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

For the tale of the tape, the TSX Exchange lost 0.26%, while the TSX Gold Index gave back 0.7% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.09% with the declining issuers beating the advancers by a 550 to 490 margin on robust volume of nearly 255 million shares traded.

Arctic Star Diamond Corp., WSR Gold Inc. and Metalex Ventures tabled visual estimates for their joint venture project some 45 kilometres north of Noront resource’s Eagle One discovery in Ontario’s James Bay lowlands. Of particular interest is hole 5.01-06 that cut 95 metres of near massive sulphide. Results are still pending. Arctic Star ended the day down C$0.01 at C$0.135, Metalex closed up C$0.02 at C$0.385 and WSR added C$0.13 to close at C$0.79. It is worth noting that WSR can earn 50% of the property by spending C$20 million over 4 years and currently Metalex, which is run by legendary Canadian diamond finder Charles Fipke, owns 91.5% and Arctic 8.5%.

Word that the Saskatchewan Mines Branch has issued a potash permit covering 91,000 acres to Potash North Resource drove the junior’s share price C$1.34 higher to C$1.54.

Despite the healthy volume, it was another generally quiet trading day. We will see what Thursday trading has in store.

Source: Resource Stock Roundup: Thursday, June 5th, 2008

For the tale of the tape, the TSX Exchange fell 0.47%, while the TSX Gold Index dropped a modest 0.1% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.97% with the advancing issuers beating out the decliners by a 528 to 469 margin on lower volume of nearly 194 million shares traded.

It was a good day for shareholders of Mano River Resources as the junior inked agreements with a leading Russian steel and natural resources company that include a $4 million equity placement and the sale of 61.5% of the Putu Range iron ore project in Liberia held under African Iron Ore Group, which is an 80% owned subsidiary of Mano. The price tag is $37.5 million. Satisfactory due diligence still needs to be completed but in the meantime, Mano added C$0.19 to close at C$0.36.

Investors are not enamored by proposed nuptials of Niblack Mining and Committee Bay Resources. The deal would see each Niblack share exchanged for one Committee Bay share. Of interest to cash-rich Committee Bay is Niblack’s wholly owned VMS project in southeast Alaska. Committee Bay ended the day down C$0.015 at C$0.265, while Niblack closed at C$0.27 for a C$0.03 loss.

It took a day for investors to digest but the latest drill results from the Represa zone of the Camino Rojo project in Mexico’s Zacatecas state helped shares of Canplats Resources. The owner of the highly touted find gained C$0.80 to close at C$4.75.

Metalex Ventures, WSR Gold and Arctic Star Diamond continued to trade heavily after the joint venture reported that massive sulphides have been encountered between 78.1 and 90.1 metres depth on their project in the James Bay Lowlands. Metalex ended the session down C$0.015 at C$0.35 on over 7.6 million shares traded, WSR dropped C$0.07 at C$0.63 on nearly 800,000 shares traded and Arctic Star lost C$0.02 to close at C$0.12 on over 2 million shares traded.

The volatility in the Canadian markets may be pointing to a short term top for the big producers, while the junior bourse is attracting more interest. We will see what Tuesday trading has in store.

Source:  Resource Stock Roundup Saturday, May 24, 2008