Junior exploration roundup

Toronto-based Absolut Resources (TSX-V: ABS) has reported the results of the final five drill holes of its phase two program on its Pico Machay gold project in central Peru's Huancavelica department. The best hole returned 43.5m of 0.73g/t gold near surface, the company said in a statement. Other intersections include 4.5m of 1.9g/t gold and 12m of 0.68g/t. The phase two program consisted of 19 widely spaced holes to test the size and grade potential of Pico Machay's first target over a strike length of 1.5km. Absolut plans to drill 6,000m in early 2005 to focus on delineating an initial resource estimate through infill drilling. *** Vancouver-based Atna Resources (TSX: ATN) has closed a financing of 3.64 million units and an over-allotment to underwriters of an additional 3.64 million units for gross proceeds of Cdn$4mn (US$3.27mn), the company said in a statement. The net proceeds will be used for the exploration and development of Atna's properties and for general working capital purposes. Atna's main focus is on its projects in Nevada but it also holds properties in Canada and Chile. *** Toronto-based Unigold (TSX-V: UGD) has reported the start of a 20-hole, 2,500m drill program on the Los Candelones gold deposit, part of its Neita property in the Dominican Republic. The program is designed to outline and expand the higher-grade gold zone, to confirm the mineralization continuity indicated in a recent IP survey and to collect sufficient data for an independent resource calculation, the company said in a statement. The exploration program will also focus on advancing other gold mineralized areas to the drill stage. *** Vancouverite Lumina Copper (TSX: LCC) has reported assay and leachability results for the final 32 holes of its 2004 drill program at its Regalito copper project in central Chile. Results include 194m of 0.64% copper, of which 58% is leachable, 230m of 0.50% copper, of which 47% is leachable and 200m of 0.51% copper, of which 77% is leachable, the company said in a statement. Mining consultants Amec are preparing a new mineral resource at Regalito, earmarked to be ready in January 2005. SGS Lakefield, Chile, is running metallurgical tests until mid-2005 that will form the basis of a prefeasibility study into a large-scale copper leaching operation at Regalito, according to Lumina.