For the tale of the tape, the TSX Exchange added 2.88%, while the TSX Gold Index rebounded 4.7% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, lost another 1.51% with the declining issuers swamping the advancers by a 630 to 348 margin on volume of 187 million shares traded.

Partners Metalex Ventures (MLXVF), WSR Gold (WSR) and Arctic Star Resources (ADD) finally reported the results from the anomaly 5.01 on their Ring of Fire in the James Bay Lowlands of Ontario. Highlights included 102 metres running 6.5% zinc, 0.44% copper, 0.19% lead and 3 grams silver per tonne. Not good enough, as Metalex ended the session down C$0.04 at C$0.16, WSR dropped C$0.055 at C$0.30 and Arctic Star closed flat at C$0.085.

Faring much worse was area player Fancamp Exploration (FNC), which reported visual results from three drill holes on its McFauld’s Lake property adjoining the Noront Resources’ Eagle One discovery in the Ring of Fire. Trace amounts of sulphides was the best so far and that sent shareholders running for the door as Fancamp ended the day down C$0.60 at C$0.52.

Shares of Baffinland Iron Mines (BIM) fell C$0.03 to close at C$1.24 after the company announced a joint venture with the Nunavut Tunngavik Inc. for the exploration and development of minerals within Inuit owned lands in Nunavut.

Cue Resources (CUE) added C$0.095 to close at C$0.25 after completing its acquisition of 100% of the Yuty uranium project in Paraguay. The project has an indicated resource of 5.1 million pounds of uranium and an inferred resource of 2.2 million pounds.

The junior board has now broken below the 1,600 point mark with essentially very little buying support coming into the speculative exploration sector. Some bottom feeding has started to occur in the gold sector but evidence of a firm bottom has yet to be established. We will see what Thursday trading has in store.

Source: Resource Stock Roundup Friday, September 12th, 2008