Canada’s junior exchange continues run

Vancouver — Canada’s junior exchange continued its bull run as select resource stocks rallied over the week ended Aug. 5. The S&P-TSX Venture Exchange composite index added 22.73 points, or 1.9% of value, to closed at 1,212.82.

Shares in Donner Minerals surged 5 and closed at 21 on a volume of just over 3 million. The junior holds ground in the South Voisey’s Bay area of Labrador, as well as a project in the Stephens Lake area of Manitoba. The company’s partners in the South Voisey’s Bay project include Toronto-listed Falconbridge and Teck Cominco, along with various junior companies.

Royal Standard Minerals closed flat at 24 with 2.9 million shares traded. The junior has all the necessary permits to begin drilling its wholly owned Pinon gold-silver project in Elko Cty., Nev.

Knight Resources tacked on 22 and closed at 72 with 2.9 million shares crossing the floor. The junior recently increased its budget to $2.2 million for the West Raglan nickel-copper project in northern Quebec. Knight is earning a 49% stake in the West Raglan property from Anglo American Exploration (Canada). The 680-sq.-km project covers more than 60 km of the interpreted western extension of the Raglan Horizon, which hosts the Raglan deposits.

KWG Resources closed up a penny to 12 with 2 million shares traded. At last report, the junior, along with partner Spider Resources, had completed hole 9 on the McFauld Lake massive sulphide project, on the Spider 3 property in the James Bay lowlands of Ontario. The hole tested for mineralization below the intercept cut in hole 8 (3.39% copper over 5.6 metres followed by 7.64% zinc over 4.1 metres). Holes 10 and 11 were collared 150 metres northeast. Spider ended the week up a penny to 11 on 1.8 million shares.

Investors added 14 to the share price of Alberta Star Development as 1.6 million shares were traded. The company, which ended the week at 32, has completed the first 12 drill holes of a 20-hole program on its Longtom Lake iron oxide copper-gold property in the Northwest Territories. Assay results are pending.

Saxony Explorations tacked on a penny and closed at 11, with 1.6 million shares traded. The junior recently inked an acquisition agreement with a privately held group to pick up 10 properties in the historic Juneau gold belt of Alaska.

Alamos Gold jumped 11 and closed at $1.36 with almost 1.4 million shares crossing the floor. The junior is looking to advance the large Salamandra gold property in Mexico.

Shares in Far West Mining continue to move up as investors await further drill results from the Candalaria iron oxide copper gold project in northern Chile. The stock soared following the release of drill results. The best results came from the first hole, which tested the 4c3 target and returned 2.47% copper and 0.33 gram gold per tonne over 60 metres at a down-hole depth of 28 metres. Far West ended the week at $1.53, up 3 with just over 1 million shares traded.

Investors continued to bid up shares in Mag Silver ahead of drill results from the Juanicipio silver project in Zacatecas state, Mexico. The stock added a dime to close at $1 with 788,000 shares traded.


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