Vancouver — Canada’s junior exchange traded at its highest level since its inception in December 2001 during the week ended Sept. 9. The S&P-TSX Venture Exchange composite index tacked on 43.80 points, or 3.3%, and closed at 1,362.17.
Miranda Mining gained 25 to close at 71 on nearly 14 million shares traded. Toronto-listed Wheaton River agreed to take over the junior for US$38.62 million. The all-cash deal pegs the value of Miranda shares at 74. The company’s largest shareholders, which hold about 61.5% of the 71.9 million fully diluted shares, have agreed to tender their stock.
Investors took a shine to Knight Resources following the initial results from the West Raglan property in Quebec, which covers more than 70 km of the interpreted western extension of the Raglan horizon, as well as 65 km of the western extension of the Expo-Ungava horizon, which hosts the Mesamax deposit. The best results came from the Frontier South area of the property, where hole 8 cut 3.04% nickel, 1.13% copper and 0.08% cobalt over 14.8 metres from 17.2 metres downhole. Shares in the junior soared 27 to close at 75 on a volume of nearly 4.9 million.
With a 27% equity interest in Knight, Donner Minerals added 4 to close at 22 on 5.6 million shares traded. The company’s main asset is the South Voisey Bay nickel sulphide project in Labrador where joint venture partner, Toronto-listed Falconbridge, can earn a 50% interest in the entire project area by spending $23 million over 5 years.
International Wayside Gold Mines got a boost from news that the latest infill hole into the Bonanza Ledge zone near Wells, B.C., returned stellar grades. Hole 14 cut 157.5 ft. grading 0.74 oz. gold per ton. Included in this section was a higher-grade portion running 1.12 oz. gold over 87 ft. Shares in the Frank Callaghan-led company ended the week at 15, up 2 on 4.9 million shares traded.
Hitting a new 52-week, Bralorne-Pioneer Gold Mines added 12 to close at 48 on 4.6 million shares traded. The junior is in the midst of a $280,000 financing with the proceeds earmarked for developing the historic Bralorne and Pioneer gold mine property in B.C.’s Lillooet mining district.
Despite news that a Mexican Court found in favour of local surface rights holders, known as the “Mulatos Ejido,” on the Salamandra gold property, Alamos Gold climbed to yet another all-time high. The ruling by the Agrarian court is based on the fact that Alamos “did not correctly notify the Mulatos Ejido of the area and, price reductions notwithstanding, the notices and tender of a reduced lease payment by the company.” The Court ruled that the Mulatos Ejido were entitled to be paid US$336,972 in the year 2002 and US$334,375 in 2003. Alamos ended the week at $1.80, up 24, on 3.46 million shares traded.
Investors continued to snap up shares in QGX. The junior reported that the upper 31.5 metres of the massive sulphide body intersected in hole 40 returned 3.4% copper, 0.8 gram gold and 20.1 grams silver per tonne. The hole cut 131 metres of massive sulphide in the newly discovered North zone within the Central Valley zone (CVZ) on the Golden Hills prospect in western Mongolia. Wasting no time in cashing up on the good results, QGX arranged a private placement of 2 million shares at $2.40 each. The junior closed at $3.40, up $1.24 on 2.5 million shares traded.