Western markets take off as mining index follows — Voisey’s results boost Donner, NDT; Cartaway less fortunate

The Vancouver Stock exchange composite index closed at 826.85 for a gain of 25.35 points or 3.16% over the report period ended Sept 30. The mining index closed at 744.14 — up 37.02 points, or 5.25%.

The combined value of the Alberta Stock Exchange was 2514.90 at the end of the report period, resulting in a gain of 58.71 points.

Donner Resources was up 62cents at $1.12. The company received encouraging drill results from its 50%-owned South Voisey’s Bay Project, situated 90 km south of Inco’s Voisey’s Bay deposit. To date, the company has completed 19 drill holes over 3,779 metres, horizontal loop surveys over 240 km and gravity surveys over 425 line km. Hole 67 tested a gravity anomaly and hit multiple intersections of massive sulphide mineralization. The most encouraging intersection was 0.4 metre grading 1.93% nickel, 1.07% copper and 0.26% cobalt. Narrow intersections of massive sulphide are reportedly surrounded by thicker intervals of disseminated mineralization.

Alberta-listed Nothern Abitibi, which owns 50% of the mineral licence on which hole 67 was collared, closed at 65cents, up 40cents.

NDT Ventures, which also has a thumb in the Voisey’s Bay pie, was up 16cents to 50cents. The company intends to drill three holes in order to test a gravity anomaly on a property it shares with Donner and Latitude Minerals.

Latitude was up 31cents at 65cents.

Cross Lake Minerals was up 36cents at $1.02. Results from ongoing drilling at its Sheraton-Timmins property, 43 km east of Timmins, Ont., returned a 100-metre-long zone of zinc mineralization followed by 30 metres of semi-massive sphalerite-pyrite bands with patches of galena and chalcopyrite.

At the Cross Lake zone, drilling is testing the downdip extension of the copper-zinc-silver mineralizaton along a strike length of 1.6 km. To date, 10 holes have been drilled, assays for which are pending.

Alberta-based Tan Range Exploration was up 28cents at $1.25. The company has completed an 8-hole drilling program on its Itetemia property in central Tanzania. The holes confirmed the presence of a shallow stratabound gold deposit at the Golden Horseshoe Reef, which is adjacent to the 5.6-million-oz. Bulyanhulu gold deposit of Sutton Resources. Hole 14 hit 18.4 metres grading 6.25 grams gold per tonne, including 10 metres of 10.1 grams. Hole 12 intersected 20.1 metres grading 5.05 grams gold. All the holes bottomed in an oxidized zone at a depth of 60 metres. Gold mineralization there is hosted in a stratabound graphitic quartz-sulphide horizon.

Winspear Resources dropped 4cents to close at 88cents. The company has found numerous kimberlite boulders in the Snap Lake area of its Camsell property in the Northwest Territories. Operator Winspear has a 57.3% interest in the property, and Aber Resources holds 42.7%.

Cartaway Resources received disappointing assay results from a drilling program on its Cirque property, 85 km northwest of Inco’s Voisey’s Bay deposit. Hole 11 intersected lenses of copper-nickel-cobalt mineralization grading 0.4% copper, 0.1% nickel and 0.04% cobalt over 0.91 metre. Another intercept in the same hole hit 3.05 metres of 0.3% copper, 0.2% nickel and 0.08% cobalt. Drilling at hole 12, 100 metres to the south, is expected to be completed next week. Cartaway is also drilling a geophysical anomaly on its BR-E property, 90 km south of the Voisey’s Bay deposit and adjacent to Donner’s property. Cartaway hit 67cents in expectation of the assay results but closed as it began the week, at 31cents.