STOCK MARKET — Western markets also recover from referendum jitters

The narrow win by the “non” side in the Quebec referendum managed to reverse a slide in western markets, but the recovery was unsuccessful in making up all the lost ground over the report period ended Oct. 31.

The Vancouver Stock Exchange resource index lost almost 24 points over the period to finish at the 1,236.94 level, while the composite index managed to tread water with a gain of 3.14 points at 778.99.

Partners Minvita Enterprises and Teuton Resources were big winners, advancing 54 cents to $2.64 and 57 cents to $1.95, respectively.

Homestake Canada and Prime Resources announced plans to buy a $2.6-million private placement in Minvita and Teuton to fund a drill program on the companies’ property in the Red Mountain area, east of Stewart, B.C.

Minvita and Teuton have started drilling on the property. The first hole was targeted on the downdip extension of the Trench 4 structure and returned surface samples averaging 122.9 grams gold per tonne over a width of 5.5 metres.

Brisk trading in Booker Gold Explorations continues to propel the issue skyward. The company hit a new high of $4 before settling up 90 cents at $3.85. The company has resumed drilling on its Hearne Hill project, northeast of Smithers, B.C., with a program designed to test a newly discovered copper-gold zone. Previous drilling on the new zone returned several wide intervals grading more than 1% copper, including values of up to 1.93% copper and 0.82 gram gold over 31 metres.

Joint-venture partners Consolidated Magna Ventures and Consolidated Viscount Resources lost ground after releasing assay results from drilling on their Tasisuak Lake property, 50 km northwest of Voisey Bay, Labrador.

Magna slipped 25 cents at $1.15, while Viscount dipped 30 cents to $4.50.

Two holes on the C zone returned base metal values, with the best interval measuring 5.23 metres grading 1.15% nickel, 0.42% copper and 0.04% cobalt. Drilling on the C zone is continuing.

Alberta-listed Gallery Resources gained ground, adding 17 cents at 91 cents, after a U.S.-based investment letter recommended the issue, based on its exploration prospects in the Voisey Bay region of Labrador.

Drilling at the Passagem mine project in Brazil gave Lysander Gold a 7 cents boost to 76 cents. The company holds an option on an 80% indirect interest in the former producer and hopes to outline new reserves. Teck, which recently completed a private placement in Lysander, can back-in for a 50% indirect interest.

Partners Portman Explorations and Tapestry Ventures dipped in response to drilling reports from their ANAK-1 property, 20 km northwest of Diamond Fields’ Voisey Bay project. Tapestry lost 30 cents to close at $1.55 while Portman slipped a dime at 75 cents.

Sutton Resources edged up $1.25 to finish at $13.50 after releasing additional drill results from the Bulyanhulu property in Tanzania. Sutton, which holds rights to an 85% interest in the project, believes its drilling has doubled the gold resource in Reef 1 to beyond 2 million oz. A new resource estimate is expected soon.

Alberta-listed PGE Resource did well, adding 50 cents to finish at $3.25. The company recently sold an option on a half interest in its Shingle Gulch property in New Brunswick to a private Canadian mining company.

Morgain Minerals came to life, adding 29 cents to close at 99 cents. The company acquired an option on the West Extension gold property 85 km southwest of Timmins, Ont. The property lies on strike from Morgain’s Twin Hollinger property, where the company expects to begin drilling shortly. Trenching on the Twin Hollinger exposed a gold-mineralized zone consisting of quartz veins and stockworks over a width of 30 metres and a strike of 850 metres. Random samples returned grades ranging from 0.7 gram gold up to 16.4 grams.


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