STOCK MARKETS — Tumbling golds pull western markets down

The Vancouver Stock Exchange composite index slipped 21.93 points over the report period ended Oct. 1, to close at 1,205.5. The resource index finished at 2,284.43, down 78.66 points. The resource sector was pressured by falling gold prices, which slid below the significant US$380-per-oz. level to an 18-month low.

Winspear Resources rocketed to a high of $2.82 before closing at $2.53, up $1.56. Surface sampling at its 32.5%-held Camsell Lake project in the Northwest Territories identified five separate locations of kimberlite boulders within a localized area containing pyrope-chromite indicator minerals. A 1-kg sample of one of the boulders yielded 4 diamonds, including a 1.9-mm stone believed to be a fragment of a larger stone. In addition, heavy-mineral concentrates of till samples from the immediate area returned 11 diamonds.

The Camsell Lake project is a joint venture, with Toronto-listed Aber Resources holding a 42.5% interest and Antler Resources holding 25%. Antler hit a high of $4.10 before settling back at $3.60 for a gain of $2.09.

The meteoric rise of Consolidated Silver Tusk Mines ended abruptly. The issue fell $6.15 to close at $4.30. Individuals associated with the company have agreed, at the request of the VSE, not to trade in the shares of the company until further notice. The company has drilled 15 holes of a planned 16-hole program at its 80%-held Pt. Karya Bukit Utama gold-silver property on the Indonesian Island of Sumatra. Poor drilling conditions hindered the first 3 holes, while hole 96-4, which was drilled to confirm a previous 1985 hole, hit scattered mineralization.

The first hole of a 13,000-metre drilling program on the Ipanema prospect in Zimbabwe bottomed in mineralization and returned a 209.6-metre interval grading 1.76 grams gold per tonne. Oliver Gold, which holds a 50% interest, tacked on 30 cents at $6.40.

Argentina Gold carried out a preliminary program of reverse-circulation drilling on its Guasapampa gold-silver property in the Argentine province of Cordoba. Six holes were drilled, results from which are pending. The issue closed down 13 cents at $1.87.

Partners Golden Trump Resources and Noront Resources both finished down after reporting visual results from follow-up drilling on the Okak Bay (NOT #3) property in Labrador. A 6-hole program, which targeted coincident geophysical anomalies, intersected narrow intervals of massive sulphides in two of the holes. Golden Trump lost 77 cents to finish at 63 cents, while Noront closed at 52 cents, down 22 cents.

Labrador explorer NDT Ventures edged down 20 cents to 66 cents after reporting on its exploration efforts to date.

Bus Holdings negotiated the acquisition of a land package prospective for gold mineralization in Western Java, Indonesia. It can acquire interests in four prospective gold properties totalling 45,360 ha. Bus Holdings was up 53 cents to $1.83.

Thirteen holes have been drilled in a 20-hole program on the Dolores gold property held by Minefinders in Mexico’s Chihuahua state. Results from the first 3 holes include a 130-ft. intersection grading 0.17 oz. gold and 1.2 oz. silver per ton. Minefinders closed at $2.05 for a loss of 35 cents.

Solomon Resources entered into a brokered private placement of up to 4 million special warrants at $1.50. The issue finished up 16 cents at $1.75.