STOCK MARKETS — Resource stocks add fuel to VSE

The Vancouver Stock Exchange composite index rose 36.94 points, or 3.04%, over the report period ended Feb. 18, to close at 1,250.65. The resource index gained 72.88 points, or 3.22%, to finish at 2,335.03.

The combined value of the Alberta Stock Exchange was up 24.16 points to 2,786.

Mar-West Resources climbed as high as $2.30 before settling at $2, for a gain of 39 cents. The company holds an extensive portfolio of gold projects in Honduras, several of which are joint ventures.

Santa Catalina Mining entered into a preliminary option agreement with New York-listed Cyprus Amax Minerals to earn a half interest in four concessions covering a prospective copper-gold porphyry system in the Murindo area of northwestern Colombia. Santa Catalina jumped 24 cents to 80 cents.

An increased level of trading prompted Athlone Resources to report that there had been no material changes within the company. The issue reached $1.34 before closing at $1.07, up 14 cents. The company is drilling the Norteno gold-copper property in Bolivia and recently optioned the Wintering Lake property in the Thompson nickel belt of northern Manitoba.

A 25-hole, 3,000-metre drill program has begun on the Takatu gold property in Guyana. The program is targeting the Gomes Pits area, where trenching and auger drilling outlined a zone of shear-hosted gold mineralization. Champion Resources, which can earn a 51% interest from Toscana Resources, closed up 24 cents at $1.24. Toscana edged up 4 cents to 41 cents.

Champion recently acquired the exclusive right to explore properties in the small West African country of Guine-Bissau. The properties offer potential for phosphate, gold, diamonds and base metals.

Cabo Exploration Ventures hit a high of $1.35 before falling back to $1.13, for a gain of 35 cents. The company has arranged a private placement of 1 million units at $1.05 per unit, proceeds from which will be used to fund an expanded drill program on the San Juan gold-copper prospect at the Trinidad concession in Cuba.

A re-interpretation of geology in an area 150 km east-northeast of Val d’Or, Que., led Gold Giant Minerals and Norcal Resources to acquire 1,300 contiguous mineral claims covering a “gold grain anomaly.” That anomaly is coincident with a regional magnetic anomaly that encompasses a 7-by-40-km area. The partners believe they have identified a new mineral belt and have begun airborne geophysical surveys. Gold Giant tacked on 9 cents to finish at 52 cents, while Norcal was up 5 cents to 63 cents.

First Silver Reserve has acquired 28.7 million outstanding shares of Minera El Pilon for 40 cents each. The Mexican company operates the San Martin silver mine in Jalisco state. First Silver climbed 53 cents to close at $1.25.

Recent drilling on the Bombore First target in Burkina Faso, West Africa, encountered gold mineralization in several different sectors, including a 66-metre interval grading 2.9 grams. Solomon Resources, which can earn a 45% interest from Toronto-listed Channel Resources by funding $2.5 million in exploration, closed at $1.57, up 42 cents.

Baron Gold finished at 49 cents, up 15 cents, following the acquisition of an option to acquire the Strebe gold property of the Tillicum gold camp, near Nakusp, B.C.

Golden Hemlock Explorations rose 57 cents to $1.80 after completing 14 drill holes on the Tres Amigos vein structure at the San Jose de Gracia project in Mexico’s Sinaloa state. The holes tested a strike length of 350 metres. Assay results from the first two holes include: 3 metres grading 7.8 grams gold, 83.5 grams silver and 2.35% copper in hole 1; and 9 metres of 4.12 grams gold, 22.78 grams silver and 0.6% copper, plus 2 metres of 12.23 grams gold, 11.9 grams silver and 019% copper, in hole 2.