern British Columbia.

Belmont Resources closed up a penny to 10 on 534,000 shares. The junior is developing a talc industrial mineral deposit mine in Slovakia.

North American Tungsten dropped a 6 to close at 48, with 446,000 shares crossing the floor. The company is gearing up to reopen the CanTung tungsten mine in the Yukon.

Golconda Resources tacked on 9 and finished the week at 44 on 433,000 shares on news that a drill hole at its Wapawekka Lake property in north-central Saskatchewan cut 60 metres of massive sulphides. The sulphides comprise mostly pyrrhotite, with some copper and zinc sulphides. Assay results are pending.

Eastfield Resources closed up 4 to 19 on a volume of 402,000 shares. The company is arranging a private placement worth $282,000. The money will be used for mineral exploration activities on the Jajay-Lorraine copper-gold-palladium property in north-central British Columbia.