MINING MARKETS & INVESTMENT NEWS — WESTERN MARKETS — Juniors seeking NWT diamonds fare well

The Vancouver Stock Exchange mining index fell below the 400 level during the June 10-16 report period, losing 34.63 points, or 8.2%, to close at 387.97. The composite index was down 42.91 points, or 7.5%, finishing at 530.9. The combined value of the Alberta Stock Exchange was also off, dropping to 2,093.12, for a loss of 127.07 points, or 5.7%.

Ascot Resources and Major Resources report that De Beers Consolidated Mines subsidiary Monopros has identified four separate kimberlites from the drill testing of seven targets on the 2-million-acre Victoria Island project in the Northwest Territories. Field work is continuing and a helicopter-borne geophysical survey will cover at least seven targets that were identified by the reinterpretation of existing magnetic data. Monopros can earn a 51% interest in the project by spending $2 million on exploration, after which Ascot and Major will each hold a 24.5% share.

Ascot climbed as high as $1.03 before falling back to 78 cents, for a 12 cents gain. Major was as high as 53 cents, but closed at 40 cents, down 2 cents.

Winspear Resources finished up 14 cents at 62 cents on the release of promising bulk-sample results from the Snap Lake kimberlite dyke at the Camsell Lake project in the Northwest Territories. After spending $2.7 million this year, Winspear will have increased its interest in the project to 68%, leaving Aber Resources with 32%.

Energold Mining closed down 22 cents to 63 cents. The company announced surface sampling results from its 49%-owned Longyear concession, which is adjacent to the Pueblo Viejo gold-silver mine in the Dominican Republic. A series of samples taken from test pits and old workings within a partially defined 550-by-800-metre multi-element soil anomaly ranged from 5 to 10,800 parts per billion gold. The mineralization is oxidized, with no evidence of sulphides. Eldorado Gold holds an option on the remaining 51% interest in the property.

Lucero Resource has begun a drilling program to test 12 potential kimberlite targets on the 230,000-acre ITS property, 55 km north of Ashton Mining of Canada’s Buffalo Hills diamond project in north-central Alberta. Lucero, which can earn a 50% interest in the property from New Claymore Resources, added 13 cents to close at 53 cents. New Claymore was unchanged at $1.60.

Donner Minerals bounced off a low of $1 to close at $1.15, down 11 cents.

The company announced that, under Teck’s supervision, two drill rigs are turning at the South Voisey’s Bay project’s North Gabbro site in Labrador, while one rig is operating in the South Gabbro. To date, 3,794 metres, or 17% of the phase-one drilling, has been completed. Drilling is being undertaken to test geophysical conductors and areas near the massive sulphide intersections discovered in 1997 on ground held in partnership with Alberta-listed Northern Abitibi Mining, which hit as low as 38 cents before recovering to 50 cents for a loss of 8 cents.


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