STOCK MARKETS — Yellow metal’s performance leaves

Gold’s performance in the week ended Oct. 11 proved disappointing, as it finished down US$5 per oz. at the US$387-per-oz. level. A Muscovite with a few ounces tucked away under the mattress would, of course, be in a different frame of mind — the Russian rouble recently tumbled 27% in the course of one day and 78% over a period of six weeks.

That aside, the Canadian dollar value of the yellow metal provided little incentive for western markets, with the Vancouver Stock Exchange resource index slipping more than 30 points to 1,395.83 and the composite index sliding 10.15 points to 858.48.

Getchell Resources put in a stellar performance, more than doubling its price to $2.25 before backtracking to finish up $1.14 at $2.14. The first hole (94-17) of a 7-hole program on the Rainbow property near Kamloops, B.C., intersected 176 metres grading 0.61% copper. Toronto-listed Teck, which owns the nearby Afton open-pit copper mine, is operator and has a 70% interest in the Rainbow property. Hole 94-21, about 50 metres southeast of 94-17, returned 123.5 metres grading 0.5% copper. The hole drilled 50 metres to the north is reported to be mineralized whereas those drilled 100 metres to the north and south are not.

Trading in Southern Copper was brisk, with more than 4.6 million shares changing hands. The company plans to raise funds for further exploration and development of its diamond properties in Brazil through a 3-million-unit private placement at 80 cents. The issue finished up 3 cents at 90 cents. La Rock Mining did well, closing up 9 cents at 29 cents on more than 1.7 million shares. The company has completed private placements totaling 2.7 million shares at 15 cents each, with proceeds earmarked for development work at its Mojos gold project in Bolivia.

An agreement to acquire a half interest in a gold property in Quebec’s Malartic Twp. gave Tako Resources a 6 cents boost to 49 cents on almost 2 million shares.

Meanwhile, Blue Bird Exploration is planning to drill its Yalakom property near Yellowknife. The issue edged up 6 cents to close at 29 cents. The work will be carried out 240 metres above the existing adit where sampling along its 260-metre length returned an average of 26 grams gold over 0.9 metres. Additional copper-gold intersections at the Red Chris project in northern British Columbia helped American Bullion Minerals. The deposit is currently defined by 120 holes over a 1,000-metre strike length. Recent drilling results from a higher-grade stockwork zone include a 299-metre intersection grading 0.90% copper and 0.82 grams gold per tonne. American Bullion added 15 cents to close at $3.15.

Formation Capital gained ground after releasing drill results from its Black Pine project in Lemhi Cty., Idaho. One of the best holes returned a 44-metre intersection grading 1.11% copper, 0.005% cobalt, 3 grams silver and 0.1 gram gold. The issue closed up 50 cents at $3.60.

Recently listed Pacific Falcon Resources continued to gain ground, closing up 28 cents at a new high of $2.15. The company holds an option to acquire a 40% interest in a bulk-tonnage copper-gold deposit in the Philippines and is preparing to begin drilling in an effort to expand the project. The deposit is deep, starting at a depth of about 275 metres, and, as a result, the company envisions an underground operation using block caving. The geological resource, based on a 0.5% copper cutoff, is estimated at 73 million tonnes grading 0.61% copper and 0.62 grams gold.

Drilling is to start by the end of October on the Blue Spider claims in Crescent Valley, Nev., news of which helped International Calneva Gold edge up a nickel to 60 cents. Santa Fe Pacific Gold is operating the program under an option to earn a 65% interest.