Vancouver — Fear of war with Iraq continued to fuel the resource market over the week ended Jan. 21. The S&P-TSX Venture Exchange composite index added 12.84 points, or 1.15% of its value, and closed the period at 1123.41.
Desert Sun Mining closed at $1.01, up 7. The company tabled results from the first six holes of a 12-hole drill program at its Jacobina property in Brazil’s Bahia state. Among the highlights: 3.75 grams gold over a true width of 14.6 metres in hole JBA 292; this included a 3.6-metre section (true width) that averaged 10.62 grams gold. Also, hole SCO-82 cut 1.29 grams gold over a true width of 35.5 metres, including a 1.8-metre section (true width) of 17.52 grams gold.
TNR Resources closed the week at 21, down 3. The company is earning a 49.9% interest in the Rock Creek gold deposit from Toronto-listed NovaGold. The deposit is on the Seward Peninsula, near the community of Nome, Alaska. The measured and indicated resource is pegged at 555,000 oz. grading 2.74 grams gold per tonne, with an additional inferred resource of 303,000 oz. gold grading 2.78 grams gold.
Mustang Minerals added 2 to its value and closed at 57. The company recently raised $344,268 and is exploring its acquired McAra Lake volcanogenic massive sulphide property in Shining Tree, Ont.
Quaterra Resources traded heavily but remained flat at 16. The junior has been trying to advance the Duke Island copper-nickel-platinum-palladium property in Alaska.
Diagem International Resource jumped 2 and closed at 25. The company holds several projects in the Juina diamond province of Mato Grosso state in Brazil, and recently tabled results from its gravel processing pilot plant. Since December 2002, an additional 1,121 diamonds weighing 308 carats have been recovered during bulk-testing on the Donna Maria portion of Property 213. That brings the total for this area to more than 2,000 diamonds weighing about than 560 carats.
Oasis Diamond Exploration lost a penny and closed at 11. It, together with joint- venture partner Arctic Star Diamond, has kicked off a winter drilling campaign that will concentrate on the Sigma target, part of the Enigma project, near Wawa, Ont. Arctic Star closed at 55, up 7.
ECU Silver Mining closed at 12, up 1. The company holds the Velardena property in Mexico, which has a resource of 2.5 million tonnes grading 2.8 grams gold and 269 grams silver.
Goldminco closed up a penny to 15. The Ian Finch-led junior is preparing to start drilling at its Balabag gold-silver property in the Philippines.
Canico Resources jumped 60 and closed at $3.89. Recently, the company updated the resource calculations for its Ona-Puma nickel laterite project, in north-central Brazil. Based on a cutoff grade of 1.5% nickel, the Puma West deposit has an inferred resource of 33.7 million tonnes grading 2.21% nickel. Based on a 1% nickel cutoff, the figure is about 54.2 million tonnes of 1.84% nickel.
Wolfden Resources added 21 to its value and closed at $1.71. The company says Toronto-listed Teck Cominco has been granted an option to earn up to a 60% interest in the My-Ritt property, a 61% interest in the St. Paul’s Bay property, and a 75% stake in the Skinner gold property, all of which are in Ontario’s Red Lake district.
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