Western markets turned in a lacklustre performance over the report period ended Nov. 21. The Vancouver Stock Exchange resource index slipped two points to close at 1,252.47, while the composite index edged down 7.09 points to finish at 773.01.
A comment by management on the visual nature of the drill core from a recently completed 14-hole program on the Red Mountain area gold property near Stewart, B.C., reversed the downward trend of partners Teuton Resources and Minvita Enterprises. Teuton closed at $1.39 for a gain of 21 cents, while Minvita finished up 25 cents at $1.90. Mineralization in the drill core is reported to be consistent with what was observed in the trenches. Assay results are not expected until the end of the first week in December, as a result of unforeseen delays in logging and sampling of the core.
The release of results for eight additional drill holes from the 90%-owned Southeast zone at the Busang gold project in East Kalimantan, Indonesia, met with a gain of $3.12 for Alberta-listed Bre-X Minerals, which closed at $53.
Analysts are promoting the project as having major potential. Drilling in the Southeast zone is expected to add to the already defined, 80%-owned Central zone, which is estimated to contain 38.7 million tons grading 0.071 oz. gold per ton at a cutoff of 0.015 oz.
Condor International Resources is continuing to negotiate with two separate parties for grassroots projects in Indonesia. The issue slipped 3 cents to finish at 60 cents.
Atna Resources closed up 30 cents at $3.20 on the release of further drill results from the Wolverine massive sulphide discovery on the Foot property in southeastern Yukon. Toronto-listed Westmin Resources is earning a 60% interest in the property.
Colossal Resources continued its ascent, climbing 63 cents to close at $7.13. The company is readying its Nkana slag dump project in Zambia for the recovery of cobalt and copper in the first quarter of 1996. The joint venture recently purchased a lead-zinc smelting plant, which will be integrated into a slag treatment facility. Colossal holds a 60% interest in the joint venture, with partner Qasim Mining Enterprises holding the other 40%.
The Crow-Rea molybdenum property, held by Amcorp Industries and Verdstone Gold in the Okanagan area of British Columbia, is being touted by a Florida-based newsletter writer. The property is being drilled and trenched. Amcorp jumped 37 cents, closing at 92 cents, while Verdstone added 38 cents to finish at 98 cents.
A 9-hole drilling program by Pacific Falkon Resources is expected to begin shortly at the Guinaoang copper-gold deposit in the Philippines. Plans call for the program to test a higher-grade core that exists within a reserve estimated at 469 million tonnes grading 0.37% copper and 0.37 gram gold. By completing the drill program, the company can earn an initial 40% interest. Pacific Falkon closed up 2 cents at 72 cents.
While drilling continues at the Hearne Hill copper-gold project near Smithers, B.C., Booker Gold Explorations increased its holdings in the area by staking additional claims. The issue lost 50 cents finishing at $5.25.
Upon completion of its drill program at the Red Chris copper-gold project in north-central British Columbia, American Bullion Minerals added 30 cents to close at $4.75. The company holds an 80% interest in the project and expects to have a prefeasibility study in hand by the end of February.
Farallon Resources closed at $3.35, adding 35 cents on the strength of its management team headed by Robert Hunter and Robert Dickinson. The company plans to carry out an exploration program on recent property acquisitions in Mexico.
Nevsun Resources added to its holdings in Mali by acquiring the exploration and mining rights for the 200-sq.-km Kakadian concession in the southwestern region of the country. The property covers a regional geochemical anomaly and alluvial gold workings. Nevsun finished up 15 cents at $2.55.