STOCK MARKETS — Western markets unfazed by turmoil on TSE

Stormy weather on major Canadian stock, bond and currency markets had only a limited effect on the Vancouver Stock Exchange composite index, which posted a 1.5% drop to 1,122.38.

The resource index, on the other hand, fared slightly better over the report period ended April 5, shedding 17.62 points to close down less than 1% at 1,813.56.

Gold showed little reaction to the market turmoil, slipping US$2 to the US$384-per-oz. level.

Booker Gold Explorations managed to buck the market trend, adding $1.41 to close at $2.65.

The company has begun exploring its Hearne group of claims in the Babine Lake district of British Columbia, the objective being to test for additional breccia targets similar to the Chapman zone. Previous drilling on the zone returned a 250-ft. intersection grading 2.21% copper and 0.04 oz. gold per ton.

Booker has been holding discussions with various major mining companies, but so far no agreement is imminent.

Joint-venture partners War Eagle Mining and Great Western Gold did succumb to selling pressure. The former traded more than 1.2 million shares to close down $1.38 at $6.50, while the latter lost $1.88 to finish at $6.50. Investors are awaiting additional results from kimberlite drilling on the companies’ Candle Lake joint venture near Fort a la Corne, Sask. Sutton Resources went for a wild ride, dipping as low as $41.50 before finishing down $6.50 at $47.50.

The company has entered an agreement with the Tanzanian government giving it the exclusive right to negotiate an agreement and a license over the Bulyanhulu gold property. The property had been the subject of a lawsuit which is now resolved in favor of the government. Previous work on a few quartz-sulphide veins has yielded resource estimates in excess of one million oz. of gold.

Alberta-listed Spider Resources dipped 4 cents to 25 cents after announcing its James Bay joint venture with Montreal-listed KWG Resources returned two microdiamonds from a 50-kg sample of kimberlite.

Tanqueray Resources announced plans to dividend out one share of a new company called Absolute Resources for each common share of Tanqueray held. The issue slipped 20 cents to close at $3.90.

The acquisition of a gold project in the Venezuelan mining district of El Callao-Lo Increible, as well as a small gold mine in Peru, did little for Argyle Ventures. The issue came off a trading halt unchanged at the 70 cents level.

El Callao Mining released initial drill results from its Lo Increible gold property in Venezuela. The results included: a 75-ft. intersection grading 0.10 oz. gold per ton; a 120-ft. intersection grading 0.11 oz. gold; and a 195-ft. intersection grading 0.081 oz. gold. The company expects to spend $6 million this year exploring the concession.

El Callao added a nickel to finish at $4.25.

An agreement to acquire a half interest in four Saskatchewan claim blocks held by Consolidated Pine Channel Gold helped June Resources add 28 cents to close at 80 cents. The two companies are acquiring additional ground in the area on a joint-venture basis.

Alberta-listed Aaron Oil has outlined 12 kimberlite drill targets on the Humpy Lake property in the Northwest Territories. The company, along with partners Garden Lake Resources, RJK Explorations and Toronto-listed SouthernEra Resources, plans to begin drilling this month.

The drilling plans did little for the issues, however, with Aaron closing down 9 cents at $1.65, Garden Lake down 25 cents at $1.15, RJK off a penny at $1.40, and SouthernEra unchanged at $6.38.

Avocet Ventures added 20 cents to close at $3.15 with the start of a second phase of drilling at its Penjom gold project in Malaysia.

The best intersection from the first phase of drilling returned a 30-ft. intersection grading more than 2.5 oz. gold while the average intersection graded 0.056-0.152 oz.