STOCK MARKETS — Rising gold price adds oomph to Western markets

With gold prices on a run towards the US$400 mark, western markets surged ahead over the report period ended Jan. 9. The resource index advanced 43.66 points to close at 1,335.71, while the composite index added 18.25 points to finish at 822.52.

Drilling has resumed on the Promontorio property, held by Sierra Nevada Gold in the Mexican state of Chihuahua. Partial assay results from preliminary sampling of hole 95-3 include 35 ft. grading 4.1% copper and 2.4% zinc, as well as 1.9 grams gold and 51.3 grams silver per tonne. The issue jumped 23 cents closing at 53 cents.

The release of additional drill results from Booker Gold Explorations’ Hearne Hill copper-gold project, near Smithers, B.C., triggered a 35 cents loss at $2.90. Multiple intersections reported from Hole 95-26 included: 73 ft. grading 0.37% copper and 0.19 gram gold; 65 ft. grading 0.29% copper and 0.16 gram gold; and 76 ft. grading 0.35% copper and 0.21 gram gold. Winter drilling will resume shortly.

Partners Teuton Resources and Minvita Enterprises are keeping investors on the edge of their seats, as assay results are awaited from a 3,500-ft. drill program carried out in late 1995 on the Red Mountain area gold property, near Stewart, B.C. The companies recruited a consultant to help interpret data from the program and have sent samples to an independent lab for check assaying. Teuton finished at $1.70 for a gain of 18 cents, while Minvita added 15 cents to close at $2.05.

The Busang gold project in Indonesia continued to be the market darling, as Alberta-listed Bre-X Minerals was propelled to new heights, closing at $68 for a gain of $15.

The success of Bre-X has resulted in a number of juniors scrambling to pick up projects in Southeast Asia. International Norsemont Ventures finished up 13 cents at 37 cents on word that it has begun negotiations to acquire a couple of gold projects in the East Kalimantan area of Indonesia.

Negotiations are ongoing, as well, for Emerging Growth Technologies, with respect to acquiring two contracts of work on the island of Kalimantan. The issue closed up 12 cents at 87 cents.

Sidon International Resources is reviewing properties in Irian Jaya, Kalimantan and Sumatra for possible acquisitions. Sidon posted a 20 cents gain to $1.05.

Consolidated Valley Ventures holds a 51% indirect interest in the 600-sq.-km Riam Kusik concession in southwestern Kalimantan. Previous drilling identified a proven ore reserve of 270,000 tonnes averaging 11% zinc, 10% lead and 250 grams silver. The company holds an option to buy an additional 24% interest. Preliminary exploration has identified several anomalous gold areas, which will be explored in 1996. Consolidated Valley jumped 55 cents to close at $1.55.

Further work is recommended at the Rox Gold property, northeast of Powell River, B.C. Navarre Resources reports that surface sampling of a quartz sulphide vein returned an average value of 0.4 oz. gold over a strike length of 23 ft. at an average width of 4 ft., and 0.74 oz. over a strike length of 32.8 ft at an average width of 4 ft. Navarre closed up 4 cents at 27 cents.

Pacific Comox Resources, up 6 cents at 24 cents, expects to resume sampling and trenching in late January on the Adansi gold concession in Ghana, West Africa.

The acquisition of five South African gold properties comprising 43,000 acres is being negotiated by Rising Phoenix Development. The issue closed at 45 cents for a 10 cents gain.

Partners Fleck Resources and Alberta-listed Anvil Resources reported anomalous, but uneconomic, copper and silver values for the first two drill holes on the Snegamook claims in the Harp Lake area of Labrador. Fleck closed down 17 cents at 51 cents, while Anvil took a 51 cents hit, closing at 76 cents.

Geophysical surveys carried out on the MacPherson claims, wholly owned by Aquila Energy in the Cabot Lake area of Labrador, have identified three strongly anomalous zones. Follow-up mapping and surveying

are recommended. Aquila tacked on 25 cents to finish at 72 cents.