Mining index hurdles 6000 mark

Vancouver — Canada’s junior exchange continued to drift higher, propelled by a triple-digit gain in the mining index. The Canadian Venture Exchange composite index tacked on 81.9 points, or 2.6%, and closed the week ended Jan. 30, at 3,237.54. The mining index surged 255.65 points, or 4.4%, to close at 6,021.62.

Calgary-based Tyler Resources was this week’s most actively traded mining issue, with 1.7 million shares crossing the floor. Diamondex Resources, the spinoff company of Winspear Resources and Navigator Exploration, is earning interests in properties that Tyler holds in the Northwest Territories. Diamondex stands to earn a 70% interest in the Carat and Kelsey properties, whereas Navigator can earn a 70% stake in the Crystal and Gem properties. Tyler closed at 12, up 2, while Diamondex closed at $1.80, up 10. Navigator closed down 4 to 61.

Cantex Mine Development continued to trade at the lower-end of its 52-week range on news that Toronto-listed Falconbridge had terminated its joint-venture work on the Suwar massive-sulphide project in Yemen. The major considers the area “inhospitable and dangerous” to its employees and contractors. The Charles Fipke-led junior says another major is evaluating the data. Cantex ended the week flat at 18 on 1.5 million shares.

Hunter Dickinson-led Rockwell Ventures tacked on 11 and closed at 91, with just under 1.5 million shares crossing the floor. The junior is working the Pedra Branca platinum-palladium property in Brazil. Geological mapping has shown that a 100-metre-thick portion of a folded, layered mafic intrusive complex underlies the property.

Shareholders generally stood fast, following news of the unexpected death of Dale Hoffman, JNR Resources’ CEO. Shares in the junior lost 1 to 8 on a heavy volume of 1.4 million shares. The company says the planned fieldwork on the Moore Lake and Lazy Edward Bay uranium projects in Saskatchewan will proceed.

Atacama Minerals tacked on 4 and closed at 75 with 1.4 million shares traded. Development of the Aguas Blancas industrial minerals deposit, in Chile, is moving rapidly forward. The first shipment of the project’s high-purity iodine is expected in March.

The latest trench results from the El Tambor property in Guatemala sent Radius Explorations higher. The Simon Ridgway-led company ended the week up 22 to 99, with 1.2 million shares changing hands.

Kenrich Mining tacked on 4 and closed at 11 on 1.1 million shares. The junior holds the Corey property, north of Stewart in northwestern British Columbia, 10 km south of the Eskay Creek gold-silver mine.

Starfield Resources added 13 to its value and closed at 80 on 977,000 shares. The company recently boosted the inferred resource of copper-nickel-cobalt-platinum-palladium mineralization within the West zone on the Ferguson Lake property in Nunavut.

Great Western Gold closed at 40, up a dime with 791,000 shares traded. The junior has staked an additional 3,960 ha at the Hoidas Lake rare-earth project in northern Saskatchewan. Drilling is under way on the Main zone, one of 15 rare-earth showings known to exist at Hoidas.


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