STOCK MARKETS — Western markets gain as Labrador programs intensify

A breath of fresh air swept over the western markets for the report period ended Sept. 5. The Vancouver Stock Exchange composite index gained 25.46 points to finish at 864.99, while the resource index jumped 64.72 points to close at 1,357.50.

NDT Ventures has received formal approval for two of eight drill permits from the Newfoundland government and expects to be granted approval for the remaining applications shortly. The drilling will be carried out on the joint-ventured Unity claims (Project 44) of NDT and Alberta-listed Takla Star Resources, immediately west of the town of Nain. A series of gossanous outcrops, coincident with an airborne electromagnetic conductor and magnetic anomaly, returned average grades of 0.6% nickel, 0.31% copper and 0.083% cobalt for a total of 35 samples. Peak values included 1.28% nickel, 1.34% copper and 0.164% cobalt. Meanwhile, ground work on the partners’ Luk claims (Project 61), 7 km southwest of the Voisey Bay discovery, has returned surface sampling values of up to 1.86% nickel, 0.95% copper and 0.165% cobalt. NDT closed up 35 cents to $3.50, while Takla Star jumped $2.37 to finish at $8.25.

A second gossanous showing has been discovered on a 203-claim property fully owned by Goldnev Resources in the Harp Lake area of Labrador. Sampling of a massive sulphide layer ranging in thickness from 0.6 to 1 metre returned values of up to 1.67% nickel, 0.88% copper and 0.145% cobalt. The sulphide zone occurs within a disseminated sulphide halo outcropping on surface over an area measuring 400 by 400 metres. Goldnev closed at $1.25 for an increase of 17 cents.

An agreement to acquire a nickel-cobalt lateritic deposit in the Philippines resulted in a 65 cents gain for Stellar Gold to close at $2.10. A surface layer of laterite and underlying layer of saprolite is reported to host a resource of 187 million tonnes grading 1.4% nickel and 0.09% cobalt.

A stepout hole 175 metres downdip of the discovery hole on the Wolverine zone intersected 8.4 metres of massive and semi-massive sulphides grading 14.22% zinc, 3.45% lead and 0.56% copper, as well as 7.62 grams gold and 1,348.9 grams silver. Toronto-listed Westmin Resources is earning a 60% interest from Atna Resources in the Foot claims, situated in south-central Yukon. Atna gained $1 on heavy trading to close at $1.95.

American Bullion Minerals closed up 35 cents to $3.25 on news that the Red Chris copper-gold deposit in northwestern British Columbia is approaching its targeted tonnage of 200-220 million tonnes, while maintaining a grade of 0.5% copper and 0.4 gram gold per tonne at a 0.3% copper cutoff. Recent drilling has extended the reserves westward in the main Red Chris zone and substantially increased the resource of the Gulley zone in the Yellow Chris area to the range of 80 million tonnes averaging 0.5% copper and 0.5 gram gold.

Eaglecrest Explorations continues to release results from preliminary channel sampling carried out on its San Simon property in Bolivia. San Simon is a land package consisting of nine concessions covering more than 7,000 hectares. Final results from the Trinidad concession included 28 metres of 1.29 grams and 16 metres of 0.97 gram gold per tonne for the Rosa showing, as well as values of up to 10.76 grams over 1.2 metres for the Trinidad vein. A mini bulk-sampling program has begun and drilling is expected to follow. Eaglecrest closed up at $1.10 for a gain of 41 cents.

The signing of an option agreement with Toronto-listed Cominco did little for Roraima Gold, closing up 1 cents to 24 cents. Cominco can earn an initial half interest in the Mariwa-Sardine Hill property in northwestern Guyana by incurring exploration expenditures of US$1.7 million and paying US$500,000 over a 4-year period. The property contains a zone of saprolite measuring 100 by 150 metres, grading in the range of 2 to 5 grams gold per tonne.