Western markets capped off a lacklustre month with a sluggish performance over the report period ended Nov. 28. The Vancouver Stock Exchange composite index edged upward 4.92 points to close at 777.93, while the resource index slipped 1.78 points to finish at 1,250.69.
The signing of two joint-venture agreements was met by a 1 cents gain for Major General Resources, which closed at 59 cents. By paying $250,000 and spending $2 million on exploration over six years, Toronto-listed Cominco can earn a 51% interest in the 168-claim Olympic copper-gold prospect, north of Dawson, Y.T.
In a separate agreement, Major General granted Donner Resources an option to acquire a 60% interest in nine claim blocks in the Harp Lake area of Labrador. Donner holds varying interests in 14,665 claims near Voisey Bay and Harp Lake, and is set to begin drilling a 6-hole program at its fully owned South Voisey Bay project. Donner remained unchanged at $2.10.
Meanwhile, partners Castle Rock Exploration and United Compass Resources continue to drill the Okak property in Labrador. The fourth hole of the program intersected a 5-metre layer hosting 30%-50% sulphide mineralization at a depth of 280 metres. Castle Rock slipped 9 cents, closing at 97 cents, while United Compass added 5 cents to finish at $1.60.
Consolidated Bullet Group can acquire an initial 50% interest in La Rock Mining’s Brandywine gold property near Squamish, B.C., by spending $5 million on exploration over three years. A further 20% can be earned by completing a feasibility study and making additional payments. Consolidated Bullet is seeking to be deemed inactive by the VSE. Plans call for the company to be re-activated under a new name, together with a share consolidation. Consolidated Bullet closed down 1 cents at 8 cents, while La Rock edged up 5 cents at 37 cents.
Paramount Ventures & Finance closed at $1.05 for a gain of 20 cents. The company began a 2,000-metre drill program testing for copper mineralization on the Las Cuestitas cateo at its Juramento project in the Salta province of Argentina.
In addition to carrying out preliminary work on its 50%-held Pachina copper-gold porphyry property in Chile, Demand Gold reports that ground geophysical work, completed on the RBI claims in the Wolverine Lake area of southeastern Yukon, has outlined an electromagnetic conductor coinciding with geochemical anomalies. Demand gained 23 cents, finishing at $1.10.
The acquisition of an option from Welcome Opportunities to earn up to an 80% interest in the 180-claim Kona property in the Finlayson-Wolverine Lake area continues to bode well for Columbia Gold Mines, up 26 cents at 70 cents. Columbia must spend $6 million on exploration over the next five years, at which time Welcome can elect to carry the project through to production, increasing its interest to 55% from 20%. On limited trading, Welcome slipped 20 cents to $2.50. Columbia reports that massive sulphide mineralization is traced along a 6-km-long belt of volcanic rocks. Previous drilling within a 500-metre area in the northern portion of the belt indicated a flat-lying zone measuring 5 to 15 metres thick, with values of 1% copper, 1% zinc and 0.02 oz. gold.
First Western Minerals closed at 94 cents, for a loss of 6 cents. The company is carrying out a 5-hole drill program at its Mont Paul property in the Gaspe Peninsula of Quebec. Hole 3 returned a 20-ft. intersection grading 2% nickel.
Booker Gold Explorations gained $1.38, closing at $6.62, before trading was halted at the request of the company, pending the release of additional drill results from its Hearne Hill copper-gold project near Smithers, B.C. Results included 900 ft. averaging 0.2% copper and 0.06 gram gold for hole 18, and 900 ft. of 0.18% copper and 0.085 gram gold for hole 20. Also, six breccia zones intersected by hole 21 included: 67 ft. grading 0.7% copper and 0.32 gram gold; 50 ft. grading 0.58% copper and 0.18 gram gold; and 130 ft. grading 0.58% copper and 0.25 gram gold.