Speculation fuelled by the Voisey Bay nickel-copper-cobalt discovery in Labrador, combined with renewed interest in diamonds in the Northwest Territories, rallied the western markets for the report period ended May 2.
The Vancouver Stock Exchange composite index jumped 44.22 points to close at 805.95, while the resource index soared 69.66 points to finish at 1,331.12.
The release of further results from the initial discovery hole of the 5034 kimberlite pipe on the AK property left Mountain Province unchanged at $5.63 on trading of more than 5 million shares. The property is held 50% by Mountain Province, 40% by Alberta-listed Glenmore Highlands and 10% by Camphor Ventures. Glenmore climbed to $7 before closing down 13 cents to $5, while Camphor jumped to $5.38 before finishing at $4.05, down 10 cents.
Solely on speculation, juniors continue to cash in on Toronto-listed Diamond Fields Resources’ massive nickel-copper-cobalt discovery.
NDT Ventures was reactivated and began trading May 2 in the $3.75-to-$4.60 range. The issue closed at $4.30 on more than 3.6 million shares in just one day of trading. Within the past 12 months, the company has undergone a reorganization of its affairs. It undertook a private placement of 3.8 million units at 35 cents per unit late last year and recently completed a brokered private placement of 4.5 million units at 35 cents per unit. Each unit consists of one common share and one warrant entitling the holder to buy one additional share at 75 cents for up to a 2-year period. The company has 11 million shares outstanding.
NDT reports it is the largest land holder in the Voisey Bay area with 703,620 acres. The company holds a 100% interest in 480,610 of these acres, with the remainder held in joint ventures with several firms. These include Alberta-listed Takla Star Resources, up 80 cents to close at $4.40; Alberta-listed Celtic Minerals, gaining $1.03 to finish at $1.83; Primero Industries, up 75 cents at $2.05; Rupert Resources, adding 55 cents to close at $2.20; Newcoast Silver Mines, up 42 cents to $1; Lucero Resource, jumping 88 cents to close at $2.50; and First Western Minerals, up 16 cents at 90 cents. International Northair Minerals will manage NDT’s exploration program under the direction of Donald McLeod, president of both NDT and International Northair.
Birchwood Ventures added 35 cents to close at $1.15. The company can acquire an option for a 51% interest in 1,546 claims in the Voisey Bay area from NDT Ventures by paying $200,000, issuing 200,000 shares and incurring unspecified exploration expenditures over three years.
Several companies in the Murray Pezim fold have acquired properties in the area: Goldnev Resources gained 41 cents to finish at $1.29; Prime Equities International closed up 45 cents at $2.30; Star Dance Resources closed at 50 cents, a gain of 17 cents; and Tapestry Ventures jumped 47 cents to $1.17.
United Compass Resources staked an additional 1,000 claims in the Harp Lake area, south of Voisey Bay, adding to holdings that include a 25% interest in 320 claims and a half interest in 646 claims with Layfield Resources. Layfield closed up 26 cents at 69 cents. United Compass also acquired a 37.5% stake in the Mackay Lake diamond property, situated 40 km north of Mountain Province’s AK property. Seven priority drill targets have been identified from an airborne geophysics survey. The Mackay property is held 50% by Toronto-listed Adex Mining and 12.5% by Lucero Resource. United Compass closed at $1.46, a gain of 46 cents.
Other companies with holdings in the Voisey Bay play include International Canalaska, up 83 cents at $2.33; Alberta-listed Absolut Resources, which gained $1.42 to close at $3.25; Castle Rock Exploration, which closed at 79 cents, an increase of 26 cents; Pan-Global Enterprises, which jumped 42 cents to finish at 86 cents; Consolidated Viscount Resources, up 86 cents at $3.15; Yanks Peak Resources, which gained 18 cents to close at 50 cents; and Major General Resources, up 31 cents to 98 cents.