For the tale of the tape, the TSX Exchange gained 0.71%, while the TSX Gold Index fell 0.6% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, plunged another 3.17% with the declining issuers swamping the advancers by a 734 to 295 margin on low volume of only 167 million shares traded.

Even potash speculation appears to be losing some steam as evidenced by shares of Nordic Diamonds (NDL), which added only C$0.015 to C$0.095 following news it inked a deal with Grizzly Diamonds (GZD) to acquire ground in southeast Alberta. For its part, Grizzly ended the day down C$0.03 at C$1.07.

Rubicon Minerals (RBY) continues to hit the goods at its Phoenix project in the Red Lake gold district of Ontario. The latest results included 361.7 grams gold per tonne over 1.8 metres. Rubicon ended the session up C$0.17 at C$1.37.

Shares of Hathor Exploration (HAT) were halted from trading pending news at C$2.55, as were shares of Terra Ventures (TAS), last traded at C$0.53. Drilling has resumed on its high grade Rough Rider uranium zone in Saskatchewan where Hathor owns 90% and Terra a carried 10% stake. The news out is that basement-hosted uranium mineralization over 69.2 metres in the first hole of the summer 2008 diamond drill program. Measurement of natural gamma emission radiation in counts per second (cps) indicate nineteen individual zones (ranging from 0.1 to 3.4 metres) of highly radioactive (5,000 cps to greater than 9,999 cps) mineralization were encountered within broader zones of elevated radioactivity (greater than 500 cps), of up to 20.7 metres. Trading is expected to resume at the open of Wednesday trading.

The correction in resource stocks continued as the junior bourse broke down below the crucial 2,400 level. Since early in 2006 this has marked a bottom for the more speculative stocks with the recovery being rather pronounced. We will see what Wednesday trading has in store.

Source: Resource Stock Roundup: Wednesday, July 9th, 2008