STOCK MARKET — Junior gold mining stocks help keep western markets afloat — Cross Lake makes splash after Timmins area find; Silverstone, Haddington also

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The Vancouver Stock Exchange composite index edged up 6.55 points, or 0.8%, over the holiday-shortened report period ended Oct. 14 to close at 838.4. The mining index finished at 748.74, up 6.48 points, or 0.9%.

The combined value of the Alberta Stock Exchange rose 27.94 points, or 1.1%, closing at 2,575.99.

A new massive sulphide discovery in the Timmins area of northern Ontario propelled Cross Lake Minerals to dizzying heights. With 22.1 million shares trading hands, the issue reached a high of $6.10 before closing at $4.90 for a gain of $3.57. Cross Lake reported that a 33-metre drill interval from its wholly owned Sheraton-Timmins project averaged a grade of 6.71% zinc, 1.86% lead and 0.16% copper, plus 106.95 grams silver and 0.05 gram gold per tonne, including a 6-metre section averaging 18.4% zinc, 9.28% lead and 0.69% copper, plus 314 grams silver and 0.18 gram gold. Assays are pending for a stepout hole 66 metres to the west.

Cross Lake’s Sheraton-Timmins property adjoins the Nighthhawk project held 60% by Toronto-listed Golden Knight Resources, 16% by Cross Lake, 16% by East West Resource, and 8% by Canadian Golden Dragon Resources. East West rose 42cents to close at 74cents, while Canadian Golden Dragon climbed 28cents to finish at 68cents.

In the meantime, joint-venture partners Haddington Resources and Silverstone Resources continued drill-testing a high-chargeability geophysical anomaly at the Kaltwasser property, 5 km southeast of Cross Lake’s discovery. Haddington was up 17cents at 37cents, while Silverstone climbed 19cents to 35cents.

Fjordland Minerals was up 15cents at 61cents. The company is focused on diamond exploration in Greenland. Alberta-listed partners Blackstone Resources and Glenhaven Resources are awaiting drill results from the Taiga nickel project in the Yukon. Blackstone closed up 46cents at $2.24, while Glenhaven rose 33cents to finish at $1.01.

Sedex Mining closed at 63cents, up 16cents. A drill program by Kennecott Canada on the Irishman property in southeastern British Columbia returned a 2.55-metre intercept averaging 9.65% zinc, 5.82% lead and 49.4 grams silver (including a 0.65-metre interval grading 33.7% zinc, 9.51% lead and 80.9 grams silver) from a depth of 504 to 506.55 metres in hole 3. Kennecott can earn a 50% interest in the property from Sedex by spending $2 million on exploration. The Irishman property is 30 km south of Cominco’s Sullivan mine.

Arizona Star Resource remained unchanged at $5.70 after releasing details of a positive independent prefeasibility study on the company’s 51%-owned Cerro Casale gold-copper porphyry project in Chile. Arizona Star’s parent company, Toronto-listed Bema Gold, owns the remaining 49% share of the project.

Golden Peaks Resources was up 37cents at $1.22. The company has a 50% interest in the Sierra de Las Minas/Los Dos Buhos gold vein in northern Argentina, and an independent title review of the project has confirmed that all property files and title manners are in good standing. Golden Peaks and partner Primo Resources, which closed up a dime at 55cents, report that they are in discussions with parties interested in participating in the project.

Geophysical surveying work by Toronto-listed Westmin Resources on the TY property in the Finlayson Lake area of southeastern Yukon has outlined a strong anomaly coinciding with a multi-element base and precious metal soil anomaly. Westmin has earned a 50% interest from Pacific Bay Minerals and can earn an additional 10% by spending a further $175,000. Pacific Bay slipped to 27cents, down 2cents.