The speculative Voisey Bay area play in Labrador continues to fuel western markets as investors interpret the early exploration results being released by many of the juniors.
Over the report period ended Aug. 1, the Vancouver Stock Exchange composite index climbed up 14.95 points to 830.82, while the resource index slipped 1.22 points to close at 1,305.60.
The release of eight grab sample values from a gossanous outcrop on the fully owned NBK property, 13 km northwest of Webb Bay in the Voisey Bay area, propelled Castle Rock Exploration to a high of $1.95 before closing at $1.64, a 64 cents jump. A total of 16 samples were taken from a representative area measuring 60 by 400 metres. Values ranged as high as 1.9% copper, 1.7% nickel, 0.23% cobalt and 451 parts per billion gold.
In related news, Castle Rock and Connecticut Development have each granted the other a 2-year option to buy, for $300,000 cash, a 10% interest in several of their Voisey Bay properties, including Castle Rock’s NBK property. The back-to-back options allow both companies an effective way to diversify their holdings. Connecticut gained 13 cents to close at 68 cents.
The acquisition of 100 claims, reported to be on strike with, and northwest of, Castle Rock’s NBK property, resulted in a gain of 17 cents for Consolidated Silver Tusk Mines, finishing at 65 cents.
Airborne geophysical surveys over the joint-ventured Tasisuak Lake property, 50 km northwest of Voisey Bay, identified several coincident magnetic and electromagnetic anomalies. Consolidated Magna Ventures can earn a 51% interest from Consolidated Viscount Resources. Meanwhile, airborne geophysics also identified three anomalies on Viscount’s fully owned property on the Kingurutuk River, 65 km northwest of Voisey Bay. Consolidated Magna added 37 cents to close at $1.20, while Consolidated Viscount jumped $1.25, finishing at $6.
The release of assays from preliminary sampling in an area held by CDN-listed Canadian States Gas, 80 km northwest of the Voisey Bay discovery, has affected juniors holding ground in that area. Ace Developments gained 30 cents at $3.15; Pacific Vangold Mines added 9 cents to close at $1; and Falcon Ventures International finished at 30 cents, up 4 cents.
Abacus Minerals has wrapped up financing to the tune of $2 million and intends to begin a 10,000-ft. drill program in a week’s time on its Niblack massive sulphide project in southeastern Alaska. The company is also planning an initial 2,000 ft. of drilling on its joint-ventured Forrest gold property in the Stikine area of northern British Columbia. Imco Resources can earn up to a 70% interest in Forrest by meeting certain conditions and expenditure requirements. Imco is in the process of changing its name to Meridian Peak Resources and expects to be relisted on the VSE sometime this month. Abacus closed at $1.30, an increase of 15 cents.
An agreement with Toronto-listed International Curator Resources gives Santa Catalina Mining an option to acquire a 75% interest in the DSA property in Idaho. Terms call for expenditures of US$2 million over three years. Santa has immediate plans to undertake a 4-hole drill program to test a stratiform massive sulphide target. The issue gained 5 cents to close at 83 cents.
After amending its option to increase its share to an 80% interest in several Tanzanian exploration licences prospective for diamonds, Serengeti Diamonds closed up 13 cents at 33 cents.
The acquisition of the balance of interest in the Rosario silver-gold project and the release of sampling results from the Chical gold property, both of which are situated in Ecuador, resulted in a 55 cents gain for Jersey Goldfields; the issue finished up at $2.45. Rock sampling at the Chical property within an anomaly measuring 1,000 by 500 metres returned 19 continuous samples assaying 15.46 grams gold per tonne over 95 metres. Drilling is scheduled for the fall and winter.