STOCK MARKETS — Resource stocks slip-sliding away

The Vancouver Stock Exchange composite index continued its slide during the week of Oct. 16-22, falling 46.14 points to close at 1,109.97. The resource index lost 88.75 points to finish at 2,146.

Borneo Gold was the most active issue over the report period. In its second week back on the exchange after resuming trading, the stock lost $1.05, closing at $5.25, with 3,616,200 shares changing hands. Last week Borneo announced initial sampling results from the Monsan prospect at its 90%-held Bunut property in West Kalimantan, Indonesia.

Gerle Gold, one of dozens of juniors hunting for diamonds in the Canadian North, lost 44 cents to close at 98 cents over the week, with 871,200 shares trading. Gerle reported that drilling at its Doyle Lake property in the Northwest Territories had traced a narrow kimberlite sill over a northeasterly strike length of 1.3 km. Monopros can earn a 60% interest in the property.

The VSE halted trading in Highgrade Ventures after its Florida promoter, MarketMedia, was cited by U.S. regulators for allegedly bribing brokers to promote junior stocks. Highgrade is exploring for diamonds and gold in Brazil. Shares closed at $10.15, down $1.35 over the report period. The company has announced it has terminated its contract with MarketMedia at the VSE’s request.

Yukon Gold was also halted under similar circumstances. The company has been forced to cancel its 6-month contract with MarketMedia, signed Sept. 30.

Yukon Gold was trading at $3.10 when its stock was halted after falling 50 cents.

Argentina Gold was unchanged at $2.05. The company received results of the recent 1,050-metre reverse-circulation drill program at its wholly owned Guasapampa property in western Argentina. Results range from 0.9 gram gold per tonne over 4 metres to 68 grams silver over 6 metres. Argentina Gold’s 1996-1997 exploration program at the Veladero and Del Carmen projects will include up to 9,000 metres of drilling. The two properties are held in joint venture with Toronto-listed Barrick Gold.

A 12 cents jump to 25 cents prompted Ag Armeno Mines & Minerals to report that no material changes occurred within the company except an attempt to acquire mining claims in the Temagami area of Ontario.

Booker Gold Explorations rose 77 cents to close at $4.40 after releasing results from five holes drilled at its Hearne Hill copper-gold porphyry project northeast of Smithers, B.C. Highlights there include: 1,040 ft.

averaging 0.5% copper and 0.13 gram gold in hole 96-65 and 970 ft. averaging 0.81% copper and 0.28 gram gold (including a higher-grade, 110-ft. interval grading 2.7% copper and 0.86 gram gold) in hole 96-67.

The last drill results of the season from NDT Ventures’ exploration program in Labrador included a 1-metre intersection from Project 43, 6 km east of Nain. That intersection graded 1.29% nickel, 0.91% copper and 0.11% cobalt. A 1.1-metre intersection from Project 46, southeast of Nain, graded 1.64% nickel, 3.5% copper and 0.09% cobalt. The two projects are under option from Alberta-listed Takla Star Resources, which closed down 52 cents to $1.80.

In the meantime, NDT Ventures has staked four blocks totalling 155 claims in the Lac Volant area near Sept Iles, Que. NDT ventures was up 2 cents at 70 cents.

Oliver Gold slipped as low as $4.95 before recovering to finish unchanged at $5.50. The company reported significant results for 83 of 224 reverse-circulation holes drilled to test the continuity and grade of a 10-30-metre-thick oxidized portion of the Main and Northwest zones at the Segala concession in Mali, West Africa. Oliver can earn a half interest in the property.

Also in West Africa, Ghana Goldfields received permission from the Ghanaian ministry of forests to move its drill rig and equipment to the portion of the company’s Flag Base concession covered by the Forest Reserve. The company will then begin a 5,000-metre drill program. Ghanaian Goldfields was unchanged at $2.05.