STOCK MARKETS — Junior issues soar on Vancouver market

The Vancouver Stock Exchange rose 63.97 points over the report period ended Aug. 20, to finish at 1,198.03, while the resource index leaped 273.1 points to close at 2,429.96.

The latest drill results from the Cerro Casale gold-copper deposit at the Aldebaran property in Chile sparked a buying frenzy in Arizona Star Resource and partner Toronto-listed Bema Gold. Arizona Star soared to a high of $17.50 before settling back to $14.15, a gain of $5.85.

Carmelita Petroleum has terminated exploration on its Voisey’s Bay properties in Labrador after a 4-hole drill program on its No. 5 claim block along the Kogaluk River failed to return any significant sulphide mineralization. The company has decided, instead, to focus its efforts on gold prospects in Guyana. Carmelita closed down 85 cents to $1.10.

Partners Fleck Resources and Alberta-listed Anvil Resources released results for the first hole of a minimum 9-hole drill program on their 92-claim block adjoining the northwest boundary of Diamond Fields’ Voisey’s Bay discovery block. The hole returned a 3.5-ft. interval grading 0.47% nickel, 0.18% copper and 0.03% cobalt. Fleck slipped 38 cents to close at 77 cents, while Anvil, which can earn a 40% interest from Fleck, edged downward 12 cents to 75 cents.

The proposed acquisition of the Shannon mine gold properties in Sierra Cty., Calif., by Chandeleur Bay Production met with a 14 cents jump, closing at 37 cents.

Assay results were released by Columbia Gold Mines for 15 of 41 holes drilled to date at the Fyre Lake massive sulphide project in the Finlayson Lake district of the southeastern Yukon. Of the 15 holes, 10 intersected mineralization over a 200-metre length of the northern portion of the previously identified Kona zone. The intersections ranged from 2.8 to 12.3 metres, with grades of up to 1.44% copper, 2.45% zinc and 1.11 grams gold per tonne. Columbia, which can earn an 80% interest in the property from Welcome Opportunities, slipped 2 cents to $1.05.

Bolivian explorer Samex Mining closed up 90 cents at $3.20, following the release of results for the final four holes of a 1.5 km, 7-hole program at the Santa Isabel porphyry project. While two of the centrally located holes failed to reach bedrock and Hole 7 encountered only anomalous values, Hole 6 returned a 24-metre interval grading 3.64% zinc, 0.26% lead, 0.09 gram gold and 174 grams silver per tonne.

War Eagle Mining took a hit on the release of more drill results from its Fortuna gold-silver project in Mexico’s Sonora state. The issue fell back to $2.25, a loss of $2.

Conquistador Mines traded up $1.70 to close at $5.95. The company is actively exploring in Colombia through a 50% partnership in the Cordoba joint venture, which covers the Yarumalito, Oro Fino, Mariela, Montoya and Marmato gold properties.

Adamas Resources closed up 22 cents to 58 cents on the acquisition of an option to earn a 75% interest in the Bakoudou gold prospect in Gabon, Africa.

Previous drilling in the 1980s identified a partially defined laterite deposit containing a reserve of 1.7-2 million tons grading 0.043-0.05 oz.

gold per ton. Beneath the deposit, limited drilling encountered higher-grade intercepts, including 26 ft. of 0.44 oz. Adamas is required to spend US$2 million over the next 18 months, issue 200,000 shares and pay US$30,000.

Partners Greystar Resources and Churchill Resources have completed 11 holes testing the 200-by-50-metre Los Laches gold-silver chert zone at the Angostura project in Colombia. Results from the latest five holes include: 25 metres of 1.15 grams gold and 17.9 grams silver in hole 3; 15 metres of 3.92 grams gold and 46.9 grams silver in hole 4; 70 metres of 1.2 grams gold and 15.2 grams silver in hole 5; and 11 metres of 4.2 grams gold and 76.2 grams silver in hole 6. Greystar was up 34 cents at $1.75, while Churchill, which can earn a 50% interest from Greystar, tacked on 29 cents to finish at $1.39.