The Vancouver Stock Exchange composite index remained flat over the report period ended Oct. 8, slipping 5.59 points to close at 1,199.91. The resource index, meanwhile, finished up 21.53 points at 2,305.96.
Diamond explorers Winspear Resources and Antler Resources agreed to amalgamate. Winspear shareholders will receive one share in the amalgamated company for each share held, while those holding shares in Antler will receive 2.5 shares in the amalgamated company for each share held. Winspear closed down 38 cents at $2.15 and Antler finished up 25 cents at $3.85.
At the request of Gold Canyon Resources, trading was halted at $4, down $1, pending an announcement. Earlier in the week, the company issued a summary of drill results from a 16-hole, 20,308-ft. program on the Springpole Lake gold project in northwestern Ontario. The project is a 50-50 joint venture with a Canadian subsidiary of New York-listed Santa Fe Pacific Gold.
Ourominas Minerals was up $1.18 at $5.20, following news that it had completed two drill holes and started a third at the Jaruana property in Brazil’s Mato Grosso state.
Preliminary results for the first hole returned a 25-metre interval between a depth of 28 and 53 metres grading 3.7 grams gold per tonne, including 14 metres of 5.05 grams.
A preliminary agreement covering 8,000 sq. km of a prospective gold-copper belt in China was recently reached by Global-Pacific Mineral and Toronto-listed Southwestern Gold with China National Nonferrous Corp. The partners can earn an 80% interest in the area by making an initial cash payment of US$72,500 and spending US$3.9 million over five years.
Southwestern and Global-Pacific will participate on a respective 70-30 basis.
Global-Pacific closed at $2.15, up 30 cents.
Omni Resources released results for a further eight underground holes drilled on its Skukum Creek project, where a 15-hole program is aimed at expanding a reserve of 513,000 tons grading 0.22 oz. gold and 8.01 oz. silver. Omni slipped 2 cents to finish at 88 cents.
The first two holes of this year’s drill program at the Corey property in northwestern British Columbia tested the TV zone, returning 13.2 ft. of 0.074 gold in hole 23 and 25 ft. of 0.085 oz. gold and 5.35 oz. silver in hole 24.
Kenrich Mining closed down 12 cents to 85 cents.
Agate Bay Resources announced it was teaming up with Toronto-listed Inmet Mining to earn a 100% interest in the advanced-stage Chimborazo copper project in northern Chile from New York-listed Cyprus Amax Minerals. Agate Bay and Inmet are required to make option payments totalling US$10 million, as well as complete a feasibility study within three years. The partners will acquire the project once they complete an advanced royalty payment, based on proven and probable reserves, of no less than US$35 million. Agate Bay fell 40 cents to close at 77 cents.
The third hole to test the War Baby property of Consolidated Callinan Flin Flon Mines in Flin Flon, Man., intersected 5.85 metres grading 3% copper at a depth of 1,896-1,902 metres. A fourth drill hole is being wedged and deflected to intersect the mineralization to the south. Consolidated Callinan was up 3 cents in light trading.
Mapping, sampling, trenching and prospecting are following up several vein structures at the Los Dos Buhos and Sierra de Las Minas gold projects in northwestern Argentina. Golden Peaks Resources is earning a 50% interest in both projects from Primo Resources. Golden Peaks closed at $1.21, up 33 cents, while Primo finished down 3 cents at 62 cents.