STOCK MARKETS — Western markets still dragging their heels

The Vancouver Stock Exchange composite index fell 43.8 points over the report period ended Oct. 15 to close at 1,156.11. The resource index fell even farther, closing down 71.21 points at 2,234.75.

Borneo Gold resumed trading, dropping to $6.30 for a loss of $4.95. The company announced initial sampling results from the Monsan prospect at its 90%-held Bunut property in West Kalimantan, Indonesia. Borneo had previously reported sightings of visible gold in an area where local miners had dug two pits, each measuring about 10 by 8 metres. Preliminary sampling of the pits, however, was said to have been hindered by flooding. Ten bedrock samples (taken from a 3-by-14-metre bench that was not covered by water within one of the pits) averaged 8.02 grams gold per tonne. Chip samples from the walls of the pits returned a high of 0.47 gram over 22 metres, and seven samples taken from stockpiles beside the pits averaged 0.68 gram.

The first seven holes of an infill drilling program by International Taurus Resources on the Taurus-Cusac gold project near Cassiar, B.C., included a significant 148.5 metres of 1.61 grams gold (including a 36-metre interval grading 3.99 grams). The holes are being drilled in the potential starter-pit area at the 88 Hill zone. International Taurus slipped 12 cents to close at $1.18.

The Canadian subsidiary of New York-listed Santa Fe Pacific Gold has dropped its 50% option on the Springpole Lake gold project in northwestern Ontario.

Gold Canyon, which now owns 100% of the project, closed down 52 cents to $3.48.

The first hole into the Peak zone at the Mac project in the Babine Lake area of British Columbia intersected an altered porphyry intrusive, mineralized with chalcopyrite and molybdenite. The hole confirms what Spokane Resources believes to be a second mineralized porphyry on the Mac property. Three additional holes will test the discovery. Spokane, which can earn a 60% interest in the property, finished up 28 cents at $1.33.

Golden Bear Minerals took a loss of 30 cents, closing at $1.95 after releasing results of an 8-hole reconnaissance drilling program on the 90%-held Beruang Mas South gold project in southern Sumatra, Indonesia.

Consolidated Viscount Resources was up 75 cents at $3.25 on preliminary reports that scandium and nickel were successfully extracted from a sample taken from the company’s Sumas Mountain property in Washington.

A planned 1,000-metre-long hole on the ABE-1 property, east of the Voisey’s Bay Eastern Deeps discovery in Labrador, was stopped short at 870 metres after 30 metres of drill stem broke off at the bottom of the hole.

International CanAlaska Resources closed down 32 cents to 68 cents, whereas partner Alberta-listed Columbia Yukon Resources finished at 49 cents, down 19 cents.

Winter conditions at Columbia Gold Mines’ Fyre Lake project in the Finlayson Lake area of the Yukon brought drilling to a close. The company completed 71 holes, with assays pending for the final 11 holes. Columbia has now shifted its attention to the Haslinger gold property near Fort St. James, B.C., where it has begun a 6-hole program. Columbia finished at 55 cents, down 2 cents.

At the Corey property in northwestern British Columbia, Kenrich Mining announced encouraging drill results from the TV zone. Kenrich closed down 5 cents at 80 cents.

Sutton Resources closed at $16.50, down 50 cents, after announcing a US$20-million program of underground development and expanded surface drilling at the Bulyanhulu gold project in Tanzania. The project hosts a resource of 8 million tons grading 0.44 oz. gold.

Peruvian Gold closed down $1.15 to $2.90 after reporting on results to date from its exploration program on the Encanto gold-silver prospect in Ecuador.


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